big turnaround stories

Citigroup also had a significant turnaround. It faced serious issues during the financial turmoil. It started by divesting non - core assets. It then worked on restructuring its operations, enhancing its compliance systems, and rebuilding customer trust. Over time, it was able to turn its fortunes around and become a more stable financial institution again. For example, by streamlining its global operations, it could reduce inefficiencies and allocate resources more effectively.

Visionary leadership is a key element. In Apple's case, Steve Jobs had a clear vision of creating user - friendly and innovative products. Another important aspect is adaptability. Netflix adapted to the changing technological landscape from DVDs to streaming. And for Starbucks, product innovation like new coffee blends and drinks played a crucial role.

In the automotive industry, there was a car model that was not selling well due to poor fuel efficiency and outdated design. The engineers redesigned the engine for better fuel economy and gave the car a modern, sleek look. They also improved the safety features. As a result, the car's sales increased significantly. In a similar way, in a software startup that was on the verge of shutting down because of bugs and a bad user interface, the engineers fixed the bugs, made the interface more user - friendly, and managed to attract new customers, leading to a big turnaround.

Engineers can engineer big turnaround stories by first identifying the root problems. They need to conduct in - depth analysis of the situation, like studying data and processes. For example, in a failing manufacturing project, they might find that the machinery is outdated. Then, they can come up with innovative solutions. This could involve implementing new technologies or redesigning the production line. They also have to collaborate effectively with different teams such as the management, workers, and suppliers to ensure the turnaround plan is executed smoothly.

Another example is Netflix. Initially, it was a DVD - by - mail rental service. However, as the digital streaming trend emerged, Netflix made a huge turnaround. It shifted its focus to online streaming, invested in creating original content like 'Stranger Things' and 'House of Cards'. This move made it a global entertainment giant, leaving behind its traditional DVD - rental model.

Royal Bank of Scotland (RBS) had a major turnaround story. After getting into deep trouble during the financial crisis, it was bailed out by the government. To turn around, RBS had to sell off many of its non - essential assets. It also had to restructure its entire business model. This included downsizing in some areas and focusing on its core retail and commercial banking operations. RBS also worked hard on improving its corporate governance and risk assessment processes. It took years of painstaking efforts, but it gradually got back on track. In the process, it had to deal with public perception issues as well, which it tried to address through transparency and better communication with stakeholders.

Well, it might refer to a big pharma firm that was on the verge of failure. Maybe it had some failed drug trials in the past which led to financial losses. But then, through strategic mergers and acquisitions, it got access to new technologies or drugs in development. It could also be that they re - focused their research efforts on emerging health trends, like personalized medicine, and that led to their turnaround.

Merck is also a good case. It had some setbacks with drug development failures. But then it had a major success with drugs like Keytruda. This immunotherapy drug became a huge hit in the cancer treatment market. Merck's investment in research for Keytruda and its subsequent marketing and distribution strategies led to a significant turnaround in its business fortunes.

IBM also has an amazing turnaround story. It was once a struggling mainframe - centric company. But it shifted its focus towards services like consulting and software. It made smart acquisitions and invested in research for emerging technologies. This transformation allowed IBM to stay relevant and competitive in the constantly evolving technology market.

One example is Apple. In the late 1990s, Apple was on the verge of bankruptcy. Steve Jobs returned and brought a new vision. He focused on sleek design and user - friendly interfaces. The launch of the iMac, iPod, iPhone, and iPad turned the company around completely, making it one of the most valuable companies in the world.