Can you share some big turnaround stories?

One of the best turnaround stories is Apple. In the late 1990s, Apple was on the verge of bankruptcy. But with the return of Steve Jobs, things changed dramatically. He introduced revolutionary products like the iMac, iPod, iPhone and iPad. These products not only saved the company but made it one of the most valuable in the world.

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.

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.

Sure. One life turnaround story is about Oprah Winfrey. She had a very difficult childhood, facing poverty and abuse. But through her determination and talent, she became a media mogul. She used her platform to inspire and empower others, turning her life around completely.

IBM is another example. In the 1990s, IBM faced huge challenges from competitors. They decided to shift their focus from hardware to services and software. They invested heavily in research and development for new technologies. Through a series of strategic acquisitions and internal restructuring, IBM managed to reinvent itself and become a major player in the IT services and software market again.

Sure. One example is a school in a low - income area that used to have very low test scores. They introduced a new curriculum focused on hands - on learning and real - world applications. Teachers were also given more professional development opportunities. As a result, within a few years, the students' test scores improved significantly and more students were going on to further education.

One great example is Steve Jobs at Apple. After being ousted from the company he founded, Apple faced challenges. When Jobs returned, he completely turned things around. He led the development of revolutionary products like the iPod, iPhone, and iPad, which not only revived Apple but made it one of the most valuable companies in the world.

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.

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.