We develop our business strategy using an iterative process at each of the key levels of our business such that we have:
- A Group strategy
- Sector strategies
- Business plans to guide the implementation of our sector strategies at a business line level.
Our Group strategy describes markets in which we intend to invest to create sustainable competitive advantage (leading to greater market share and/or higher margins) and deliver on our corporate vision.
Our sector level strategies are a detailed view of these markets and are typically broken down by Hydrocarbons, Minerals, Metals & Chemicals and Infrastructure sectors and their corresponding major sub sectors (e.g. LNG, iron ore).
At the business line level, we translate our sector strategies into business plans to deliver on the intent of the sector strategies as applicable to them. Our business plans map specific near and medium term opportunities or portfolios of opportunities to the strategic themes, to provide clear and tangible targets for the individual business leaders to pursue, win and execute.
Overall, our key markets continue to present challenges, including increasing competition and customers delaying the making of commitments to new developments. We believe we have taken appropriate steps during FY2014 to realign and position the Group to address these challenging market conditions.
Strategically, our immediate focus is on getting better at what we do and prudently managing costs. We are more aggressively pursuing growth from our core, both into new geographies and new service offerings. In addition we are developing new ventures aligned with and complementary to our existing business. Two new ventures are being developed - our advisory business, Advisian, and Digital Enterprise. We will invest to accelerate the growth of these new ventures and are progressing acquisition opportunities.