About this Presentation
Why change? More than 50 banks rejected the company, Colovos, after defaulting on its loan. The existing bank hired a turnaround firm to start liquidating Colovos. What to Change? A shortage of cash to buy products from its Asian vendors drove Colovos’ poor performance. Inventory turns dropped as low as 1.5 times. What to change to? A simulation showed that the $3 million in cash that Colovos so desperately needed, was tied up in its inventory. Within 3 months inventory was reduced by 20%, releasing $1 million in cash. This progress secured outside investment of $500 thousand and a partial refinancing loan while the turnaround plan continued. Inventory was then further reduced to more than 50% or $3 million (from $6.1 million), which allowed for full refinancing. How to cause the change? This was the BIG problem: how does one convince a bank to stop liquidation proceedings with a turnaround plan that reduces the bank’s main asset and precious collateral (inventory) by more than half?
What Will You Learn
To help you get the most value from this session, we’ve highlighted a few key points. These takeaways capture the main ideas and practical insights from the presentation, making it easier for you to review, reflect, and apply what you’ve learned.
Instructor(s)
Kobus van der Zel
Ms Alka Wadhwa
Alka Wadhwa is an experienced consultant and process improvement expert with over 24 years of expertise in the Theory of Constraints (TOC), Lean Six Sigma, and organizational performance optimization. She has successfully led projects in healthcare, financial services, and manufacturing, driving significant improvements such as a 67% boost in hospital operations and a 140% increase in outpatient visits.
Previously, Alka Wadhwa spent 17+ years at GE Global Research Center, where she led initiatives to enhance various GE businesses through advanced technologies, process redesign, and system optimization. Founder of Better Solutions Consulting, LLC, she specializes in using TOC, Six Sigma, and data analytics to streamline operations and build high-performance teams.
Her work has earned her multiple accolades, including the Empire State Award of Excellence in healthcare.
Dr Gary Wadhwa
Dr. Gary Wadhwa is a Board Certified Oral & Maxillofacial Surgeon with extensive experience in the field. He completed his Oral & Maxillofacial Surgery training at Montefiore Hospital, Albert Einstein College of Medicine in Bronx, NY, and has served as an Attending at prestigious institutions like St. Peters Hospitals, Ellis Hospital, and Beth Israel Hospital in NY. With a career spanning over two decades, he was the former CEO and President of a group specialty practice in NY from 1994 to 2015. Dr. Wadhwa holds an MBA from UT at Knoxville, TN, and has undergone additional training in System Dynamics at MIT, Health System Management at Harvard Business School, and Entrepreneurship and healthcare innovations at Columbia Business School. Committed to expanding access to Oral & Maxillofacial Surgery care, he is currently engaged in a meaningful project to provide healthcare services to underserved populations in inner city and rural areas through non-profit Community Health Centers.