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Chapter seven | |
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 In our industry, the evidence is that value can be created from scale. Larger assets and markets generate better returns. Controlling multiple assets saves money. Owning a diverse set of assets spreads risk. But scale is only a means to an end. Winners in this industry need integrated know-how and a 'one-company' mindset to overcome the challenges of complexity and distance that come from scale and reach. Today, the BP group has more than 103,000 people working in over 100 countries within four main business segments. Yet we are all guided by one strategy. By encouraging our people to think and perform as 'one company' rather than as a collection of heritage companies, BP is aligning internal understanding of the brand and unlocking the group's vast human potential as a competitive advantage. When we approach the BP group's operations in a more unified manner, value is added through the sharing of knowledge, services and relationships, and a consistently expressed brand. Specifically, integration permits us to develop cross-segment knowledge, leverage our trading strength, combine technical, commercial and marketing capabilities and, ultimately, make value-maximizing business decisions. This mindset is critical to achieving success in big projects and managing their inherent risk. We are operating the group's businesses in an increasingly coherent and optimized manner. At the same time, we are embedding within BP a new management framework that codifies the way in which we operate and defines authorities and accountabilities for all managers and their teams. It brings together the best of our business segment, regional and functional leadership in a way that focuses on higher-value activities and provides mechanisms for centralized and integrated activities. Guided by one strategy, performing and acting as 'one company', we intend our management culture to be a distinctive and sustainable resource. |
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