Innovation in Railroads: Gregory Aziz
Innovation is something that goes hand-in-hand with business today. While many people think of technology when they think of this word, innovation does not need to be something tangible. It can be a new thought or way of doing something. CEOs and business leaders need to have an innovative mind in order to succeed, and nobody has an innovative mind quite like Gregory James Aziz.
Gregory J. Aziz is a Canadian businessman and investor. He is capable of taking a company, reviewing how it runs, changing its strategy, and bringing it back from the brink of destruction. Aziz obtained his degree in Economics after just four years at Western University in Ontario, but even with his education his level of knowledge and ability to read businesses far surpasses that of any of his peers. One of his latest projects highlighting his innovative spirit is that of National Steel Car.
National Steel Car is a rolling stock and railcar manufacturer that boasts a century of business in Ontario, Canada. Founded in 1912, this company has had to face several recessions and the Great Depression, but each time it came out stronger. Within the last several decades, however, with the adoption of trucking companies as the main source of freight transportation, companies like National Steel Car are finding it harder to survive. In 1994, Greg Aziz purchased National Steel Car and went to work to turn the Company around.
Aziz took one look at this company and suddenly realized something that other investors did not. In order to make this failing company work, he had to put more money into it. This was an innovative and interesting idea, considering that not many investors would put more money into a company that seemed sure to give them a loss. However, Greg Aziz knew what he was doing. He invested heavily in capital projects and told the workers to focus on engineering and creating safe and quality designs rather than the low-cost cars they were currently producing. He also hired over 2,000 additional workers to deal with the demand he saw coming down the pipeline. View Related Info Here.
While this may seem crazy, Aziz’s ideas marked his success. Customers wanted the new, high-quality cars that NSC started producing. They wanted something that would withstand the weather and also pass inspection by the regulators for decades to come. NSC also branched out into the United States and now has contracts with almost every major railroad out there. Because of his innovative thinking, Gregory Aziz singlehandedly saved National Steel Car.