Analisis Strategi Turnaround PT Wijaya Karya Beton Tbk Menghadapi Risiko Piutang dan Pelemahan Proyek Infrastruktur

Agung Ayhudhya, Singgih Wijayana, S.E., M.Si., Ph.D

2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Perubahan prioritas pembangunan infrastruktur, tekanan keuangan pelanggan utama, oversupply industri, serta meningkatnya risiko piutang dan modal kerja telah menciptakan tantangan strategis bagi PT Wijaya Karya Beton Tbk (WIKA Beton). Penelitian ini bertujuan untuk menganalisis perubahan lingkungan eksternal yang membentuk tekanan dan peluang strategis, menganalisis kondisi internal yang mempengaruhi kemampuan perusahaan dalam merespons tekanan tersebut, serta merumuskan dan menentukan prioritas strategi turnaround korporat WIKA Beton. Penelitian menggunakan pendekatan kualitatif dengan desain studi kasus tunggal yang menggabungkan analisis dokumen, wawancara semi-terstruktur dengan lima informan yang mewakili perspektif manajemen strategis, keuangan dan risiko, pemasaran, teknik dan produksi, serta perbankan korporasi, dan analisis retrospektif data perusahaan periode 2020–2025. Analisis PESTEL digunakan untuk mendiagnosis lingkungan eksternal, sedangkan Value Chain Analysis dengan working capital lens digunakan untuk menganalisis kondisi internal. Selanjutnya, TOWS digunakan untuk merumuskan alternatif strategi yang kemudian diprioritaskan menggunakan Analytical Hierarchy Process (AHP). Hasil penelitian menunjukkan bahwa WIKA Beton menghadapi perubahan struktural pada pasar tradisional yang ditandai oleh pelemahan permintaan, oversupply industri, tekanan harga dan payment term, serta penurunan kualitas pembayaran sebagian pelanggan. Dari sisi internal, tantangan utama terletak pada keterkaitan antara pemilihan pelanggan, kontrak, produksi, billing, piutang, dan konversi kas, yang diperberat oleh tekanan modal kerja, utilisasi kapasitas yang belum optimal, dan beban fixed cost. Hasil AHP menempatkan Cash Recovery and Legacy Receivable Resolution sebagai strategi prioritas utama, diikuti Protect the New Book dan Capacity and Asset Normalization. Ketiga strategi stabilisasi tersebut menjadi fondasi bagi reposisi pasar dan pembaruan kapabilitas pada tahap berikutnya. Penelitian ini menghasilkan model turnaround bertahap berupa Liquidity Stabilization ? Capacity Reconfiguration ? Market Repositioning ? Capability Renewal, yang mengintegrasikan kapabilitas dinamis sensing, seizing, dan reconfiguring untuk mendukung pemulihan kinerja dan ketahanan bisnis WIKA Beton secara berkelanjutan.

Shifting infrastructure development priorities, financial pressure on major customers, industry oversupply, and increasing receivables and working capital risks have created strategic challenges for PT Wijaya Karya Beton Tbk (WIKA Beton). This study aims to analyse the external environmental changes shaping strategic pressures and opportunities, examine the internal conditions affecting the company’s ability to respond to these pressures, and formulate and prioritise corporate turnaround strategies. The study employs a qualitative single-case study design, combining document analysis, semi-structured interviews with five informants representing strategic management, finance and risk, marketing, engineering and production, and corporate banking, and retrospective analysis of company data from 2020 to 2025. PESTEL analysis was used to diagnose the external environment, while Value Chain Analysis with a working capital lens was applied to assess internal conditions. TOWS was subsequently used to formulate strategic alternatives, which were prioritised using the Analytical Hierarchy Process (AHP). The findings show that WIKA Beton faces structural changes in its traditional market, characterised by weakening demand, industry oversupply, pricing and payment-term pressures, and deteriorating payment quality among some customers. Internally, the main challenges arise from the interdependence of customer selection, contracting, production, billing, receivables, and cash conversion, compounded by working capital pressure, suboptimal capacity utilisation, and fixed-cost burdens. AHP identifies Cash Recovery and Legacy Receivable Resolution as the highest-priority strategy, followed by Protect the New Book and Capacity and Asset Normalisation. These stabilisation measures provide the foundation for subsequent market repositioning and capability renewal. The study proposes a phased turnaround model comprising Liquidity Stabilisation ? Capacity Reconfiguration ? Market Repositioning ? Capability Renewal, integrating the dynamic capabilities of sensing, seizing, and reconfiguring to support sustainable business recovery and resilience.

Kata Kunci : Kata kunci: corporate turnaround, dynamic capabilities, modal kerja, AHP, WIKA Beton. / Keywords: corporate turnaround, dynamic capabilities, working capital, AHP, WIKA Beton.