Retool (verb)

1. To make changes or adjustments to tools or equipment in order to make them suitable for a new purpose or process.
2. To make changes or adjustments to a process, organization, or system in order to improve it or adapt it to new circumstances.

Origin:

From the word "tool" meaning "an instrument or device used to perform a specific task" and the prefix "re-" meaning "again".

Examples:

1. The factory had to retool in order to produce the new product.
2. The company decided to retool its business model in order to remain competitive.
3. The mechanic had to retool the engine in order to increase its performance.
4. The company retooled its hiring process to attract more diverse candidates.
5. The government retooled its economic policy to revive the ailing economy.