The COVID-19 pandemic has prompted totally different responses from company CEOs seeking to make sure their businesses survive. Keeping their workers safe has been the primary priority, however on the far side that, their task has concerned understanding the case, launching countermeasures, and making an attempt to evolve ways in which of operating to make sure their businesses will continue.

We spoke to the chief executives of three major companies in three very different industries. In their responses to the crisis we found that Winston Churchill’s adage of “never let a crisis go to waste” was as relevant as ever, with businesses finding positives during the pandemic.

Accelerate strategy

Shipping giant AP Moller-Maersk embarked on a historic transformation in 2016 to become an integrated transport and logistics company – combining its shipping line, port operations and freight forwarding businesses into a single entity. However, progress had been limited.

Shipping giant AP Moller-Maersk embarked on a historic transformation in 2016 to become an integrated transport and logistics company – combining its shipping line, port operations and freight forwarding businesses into a single entity. However, progress had been limited.

The pandemic brought unexampled challenges to Maersk’s customers WHO, long-faced with falling demand, had to manage their world provide networks as effectively as potential. They wished higher info across the availability chain and also the ability to alter outcomes whereas merchandise were in transit.

These demands Affirmed Maersk’s strategy to shift from being a port-to-port instrumentality transport company to AN integrated, end-to-end supplying company, creating use of digital technologies to supply the property and visibility that customers needed.

Maersk’s customers turned to its blockchain-enabled provide chain platform TradeLens, wherever the amount of transactions nearly tripled from seventy,000 per week in Gregorian calendar month 2020 to 194,000 per week in June. Transactions through Maersk.com enlarged by 20%-25% between Gregorian calendar month and Oct 2020. Maersk’s chief operating officer Soren Skou told us: “The investments we have a tendency to created within the last 5 years in digital capabilities came in terribly handy throughout COVID-19.”

The pandemic accelerated Maersk’s technological transformation efforts, that semiconductor diode to new digital product and services whereas modernising its client interface, back-end infrastructure and assets like ships and terminals. Maersk conjointly engineered experience through acquisitions, buying storage and distribution company Performance Team, and customs management firm KGH Customs.

Skou was able to apply what he’d learned from the financial crisis of 2008-09, when Maersk and its competitors fought for market share and ended up driving down freight rates. This time, Skou focused on profitability: cutting capacity by 20%, but filling the remaining vessels even as the pandemic caused shipping volumes to drop. The plunging price of oil also helped Maersk’s financial performance, and its earnings actually increased in the first three quarters of 2020, despite near-paralysis of the global economy.

Scale-up innovation

Large firms ar typically seen as slow and trailing in innovation compared to smaller, a lot of nimble competitors. customary in operation procedures mean they specialize in developing “perfect” solutions, testing in pilot markets and proving the business case over one or two of years, before finally rolling out – by which era they need most likely lost the boat.

Mars Petcare, a world leader in pet food and pet health services, found that COVID-19 necessitated scaling up innovation. before the crisis, the corporate had been functioning on a telehealth service for pet homeowners, giving video consulatations with vets at twenty veterinary hospitals, wherever it proved to be a valuable sorting tool for prioritising cases.

As the pandemic took hold, pet homeowners started engaging from home, inevitably disbursement longer with their pets that generated a lot of queries regarding minor health problems. AN initial video decision with a vet was a perfect answer.

These efforts, spurred by high demand during COVID-19, tied in well with Mars Petcare’s strategy to dramatically accelerate its evolution from pet food manufacturer to provider of pet care services.

Engage with employees and customers

When the pandemic affected, security became Associate in Nursing “essential service”. Security company Securitas completed it required to quickly build its electronic solutions. This valid the company’s strategy launched in 2018 to evolve from providing ancient physical guarding to digital security solutions like face recognition technology and remote video watching.

Having already began strategic transformations, these corporations were well equipped to show Associate in Nursing unequalled threat into a chance. Setting a decent example from the highest, the chief executives were able to place the crisis to figure by fast strategy, scaling innovation and deepening client engagement, generating the energy needed for the organisation to thrive, despite the hurdles thrown up by COVID-19.