In an exclusive interview, Manny Maceda, global CEO of management consultants Bain & Co, says the pandemic will accelerate business transformation strategies.
Co advising chief executives of Fortune 500 companies on how to transform their businesses, Manny Maceda was not prepared for the disruptive force of COVID-19.
“A chief executive really transforming a company has an agenda to change some combination of their mission, their purpose, their strategy, their business model – to have a better level of performance than they used to,” he says. “Obviously, the COVID period – the last two years – have made sufficient changes to how the world is organised, and that it is putting strategic questions on the table in different ways,” he says.CEOs have to review their supply chains, and if they have international operations they need to factor in the possibility a country’s borders may suddenly shut.
He says this “extreme shock” left CEOs with little choice: they had to cut costs to survive. It was a case of “do whatever it takes”. “If you staff at maximum capacity, well, then you have to price and cost for maximum capacity at all times. But then do you just accept that for big chunks of the year you have overcapacity?”He says airports and airlines are going to have to seek technology solutions to some of the problems besetting the travel industry, including automated baggage handling.“You want to have a business model that can handle much bigger fluctuations in volume,” he says.
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