Turning lemons into lemonade: five lessons from COVID-19 for businesses

These days of social distancing may seem isolating, but businesses are certainly not alone in the similar challenges they face today.

While COVID-19 is an unprecedented global crisis, businesses such as Lazada, DBS Bank and Deloitte Singapore are examples of how innovation can help companies navigate the challenges of the pandemic and uncover new opportunities for change and growth.

Here’s our take on five ways businesses can respond swiftly to setbacks and future-proof operations.

1. Pivot to meet new demands

The pandemic has forced companies to face the facts: all hands on deck are needed to emerge from this crisis. Companies are tapping on their expertise to meet immediate demands, pushing the boundaries for solutions to combat COVID-19.

To maximise production of disposable respirators that protect healthcare workers, 3M Singapore’s manufacturing operations in its Woodlands and Tuas plants have been running 24/7 since January. 3M’s crisis action team convenes daily to coordinate their response strategies to maintain supply chain operations and sustain production while adhering to safety requirements.

Also working overtime to meet COVID-19 needs is homegrown biotechnology firm MiRXES. From specialising in cancer detection kits, the firm quickly pivoted to manufacturing COVID-19 tests. The company produced a whopping 500,000 tests per week in May, supplying local demands while exporting to over 20 countries.

3. Your people are your future

To build long-term resilience, companies should reskill and upskill workers. In a recent McKinsey Global Survey, 87 per cent of executives and managers reported that their organisations either already face skill gaps or expect to in the next five years.

One company that recognises the need for skills agility is DBS Bank. In April, the bank launched its inaugural LearnShareTeach TOGETHER Virtual Festival to equip its workforce with digital skills through games and knowledge sharing among colleagues. The company’s plans to build a culture of learning include fortnightly “playlists” of videos and virtual classes on topics such as blockchain, digital disruption and the science of decision-making.

Caring for employees includes being concerned for their holistic wellbeing amidst the upheavals at the workplace due to COVID-19. At Deloitte Singapore, managers organise energising start-of-day sessions such as a quick fitness or yoga session using online videos. They also encourage employees to take time off during the workday and organise initiatives such as virtual cooking competitions and activities with colleagues and their children.

4. Collaborate for growth and future needs

Safe distancing doesn’t stop close cooperation, which is more important now than ever. Responding to a complex situation like the pandemic requires multi-disciplinary and collaborative approaches. Companies big and small are collaborating on product ecosystems and technological innovations for competitive advantages.

One example of such cooperation is baby product retailer Mothercare, which has 11 outlets in Singapore. When physical stores closed, this retailer quickly strengthened its online presence, resulting in online sales more than quadrupling year-on-year. Now looking to scale up, Mothercare has partnered e-commerce platform Lazada to establish a strong presence on LazMall, Lazada’s curated selection of leading brands.

In fact, through e-commerce partnerships and subsidies such as Enterprise Singapore’s E-commerce Booster Package, many local retailers are accessing platforms such as Amazon, Lazada, Qoo10 and Shopee to reach consumers in local and regional markets, diversifying their reach.

Another timely collaboration is the Google-UOB SME Leadership Academy. Developed in partnership with SkillsFuture Singapore and Enterprise Singapore, the Academy has launched courses to equip trainees from local food and beverage, retail and tourism businesses with digital collaboration and marketing skills. While Google provides access to tools like Google My Business, UOB bank guides small and medium enterprises (SMEs) on applying for COVID-19 financial relief assistance and connects them with technology solution partners. In a time where digital know-how is especially crucial, this initiative creates collaborative support systems for business growth.

From alliances and licencing arrangements to investments and joint-ventures, collaboration offers companies strategies for longer-term growth.

5. Accelerate upgrades to gear up for the ‘distance economy’

As the pandemic accelerates workplace digitisation, one thing’s been clear: businesses need to leverage technology to reinvent work and business models.

One futuristic tech advancement is the launch of Singapore’s first drone delivery service, with the first parcel of vitamins dropped onto a ship off Singapore’s coast in April. International shipping company Eastern Pacific Shipping and local start-up F-drones have partnered up for drone deliveries, offering a faster and greener alternative to diesel-powered launch boats, with the additional plus point of reducing unnecessary human contact amid the pandemic.

Automation of operations has also allowed companies, such as Lazada’s supermarket arm RedMart, to meet increased demand while keeping employees safe and healthy. By automating the logistics value chain across receiving, packing and delivery processes, RedMart has managed to boost online fulfilment capacity by 50 per cent.

COVID-19: it’s time to make the impossible possible

The future of business is not found in the formulas of the past, but rather in relevance moving forward. For those who love proving the world wrong, the pandemic represents just the right opportunity to make the impossible possible, beating the odds to achieve success.