How has the coronavirus affected company strategies? - Survey produces information to support decision-making

The coronavirus has influenced the operations of organisations and the prerequisites for business operations more than any individual crisis since the world wars. Although, in the short term the impacts will primarily be operational and economic, the crisis will shape the operating environment of companies in a way that will have a long-term impact on their strategy and business models.

‘Companies have to make big decisions in extremely uncertain circumstances. On the other hand, companies cannot afford to freeze strategy work and investments for a long time either. We will do our part to add important research data to support decision-making,’ says Assistant Professor Jukka Luoma, who is heading the Corporate coronavirus strategies and their impacts on organisations and value chains project.

The corona crisis has led companies to experiment with new operating methods and technologies, for example in connection with remote working. In addition, new vulnerabilities have been revealed in companies' business models and supply chain strategies as a result of corona. The most cost-effective supply chains may not be the best at withstanding disruptions.

‘New experiments and updated risk assessments are the kick start for technological and sectoral changes, which will not halt even though the epidemic will die down before long,’ says Luoma

As part of the project, researchers send a survey to the top management of companies, in addition to which they utilise interviews, media materials, and research on the impacts of previous crises.

In addition to research data, the project aims to increase the exchange of information between companies.

"In the spring, we held discussions with several companies on the need for creating a broad-based cooperation project to investigate the long-term effects of the corona crisis. Our aim is to bring representatives of companies together during the project to discuss the results and share their experiences. Our aim is for companies to learn from each other and thus improve the competitiveness of Finnish companies in the global market,’ explains Susanna Takkunen, Project Manager of the project and Doctoral candidate.

The Technology Industries of Finland, Service Sector Employers Palta and the Finnish Commerce Federation have been partners in the implementation of this research.

Inquiries:

Jukka Luoma
DSc (Econ), Assistant Professor
Department of Industrial Engineering and Management
Aalto University School of Science
+358 40 353 8412
[email protected]

Susanna Takkunen
MSc (Econ), Doctoral candidate
Department of Marketing
Aalto University School of Business
+358 50 460 6183
[email protected]