While business success stories abound, there are certain companies that have been shortlisted for their incredible comebacks. These were all leading players within their respective industries, went down due to various turmoil, but have now come back through strong corporate strategy and innovative measures being adopted. The first such is HSBC, which rectified its too complex structure by selling off certain divisions and creating a lean structure based around a digital outlook. Instead of diversifying much as most pharma companies have been, Bristol-Myers Squibb simply focused on items they were renowned for. Boston Scientific too streamlined its hierarchy, became future-oriented through its innovative approach and focused on increased collaboration. Nokia meanwhile has rebranded itself as a giant in telecom infrastructure. Another Finnish company UPM-Kymmene has diversified away from newsprint and bulk paper to newer categories. Goupe PSA, the mother company behind Opel, Peugeot and others has trimmed its portfolio but increased its digital marketing efforts. Olympus suffered immensely due to smartphones and health care reform in its camera and medical imaging businesses, so rebounded leveraging its traditionally strong areas. Japan’s Ajinomoto survived by developing speciality products for other customer segments while Lanxess spread its tentacles by collaborating with Saudi company Aramco. Australia’s Qantas did well by focusing on customer service while Spain’s Acciona simply made the move to countries such as Mexico, India, Chile and USA as these are high-growth markets.

Source:https://www.bcg.com/publications/collections/comeback-kids-successful-turnarounds.aspx

Uploaded Date:21 November 2017