THE CLIENT

The Client was a shipping company that focuses on offshore and icebreaking activities worldwide, operating a fleet of vessels serving assignments in Arctic waters for oil & gas customers.

How Innovation Helped Drive 20% New Revenue Growth for a Traditional Shipping Company

In 2013, we worked with a supply shipping company over nine months to develop a strategy that would propel them from a traditional shipping company to one with an expanded portfolio of new business models that generated new revenue.

To get a better overview of the entire process, we had a sit down two key people who oversaw this strategic transformation over the course of 2013 to 2014 – the former CEO and CFO of the company.

THE CHALLENGES

A traditional mindset when it came to shipping

Shipping in general was a very conservative and highly regulated industry, riddled with fixed mindsets and a high resistance to change. It was the same within our client’s company at the time, where the staff generally held a traditional worldview towards their industry. They operated with the belief that they were shipowners, and looked little at businesses beyond shipping.

A need for a future-fit strategy

Having just managed a financial turnaround, the company needed to lay the foundation and direction for their future. They wanted to break out of the mould, to think and do things in new ways in order to carve out a competitive advantage in the industry. Most importantly, they wanted to develop and drive this new strategy from the inside, rather than have an external consulting company delivering everything right off the bat.