Essex were cleaned up for 20 as Glen Chapple and Kyle Hogg produced a devastating spell of bowling to earn an LV=County Championship Division Two win for Lancashire by an innings and 105 runs. At the end of a woeful batting display that lasted just 68 minutes and 14.2 overs, Chapple returned figures of five for nine while his new ball partner took four for 11.
"I don't know what to say to be honest because I'm still in a state of shock," Grayson said.
"Nothing has been said in the dressing room because now is not the right time but we are all coming in tomorrow (Saturday) for a chat and we'll reflect and analyse then what happened.
"Emotions are running very high at the moment as you can imagine, there's not a lot of singing and dancing going on.
"As I say, I'm lost for words. It was a good wicket probably one of the best all year that we could have batted on at Chelmsford but 20 all out, it's amazing."
The total was worse than their previous worst of 30 all out against Yorkshire back in 1901.
"We needed to bat well for a long period and that's obviously something we haven't been very good at for a long time now," Grayson added.
"Unfortunately everyone seems to be in a rush to score runs at a pace but you have a long time in four-day cricket a long time to bat, a long time to bowl.
"A lot of teams lack patience, not just us, and lack discipline and players don't know how to bat for a long time. That is something we are going to have to address very quickly and a few of our players are going to need picking up after that sort of performance."