Vodafone Business Identifies ‘Future Ready’ Attributes Key to Business Resiliency Beyond Covid-19
15 Luglio 2020 - 10:00AM
Today’s leading businesses are adaptable, people and purpose
focused, according to a major new study from Vodafone Business. The
report identifies the attributes of the most resilient ‘future
ready’ organisations and their responses to common business
challenges before, during and beyond the COVID-19 crisis.*
Making up 20% of all companies, ‘future ready’ businesses (FRBs)
can be identified by six unifying characteristics, including
adaptability, an openness to technology, and clear transformation
goals.
The Covid-19 crisis has been one of the biggest business
disrupters since the 1930s, yet businesses displaying ‘future
ready’ characteristics are more confident they will continue to
succeed:
- 30% of FRBs expect an increase in profits during Covid-19.
- 57% of FRBs expect their profits to increase over the next five
years, compared to 45% of all businesses.
Vinod Kumar, CEO, Vodafone Business said: “Covid-19 has forced
rapid change for everybody. However, some businesses are better
prepared to deal with the issues that have arisen, and we want to
help all organisations understand what they can do to match these
‘future ready’ companies.”
Employees have taken centre stage, particularly for FRBs:
- 44% of all businesses now prioritise employee wellness and
mental health, up 10 percentage points since before Covid-19, but
for FRBs this is at 77%.
- 90% of FRBs reported supporting their employees further during
the pandemic.
Societal attitudes and consumer expectations have changed, and
businesses have moved to focus on ethical behaviours or to find a
purpose beyond their core offering:
- During Covid-19 81% of organisations reported taking some form
of action to support those outside their business, compared to 94%
of FRBs.
- 46% of all businesses (compared to 58% of FRBs) wanted to
support their country or local community, a shift from the reasons
given before the current crisis. These centred on differentiating
the business (41%, compared to 46% of FRBs) and customer retention
(55%, compared to 62% of FRBs).
Covid-19 has proven that work can be done differently and from
anywhere. Businesses need to adapt to this new way of working in
order to survive:
- 71% of FRBs already made at least one new technology investment
in direct response to the pandemic.
- 44% of FRBs surveyed expect that greater flexibility in where
people work will persist after the pandemic is over.
Vinod Kumar continued: “Industries that hadn’t embraced
technology are seeking to move swiftly into digitalisation. We want
to help companies move quickly into this new era of working,
supporting them in becoming smarter, faster and more resilient, but
not at the cost of their humanity.”
To support small and medium businesses as they rebuild, Vodafone
Business recently launched V-Hub, a resource service for SMEs
looking to digitalise. The service offers SMEs access to articles,
guides and live help covering topics such as website construction,
cyber security, remote working and digital marketing.
Read the full Future Ready Report here.
*Notes to editors:
We conducted two phases of research, before and during the Covid
crisis. The first phase took the views of 1,813 businesses of all
sizes and sectors from Europe, the USA, Asia, and Africa, with the
second covering 800 businesses of all sectors and sizes in the UK,
Spain, Germany and Italy. This was further supplemented with
qualitative interviews.
Future Ready Businesses were identified by using a regression
model to show what behaviours and attitudes were most closely
linked with confidence in future financial performance and being
well prepared for what the future holds. Twelve criteria were
identified, which make up six characteristics:
- Has a positive attitude to change. They embrace change and are
excited by the future.
- Is open to new technology. They acknowledge the power of
technology to solve business challenges.
- Takes clear steps towards business transformation. They have a
roadmap in place for how technology can transform their
business.
- Sets a detailed strategy. They have a wider business strategy
for the future that is documented, specific, funded and
measured.
- Keeps up-to-date with relevant trends & uncertainties. They
have clearly identified the forces shaping their business &
refers to key thought leaders to help.
- Is adaptable. They can react quickly to new trends or
challenges and is quicker to market than its competitors.
About Vodafone
Vodafone is a leading technology communications company keeping
society connected and building a digital future for
everyone.
Vodafone is focused on two scaled and differentiated regional
platforms in Europe and Africa. We operate mobile and fixed
networks in 22 countries and partner with mobile networks in 48
more. As at 31 March 2020 we had over 300m mobile customers,
more than 27m fixed broadband customers and over 22m TV
customers.
We connect for a better future. We are optimistic about
how technology and connectivity can enhance the future and improve
people’s lives. Through our business, we aim to build a digital
society that enhances socio-economic progress, embraces everyone
and does not come at the cost of our planet. That is why we have
committed to improve one billion lives and halve our environmental
impact by 2025.
For more information, please visit: www.vodafone.com.
For further information, please contact:
Vodafone Business: group.media@vodafone.com
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