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:
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:
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:
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:
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:
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