Research reveals attributes of companies considered ‘future ready’
12th August 2020 16:36 - Telecommunications
Research reveals attributes of companies considered ‘future ready’: Research by Vodafone Business has identified the key attributes of the most resilient future-ready businesses (FRBs) - with around a fifth of the businesses polled sharing these attributes.
The research questioned business decision makers, investors and journalists from countries around the globe last year (2019) as well as earlier this year in May (2020), with the objective of identifying what FRBs are doing differently, and what sets them apart from other companies.
Vodafone Business identified five key challenges for companies, which it says are true of almost all industries, countries and business sizes. The research found that FRBs have very different approaches to these challenges compared to other businesses.
5 biggest emerging challenges for businesses
The first challenge identified was the need for businesses to rebuild and reinforce their resilience when faced with difficulties - such as recently seen with the coronavirus pandemic, as well as being able to as adapt quickly to changing social attitudes and customer behaviours - the second challenge listed. Also identified was that sustainability is now becoming standard; data and digital economy are fast creating new business challenges and opportunities; and that businesses must change the way they recruit and nurture talent.
Vodafone Business was able to test the conclusions made from earlier research in November with a follow-up survey to see if the businesses identified as 'future ready' were indeed better prepared to cope with challenges, such as the massive upheavel brought about by covid-19, which it found they were. The survey also found that the five key challenges identified in the pre-covid survey are 'likely to remain' in the post-covid business world.
6 criteria for being considered a FRB
The study also identified six criteria for being considered a FRB, which around 20% of the businesses surveyed met. These included: having a positive attitude to change; being open to technology; actively planning for technological futures; setting detailed strategies; keeping up-to-date with emerging trends; and being adaptable.
Top priorities for the year
The research in 2020 asked respondents to list their top five priorities for the year, with 'financial stability' being the top answer given by almost seven in 10 respondents (68%). In second was 'employee health and wellbeing' (62%), followed by 'protecting jobs and salaries' (59%), 'social responsibility' (40%), 'supporting employee development' (40%), and 'sustainability' (35%).
Vodafone Business said in its Future Ready Report 2020 that any business can become 'future ready' with the right mindset and behaviours, adding that its report could help other companies learn and adapt.
Vinod Kumar, CEO of 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.”
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