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Our world is changing faster than ever. Technology has allowed us all to evolve and adapt to our new world and as such, understanding what makes some businesses better equipped to survive and thrive is crucial. That’s why we decided to see what characteristics 'future ready' businesses have in common that help them be better prepared for what the future may hold.
All references are from the Vodafone Future Ready Business report, available for download at the end of this article
What is a ‘future ready’ business?
There are six common characteristics of a ‘future ready’ business:
- A positive attitude to change, are
- Open to new technology, have
- Clear steps towards business transformation and a
- A detailed strategy
- Up to date with trends
Future ready businesses see the crisis as a natural time to experiment with new ways of working, and have made broader, smarter investments in new technology. They aren’t afraid to adapt and take risks. FRBs are far more likely to help those around them and are focused on the health and wellbeing of their employees. In fact, 97% of FRBs have supported their employees further during the pandemic, compared to 90% of all businesses.
Adapting to the times
On top of this, there has been greater empowerment of customers in recent years. 64% of businesses expect the power and influence of consumers to grow, and their ability to sway the behaviour of organisations has grown significantly. Customers increasingly want to express their individuality and social values through the goods and services they buy. Future ready businesses are reacting to this. They are focusing on brand purpose, prioritising their ethical behaviour and investing more in their local communities.
Sustainability is key
Sustainability has been creeping up the business agenda for some years now, as the public become more vocal about it and regulations increase. 67% of businesses are improving their sustainability and 46% of FRBs see being sustainable as essential for their business to continue operating. Global lockdowns have also given us some fascinating insights into climate change that are unlikely to be forgotten so it’s more important than ever that businesses show how they’re tackling this issue.
A data-centric outlook
Data is creating a further set of challenges too. Not only is it becoming an increasingly important strategic asset, it’s vital to store and process it securely. Future ready businesses are often born on the cloud, and securing and processing data is in their DNA. Among FRBs, this number jumps to 39%. This puts them a step ahead of rivals and makes it easier for them to get the most out of analytics.
A business is only as good as its people, and accommodating the modern workforce has never been a greater challenge.A new generation of employee wants to work for a business that fit their values, while existing employees need more retraining opportunities. Future ready businesses see this as an opportunity. They’re using tech to create digital workplaces that appeal to younger workers, and that make it easier for all kinds of employees to work more flexibly, with a focus on their wellbeing at all times.
Vodacom Business is here to help take your business to the next level. We offer a wide range of products and services to fulfil the telecommunications needs of organisations of all sizes. From mobiles and fixed-line connections to a wealth of broadband and networking solutions, you can count on us to keep you confidently connected.
To learn more about what makes these ‘future ready’ businesses tick and how you can start to align your business to their philosophy – download the full report.