SINGAPORE, Jan. 12, 2021 /PRNewswire/ -- Businesses in Asia-Pacific (APAC) expect continued disruption and transformation amid continued impact from COVID-19 through 2021, according to a new study from Vodafone Business. Almost half (48%) of businesses in APAC expect that 'substantial' or 'radical' changes will be required to their business models in the next 12 months, of which 43% expect that making these fundamental changes to their business will be difficult to implement. However, despite these challenges, there is an undercurrent of optimism across businesses in APAC -- more than half (54%) across the region say they are 'excited' about the future of their businesses ahead of 2021. Launched today, the Vodafone Business Future Ready Report -- Asia Pacific gauges business sentiment across APAC ahead of the post-COVID-19 future, and identifies the attributes which are setting the most 'future ready' organisations in APAC apart. In total, the report identified that more than a quarter (27%) of companies in the region are 'future ready' businesses, best prepared for future success. They are identified by six common characteristics, namely:
- Having a positive attitude to change
- Being open to new technology
- Taking clear steps towards business transformation
- Setting a detailed strategy
- Keeping up-to-date with relevant trends and uncertainties
- Being adaptable
- Nearly six in 10 (58%) of all businesses in APAC have accelerated digital transformation plans as a result of COVID-19.
- This is even more pronounced among Future Ready businesses in APAC, with nearly three in four (74%) having done so.
- Factors that accelerated digital transformation for APAC Future Ready businesses include increase in support among senior management (53%), initiatives to unlock efficiencies / new revenue streams (52%), and the adoption of an 'innovate or die' mindset within companies (46%).
- Enhanced cyber security (55%)
- More innovation/ research and development (50%)
- Improved communication/collaboration among staff (49%)
By PR Newswire