APAC businesses expect radical changes needed in 2021

Source: Vodafone Business. The Vodafone Business Future Ready Report – Asia Pacific has found that business mindsets are changing about success factors post-pandemic.

Technology has emerged as a key lever for all businesses in APAC as they look to tackle the challenges of 2021 and beyond, according to new research* from Vodafone Business.

The Vodafone Business Future Ready Report – Asia Pacific has found that firms in the region have responded to the pandemic by adding urgency to transformation plans, signalling a mindset shift about business success factors in a post-pandemic economy:

- 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%).

Dan Beevers, President, Asia Pacific, Vodafone Business, said: “In a time of lockdowns and social distancing, the human connection – powered by technology – has become even more central to business success. This, in combination with the resilience, optimism and never-say-die spirit in Asia Pacific puts businesses in good stead, whatever the future may bring.”

APAC future-ready businesses are already seeing some positive benefits of post COVID-19 business transformation as we move into 2021, Vodafone Business said. These benefits are not limited to pandemic-specific outcomes, and are likely to drive business success in the long term, such as: 

- Enhanced cyber security (55%)

- More innovation/ research and development (50%)

- Improved communication/collaboration among staff (49%)

“Future-ready businesses are already reaping the benefits of their efforts, with some even bucking the global downturn to increase profits during this time. This report provides a clear roadmap for how other businesses in the region can – and should – set themselves up for success in the post-pandemic economy by focusing on the imperatives such as setting a detailed strategy, taking clear steps towards business transformation, and increasing adaptability,” added Beevers.

The report also what sets the most future-ready Asia Pacific (APAC) organisations apart, singling out that more than a quarter (27%) of companies in the region as future-ready or the most prepared for future success:

- 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

Explore:

Read the report.

*Vodafone Business surveyed more than a thousand businesses across Asia Pacific (Australia, Singapore, Japan, South Korea, China and India) in September and October 2020, collecting around 100,000 different data points. The company found a consistent set of characteristics that identified a group of “future-ready businesses”. These are defined as the companies most confident and well-prepared for emerging trends, challenges, and possibilities.