Businesses in Singapore expect continued disruption and transformation amid continued impact from COVID-19 through 2021, according to a new study from Vodafone Business. More than half (52%) of businesses in Singapore expect that ‘substantial’ or ‘radical’ changes will be required to their business models in the next 12 months, of which 32% 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 Singapore – 59% of businesses in the city-statesay 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 the regionahead of the post-COVID-19 future, and identifies the attributes which are setting the most ‘future ready’ organisations in Singapore apart. In total, the report identified that three in 10 companies in Singapore 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
Taking on challenges of tomorrow with technology
Technology has emerged as a key lever for businesses in Singaporeas they look to tackle the challenges of 2021 and beyond. Across the region, firms have responded to the pandemic by adding urgency to transformation plans, signaling a mindset shift about business success factors in a post-pandemic economy:
- Nearly six in 10 (57%) businesses in Singapore have accelerated digital transformation plans as a result of COVID-19.
- This is even more pronounced among Future Ready businesses inSingapore, with more than three in four (78%) having done so.
- Factors that accelerated digital transformation forSingapore’s Future Ready businesses include initiatives to unlock efficiencies / new revenue streams (61%), increase in support among senior management (58%), and the adoption of an ‘innovate or die’ mindset within companies (56%).
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 Singapore puts businesses in good stead, whatever the future may bring.”
Investing in transformation for the long run
Singapore’sFuture Ready businesses are already seeing some positive benefits of post COVID-19 business transformation as we move into 2021. These benefits are not limited to pandemic-specific outcomes, and are likely to drive business success in the long term, such as:
- Improved communication/collaboration among staff (61%)
- More innovation/ research and development (48%)
- Enhanced cyber security (41%)
“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 Singapore 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.
About the Vodafone Business Future Ready Report – Asia Pacific
Vodafone Business surveyed more than a thousand businesses across Asia Pacific (Australia, Singapore, Japan, South Korea, China and India) in September / October 2020, collecting around 100,000 different data points, and found a consistent set of characteristics that identified a group of “future ready businesses”. These are the companies most confident and well-prepared for emerging trends, challenges, and possibilities.
For more information, download the report here.