How COVID-19 Has Shaped Swiss Businesses
A Report Published in Partnership by Boyden, Futureworks, Information Factory, and Küng Strategy Consulting
Contrary to economic forecasts, Swiss company leaders are reaching remarkably positive conclusions about their businesses’ performance in the acute phases of the Covid-19 crisis. In retrospect, the majority of more than 400 Swiss executives report they have remained fully operational. They state they were adequately prepared for the disruptive challenges that arose from the crisis.
However, the study also shows that the crisis has massively increased the urgency for further transformational efforts, meaning priorities will need to be reviewed in the future. Companies state they will focus more on adapting to the changing needs of employees and customers in particular. Moreover, as the digital revolution gains momentum, it is seen as a mean to bridge the gap between businesses and their internal and external stakeholders.
While a generally optimistic and active attitude is upheld, it is also of central importance to review and adapt current business models in order to grow and gain a competitive advantage – now, more than ever. This will enable businesses to become increasingly resilient over time.
Four success factors provide the necessary tools for future resilience: An open mindset, the availability of data, customer insights and strong leadership.
Open Mindset To Identify Opportunities
Swiss leaders evaluate their own management during the acute phase of the Covid-19 crisis as positive. In the longer term, they view the adaptation of the internal organisation and culture as the top challenge.
Digitalisation As A Bridge Between Stakeholders
More than 70% of business leaders say that they want to push digitalisation further in order to bridge the distance between location-independent teams and customers.
Customer Focus For Increased Relevance
Almost every second manager experienced a change in the behaviour of their customers during the crisis. Around a third of companies responded by developing new services and products. In addition, more than half of the managers stated that they would include customer needs in strategic decisions next year.
Learn more about emerging perspectives on current and future business challenges.