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.
- Gebi Küng, owner of Küng Strategy Consulting, says: "An open mindset allows for a clear perspective to identify what is truly crucial, and how to work efficiently with available resources". To this end, he says, it is necessary for the organisation and the culture to be based on and promote openness.
- Cornelia Tänzler from Boyden also sees opportunity in these uncertain times: "Good managers have the opportunity not only to react, but to find new solutions and competitive advantages. A positive working environment can be created where new things are constantly being learned, where belonging is valued and where imagination is encouraged".
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.
- "Data-driven business innovation and digitalisation offer enormous potential. And reducing costs while being innovative will remain a challenge in the future," says Claudia Conrads of Information Factory. Digitalisation, however, will help bridge the gap between strategic intentions and their implementation.
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.
- Charlotta Falk, Senior Creative Consultant and member of the management team at Futureworks, is pleased that companies are focusing on customer-centricity and recognizing how crucial it is to react appropriately to changes in customer behaviour: "In order to be and remain relevant to your customers, it is important to truly understand their needs over time. In this way, companies can also reach new customer groups more efficiently – and ultimately remain resilient as a company".
Learn more about emerging perspectives on current and future business challenges.
