5 WEF must reads for your weekend

As the #WorldEconomicForum draws to a close, EY leaders share the interesting stats, insights and discussion points you need to feel in the know. 

1. Adapt or die 

At the current churn rate, almost half of the companies on the S&P’s stock exchange will be gone in the next 10 years. Seismic shifts in the marketplace have left organizations with a clear choice: transform at speed or risk total disruption. But as cliché as it sounds, no business is alone. No single company could possibly deliver the complex, ever-changing solutions consumers and society demands year-after-year. Competition has long been the default mode for companies across industries - of course, an element of competition will always be necessary to drive growth. But a growing number of CEOs are now embracing ecosystem business models; building networks of organizations, from competitors to suppliers and government agencies, to deliver products and services. EY Global Chairman and CEO Carmine Di Sibio tells us in a new WEF blog, why the future of competition is collaboration. 

 Competition vs collaboration: rethinking how businesses innovate and grow 

2.  How to curb global warming: women empowerment 

A report by Project Drawdown ranked empowering women and girls in developing countries, second of 76 solutions for curbing global warming to 2C. Why? One of the reasons is because, simply put, when women take climate action they are effective. If we look at farming in particular; female farmers are more likely than men to embrace regenerative agriculture practices, such as increasing plant diversity, because on average they have a greater interest in protecting the environment. This is also seen in the corporate world, where organizations with more female executives and board members have better environmental performance than those with less diverse leadership. Amy Brachio, EY Deputy Vice Chair - Sustainability, tells us more in her WEF agenda blog. 

How the regenerative economy can advance social equity and gender equality 

3. Would you collaborate with a competitor? 

There’s an old adage that says, ‘A problem shared is a problem halved’. While many of our problems will not be easily halved, we’re more likely to solve them if we share them. But with who? Surely not competitors? Well yes, actually. As well as customers, suppliers, tech solutions providers, start-ups, non-profits and academia. When partnering with multiple organisations, businesses can achieve their goals with a level of speed, flexibility and scale, that traditional ways of working can’t deliver. And that’s a key reason why EY are proposing to split the business – to allow greater collaboration with other companies. So what’s a good example of a radical collaboration? A mobile app, ERA by EY, which was built using a SAP Business Technology Platform. The app helps match Ukrainian refugees with the support they need, at the most convenient donation area for them. 

Collaboration is the route to success in a fragmented world 

 4. How to survive a crisis - and get ready for the next one 

War, climate change, inflation, recession, supply chain disruption... the list goes on. With the world undergoing a prolonged period of economic, social and geopolitical turbulence, the next global polycrisis might not be at the top of your agenda. However, it’s clear that we won’t be returning to the old normal - and there are five key actions businesses can take right now to stay ahead, according to Julie Teigland, EY EMEIA Area Managing Partner. Successful business leaders realize now more than ever that businesses have a key role to play in tackling the planet’s biggest problems. 

Is your business ready for the next crisis? 

5. Transform now and fast 

In the UK, the Bank of England has predicted the longest recession on record, fueled by rising prices and interest rates. Further afield, the ongoing war in Ukraine is having devastating consequences on the ground and contributing to a cost-of-living crisis across Europe, as energy costs increase and supply chains are disrupted. Increasingly, we are seeing CEOs respond to these challenges by choosing transformation over incremental change, whether that be through technology adoption, game-changing M&A or re-aligning their business around a core purpose. The time for radical transformation is now. Hywel Ball, UK Chair and UK&I Managing Partner, tells us more.  

 How transformation can create value for all 

 If you do one thing: 

Reach out to a competitor. Hear their side of the story. 

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