At the start of 2022, the UK economy was well on track to make a full recovery from the two-year slump caused by the pandemic. But, as has been a recurring theme during this period, disruptions are always lurking—this time in the form of geopolitical escalation in Europe.
According to estimates, the UK economy is expected to be hardest hit by the ongoing conflict in Ukraine. Meanwhile, Brexit continues to trouble business planning as questions around supply chains and regulatory compliance remain disconcertingly unanswered. The political backdrop, too, remains tortuously unpredictable. At the time of writing, the nation’s political machinery is gearing up unexpectedly to select a new prime minister.
For UK executives looking to modernize their enterprises and become future-ready, this has deepened the uncertainty that has dogged the business landscape. On top of repeated supply chain flare-ups, many have struggled with operational complexities arising from a slew of factors that include complex technology environments, digital talent shortages and growing scrutiny of sustainability efforts.
Demystifying this uncertainty has emerged as a top priority for UK businesses. However, success will depend on how they tackle immediate roadblocks. For instance, a high level of technology adoption has not resulted in significant value generation.
In our work to define what it takes to be future-ready—and how close businesses are to reaching a future-ready state—Cognizant commissioned Economist Impact to conduct a survey of 2,000 senior executives from across industries and geographies, as well as create a future-ready benchmarking tool (see our full report, “Ready for anything: What it means to be a modern business”).