Speed of technology change a challenge
A survey of CEOs in Asia has shown that digital transformation is being seen as a dominant growth and leadership catalyst over the next five years. In the research, undertaken by Frost and Sullivan, more than a quarter of respondents admitted that the breakneck speed of technology change is an important challenge. Additionally:
- 47 percent of respondents identify big data analytics as the leading factor that could potentially transform their organizations
- More than 30 percent rate big data analytics as the most compelling source of research information to design, develop and deliver powerful growth strategies
- 55 percent of the respondents cite technology change as a powerful driver of growth, innovation and leadership
Ensuring customer satisfaction
“After revenue growth, ensuring customer satisfaction was the most important goal for organizations. Yet, more than half of them felt that their product/service innovation performance was not in line with evolving customer demands,” noted research analyst, Michael Kurowski. “Almost 49 percent of CEOs stated that they would rely on strategic partnerships to drive their organization’s growth in the next three years. Mega Trends like connectivity and convergence are creating a new business ecosystem, unlocking fresh growth opportunities for organizations that use smart strategies to meet stakeholder expectations.”
The CEOs surveyed overwhelmingly ranked revenue growth as their top growth objective for the next five years. This follows what was seen as intense complexity, uncertainty and transformation of the economic landscape.
Rising competitive pressures, changes in customer behavior and demands, and digital transformation are the main disruptive forces in the Asian market. As these forces collide, conventional strategies and traditional business ecosystems will collapse, creating a conducive environment for strategic innovation.
Frost & Sullivan’s annual CEO survey offers insights into the ways in which Asia’s business leaders are tackling market volatility and future-proofing their growth.
“The rising relevance of services-based business models is upsetting traditional products-based approaches,” said Kurowski. “Personalization and customization, and value-for-many, as opposed to value-for-money, are perceived as having the highest potential for disruption.”
The CEOs’ Perspectives on Growth, Innovation, and Leadership in Asia, 2016 report is part of Frost & Sullivan’s Visionary Innovation Growth Partnership Subscription. Following extensive surveys, Frost & Sullivan has identified tools and strategies to help organizations prepare for industry transformation triggered by technology change.