News

Business priorities of ASEAN enterprises revealed

Oxford Economics surveyed 600 senior executives across Malaysia, Vietnam, the Philippines, Singapore, Thailand, and Indonesia

ASEAN business

Business priorities of ASEAN enterprises revealed. Source: pexels.com

As enterprises in South East Asia prioritize customer experiences and growth, they are still struggling with cloud adoption, talent issues, and gaining data insights, ComputerWeekly.com report.

For business growth and survival, 35% noted that they prioritize customer satisfaction, seeing that it is the main source of differentiation and value. Meanwhile, 59% prioritize personalization, 55% the precision of high-quality services and products, 53% data privacy and protection, and 51% competitive pricing.

It has been harder for SMEs to keep up with the external challenges and uncertainties in the business environment compared to larger companies.

The SMEs had difficulties in keeping up with the needs of customers, having repeat businesses, retaining customers, and adapting to the changing business markets. These were the major barriers when it came to meeting their priorities.

Most believe that automation would help in the reduction of errors, costs, and risks, improvement of process efficiency, and free workers from mundane tasks.

According to data, 50% of SMEs found it challenging to compete with bigger companies, 43% lacked analytical technology, 40% lacked a motivated and capable workforce while 38% lacked sufficient data.

To counter these challenges, 39% of Southeast Asian enterprises are investing in user-friendly technology, 38% aim to reduce prices while 37% aim to increase after-sale services. While these are short-term actions, they will improve the consumer experience.

However, only 58% of the enterprises have made digital transformation progress. 45% have made moderate progress in the digital changes.

We’ve reported that 1 in 5 Americans were forced to delay their retirement.

SEE ALSO:

Pay Space

6612 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.