If you’re not thinking about transforming your business, you are already behind in the races.
Traditionally, Asia has enjoyed significant growth thanks to an expansive consumer market and a strong manufacturing industry. Over the past few decades, businesses have been experiencing significant changes, sometimes severely disrupting common existing business practices.
From adopting technological advancements to developing environmentally sustainable business practices, Asia has been gradually warming up to the new opportunities that are presented. However, COVID-19 has accelerated the necessity for these opportunities to be realised urgently.
In a recent report, PwC identified 5 key areas that are crucial for the continued development of businesses in the future.
Advancing the digital economy
It may seem daunting to think about digitalisation as a concept. In practice, it’s about initially identifying parts of the business that are suitable for adopting digital technologies, and then gradually adding technology that brings additional value to your business.
Keep in mind the security and data related risks that come with digitalisation. Ensure that your company is following regulations and putting the right preventions in place to fight against cybercrimes.
Enabling regional enterprise growth
Opportunities for businesses are growing beyond a country’s geographical boundary. Improve your business’s regional presence by focusing your strategies in operational performance, product and process innovation, and go-to-market excellence.
It’s essential to strengthen partnerships, as well as develop local talents and culture when expanding regionally. Education, healthcare, entertainment, and Information and Communication Technology (ICT) services are especially attractive industries with huge revenue potential across Asia.
Rebalancing supply chain and fostering innovation
Trade tensions have created significant uncertainty for many businesses and the global supply chain. Transitioning into a tech-enabled regional supply chain helps you manage your procurement, production and distribution networks much more sustainably.
Ecosystems that encourages the collaboration between businesses and startups will foster innovation, driving developments of new products and solutions. Innovations can be boosted with the participation of governments, educational institutions, and funding bodies.
Future-proofing the labour force
A skilled workforce is key for a sustainable workforce. Reskilling employees regularly, aligning to the needs of your company is crucial. Governments must also work hand in hand with stakeholders in your industry to develop workplace upskilling programmes.
Governments should also review and improve the education system by identifying key areas of priorities for future growth. By predicting the new roles and responsibilities that will be in demand, governments can also identify the skills that would be required.
Building towards a net zero economy
Asia Pacific is regarded as the region most vulnerable to natural disasters caused by climate change. Government, businesses, and society have to work together to reduce the environmental impact by moving towards an economy that creates net-zero climate impact
Additionally, to achieve greater food security across Asia Pacific, promoting innovation and adoption of agritech solutions is crucial for enhancing agricultural productivity.
Dr. Snehal Patel, CEO and co-founder of MyDoc, contributed to this report:
How success looks like
- Having a shared purpose amongst stakeholders, focusing not only on your short term goals but also strategies that drive long term benefits.
- Build a resilient and adaptable business environment by having capacity to withstand unexpected changes, as well as ability to adjust and recover from sudden fluctuations.
- Share information efficiently, especially in regards to government policies and business practices. Clearly communicate the impact of your strategies on society and environment.
- Use time and resources efficiently by contributing your respective strengths collectively through co-ownership, to achieve results that are impossible when working individually.