Now is the time for business transformation in APAC

In the wake of COVID-19, companies around the world are scrambling to adapt to rapidly changing corporate landscapes. Traditional working models are no longer effective, forcing business leaders to make quick decisions amid widespread uncertainty.

But with major disruption comes major opportunities for business transformation and expansion.

This is especially true in the Asia-Pacific (APAC) region. The perfect storm of aligned attitudes, economic promise, consumer engagement and technological advancement culminates in huge potential for businesses of all sizes to not only recover but flourish.

The climate emergency brings many risks for businesses, while climate adaptation provides opportunities. Business leaders will need to account for both if they are to secure growth and resilience for their organisation in the long term.

Five countries in Asia have proposed or passed legislation mandating net-zero emissions, which businesses will need to cater to in their operations and strategies.

Opportunities for climate innovation are more abundant than ever. With the costs of solar and land-based wind energy in China and India among the lowest in the world, both regions are positioned to dominate global growth in solar and wind.

In many ways, the proliferation of APAC’s economy now rests on the shoulders of its business leaders. To keep up with the region’s comparatively rapid pace of change, leaders must be bold and agile in their approach to business performance improvement.

Leaders’ focus areas need to shift. There needs to be greater attention given to corporate governance — which lags behind Western standards — working models and resource allocation, as well as digital innovation and consumer trends.

Throughout APAC, working environments are changing. Many businesses are implementing hybrid models, with the upshot being greater employee satisfaction and access to broader talent pools. Leaders are also taking action to speed up decision-making and productivity by removing silos and increasing employee autonomy.

If your work environment reflects a traditional model, you may need to identify modernisation opportunities as part of your expansion plans.

With the continued localisation of supply chains and increase in domestic trade, businesses will also likely benefit from following APAC’s regionalisation trend. Intraregional partnerships often impart valuable consumer insights, especially if the companies in question collect vast pools of data via their service provision. For example, grocery chain Freshippo allows Chinese enterprises, new and established, to share data in omni-channel supermarkets.

Strengthening your operations with corporate partnerships will give your growing organisation extra support and resources to thrive.

The opportunities for digital product and service innovation are virtually limitless. For example, DBS Bank experienced an incredible 400% increase in their customers’ use of digital tools.

Whether your business sells products or services, investment in digitisation improvements and opportunities may boost your revenue to a significant degree.

To achieve go-to-market success in APAC today, businesses need to intimately know their consumers — and themselves.

Asia’s new consumers are early adopters of new technology, so it is a good time to take risks with technological innovation. Consider how Grab and Didi quickly acquired ride-hailing giant Uber in South-East Asia and China respectively: despite direct competition from Uber from the outset, both of these start-ups found better ways to meet the needs of local rideshare users through tech.

Businesses will be wise to use the data they generate from sales to better service their target audiences. In contrast to Western attitudes, Asian customers are generally content to share their data with companies.

When it comes time to expand, maintaining consistency of brand identity and reputation becomes harder but also more vital. A 2017 Stewardship Asia Centre study showed that 80% of successful and long-standing family businesses had a clearly defined purpose.

Essentially, businesses need to reaffirm their core purpose and make sure it is communicated effectively to their internal teams and their audiences.

There is no doubt that expansion will provide many rewards for businesses that act now, but it is important to do it right. Each APAC country comes with its own cultural nuances and regulatory system, so business functions, strategies and go-to-market plans need to be customised to suit.

For example, payments platform Stripe has developed tailored products for each region in which it operates, with e-wallets and bank-based systems rolled out in Singapore and Malaysia respectively.

But regional differences should not cause businesses to hesitate, for the perfect solution may lie in engaging the services of a corporate services provider.

Innovative full-service providers like BoardRoom are able to handle a wide range of essential corporate functions. They manage everything from payroll to company secretarial while providing clients with one point of contact for fast and easy communication. With comprehensive local knowledge and commercial experience, they can advise companies on the best way to cater to customer preferences in each region.

It is important to choose a global firm that can grow with you, empower your team to make smart decisions and help you form critical partnerships locally.

To achieve success in post-pandemic APAC, businesses must traverse untrodden ground. Traditional strategies need to be rethought, and creativity must be employed to leverage fresh opportunities.

But as businesses collectively expand beyond borders and company incorporation rates rise, contributions to workforces, suppliers and households will increase, supporting a healthy economy as a result.

BoardRoom provides world-class service at a local level to help your business grow and prosper throughout APAC.

Contact us for a one-on-one discussion about your individual expansion plans and business goals.