Asian companies are most likely to invest in innovation to boost customer retention, according to Salesforce's 'Innovation: All Eyes on Asia' study.
Seventy percent of the 707 CTOs, CIOs and IT decision makers polled said customer retention is their company's key priority for the next 12 to 24 months, and more than half (53 percent) of them are likely to adopt innovation that achieves that goal. The respondents were from Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
In line with that, respondents view technology as an invaluable tool for managing customer databases (40 percent) and improving customer support (38 percent), aside from helping to accelerate productivity (59 percent)
Enterprise apps (83 percent), cloud computing (82 percent) and customer relationship management (CRM) were found to be the top three strategic investment priorities for Asian businesses.
In addition, most respondents said they are interested to adopt a CRM platform powered by artificial intelligence (AI). Respondents in India (90 percent) were the most keen to adopt such a solution, followed by Vietnam (85 percent) and the Philippines (84 percent). Singapore and Hong Kong respondents were more reserved, with only 68 percent and 63 percent respectively stating their intent to adopt an AI-powered CRM platform.
"This research shines a spotlight on the innovation landscape in Asia and reaffirms our vision for customer-centricity," said Robert Wickham, Regional Vice President, Innovation & Digital Transformation, APAC, Salesforce. "The appetite for artificial intelligence by Asian companies is continuing to grow. The Fourth Industrial Revolution is upon us, and companies that harness the predictive prowess of AI are well-placed to address challenges in this dynamic region."
Respondents also pointed out costs (55 percent), complexity of technology (36 percent) and lack of talent (33 percent) as the top three key hurdles that are holding Asian companies back from adopting innovation.
However, Asian businesses understand the need to invest in technology and innovation to remain competitive. Nearly 8 in 10 (79 percent) of the respondents said their companies are committed to increasing technology even in an underperforming economy. Eighty percent of them also shared that simulating technology innovation will be their company's topmost priority in the next 12-24 months.
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