Southeast Asia is experiencing digital disruption very differently from more mature markets, such as the USA and Australia, according to a new report by Deloitte.
Organizations operating within Southeast Asia realise that consumers now want change and that some countries in the region are picking up momentum faster than others.
The digital capabilities of countries in Southeast Asia are different from those of the mature markets and this is why they cannot follow in their digital footsteps.
Organisations in this region can watch the global trends to gain an insight into what might disrupt their future, macro and micro economic factors.
"Digital is part of an evolutionary journey and only one disruptor in a sea of disruptors," said Jonathan Rees, executive director and leader of Deloitte Digital in Southeast Asia. "The business landscape is more complex and businesses must face a tension between the realities of operating a business and responding to disruptive forces."
Evolving consumer profile
Companies in Southeast Asia are challenged by a rapidly evolving consumer profile that threatens the success rate of their consumer engagement efforts.
These organisations can gain a competitive edge by using technology to engage their consumers.
Also, they can talk to their customers about what they want and act on the input given. Listening and responding to what customers want will enable them to successfully handle digital disruption.
Businesses should also invest in digital technology platforms, bring a culture change within the organization, and adopt a change-agile mindset.
"Whether companies prosper in Southeast Asia over the coming decade will depend on their CEO's willingness to embrace digital. As the engine room for growth in emerging markets, responsibility for digital cannot be delegated. It must start at the top," added Rees.
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