The pace of technological change is exponential. Technological advancement is anything but a straight line, continually creating unique challenges, as well as opportunities. Disruption is a game changer, and businesses across the region are turning this new tech revolution into major opportunity.
In our first report, Asia Pacific Business and Legal Macrotrends, released earlier this year, we examined the geopolitical and macroeconomic trends reshaping how business is being done across our region, in areas including investment decision-making and supply chain management. In our latest report, we canvassed the same 600 senior business leaders to understand how they are managing the scale and pace of technological change they face. The research looks at which industries are best dealing with areas including AI, big data, tech regulation, etc., and which industries are falling behind.
Key insights from the report:
- Today, far more executives consider their organizations to be disrupted by technological developments rather than a disruptor (75% vs. 25%).
- Looking forward, the vast majority of executives expect the rate of technological change they face to accelerate, possibly exponentially.
- Most companies (68%) believe that their organizations are to some extent adept at exploiting the benefits of new technologies, but this drops down to just 25% who believe they are highly adept at embracing technology.
- Meanwhile, worryingly, innovation has dropped down the list of challenges that businesses are prioritizing, particularly as regulatory enforcement in other areas bites.
- The need to protect information assets is predicted to have the most impact on Asia Pacific businesses over the next two years in this space. A major strengthening of security systems is under way.
- Regulators are faced with an almost impossible task, and today most businesses believe tech-focused regulators are behind the curve and jurisdictions are likely to diverge.
- China and Singapore are seen to be most in tune with new tech developments, with advanced regulatory awareness supporting tech-driven change.