Emerging markets differ from developed markets on agility

INDIA: Some 75 per cent of businesses in emerging markets agreed in a research that flexible working practices and technologies, such as mobile working, are significant in helping retain key people, compared to just 62 per cent of those in developed countries.

Businesses operating in developed markets risk falling behind businesses in emerging markets that are placing greater importance on leveraging technology to fuel growth. Global research conducted by MORAR Consulting, commissioned by Epicor Software Corporation, a provider of industry-specific enterprise software, found that 54 per cent of emerging market business executives cited “technology leadership” as a significant growth factor, compared to just 36 per cent of those in developed countries.

Also recognising the importance of flexible technology and business systems in fuelling growth, executives in emerging markets are putting themselves in a stronger position when it comes to preparing for international expansion, it points out.

It adds that businesses that have more agile working practices can respond more quickly to changing market environments, making them more prepared to deal with the demands of growth.

In addition, the research found that businesses in developed markets are less likely to see the value of using the latest technology to free people up from mundane tasks, such as repetitive invoice processing and manual stock counting.

About 65 per cent of business leaders in developed markets said this was a significant contributor to their staff retention, compared to 75 per cent of business leaders in emerging markets.

“Business executives in more developed markets could be in fact hindering growth unless they make strategic investments into critical technology and working processes that can increase their agility. They need to wake up to the advantages of flexible, agile technology and move beyond aging business systems that are inadequate to meet present-day and future business requirements. More developed markets are often considered beacons of technology innovation but they need to practice what they preach if they are to reap the benefits and continue to grow,” said Sabby Gill, executive vice president international, Epicor Software.