Globalization and Big Data Analytics Key to Business Success in Asia Pacific, Finds EIU Study
- 67% of entrepreneurs say globalization has a positive impact on their business and 58% of entrepreneurs in Asia Pacific (APAC) are keen to expand their business internationally
- 45% of entrepreneurs in Asia Pacific have identified big data and advanced analytics as a key industry tool
HONG KONG, March 28, 2018 – A new report released from The Economist Intelligence Unit (EIU) finds that entrepreneurs are more passionate than consumers about global economic and policy issues. Their businesses are heavily influenced by social causes and their growth is foremost reliant on global expansion and social media connectivity. The report is based on two parallel surveys conducted globally that consider the perspectives of young entrepreneurs compared to the general public.
“An Entrepreneur’s Perspective: Today’s world through the eyes of the young innovator”, sponsored by FedEx, aims to better understand the future of growing businesses and the leaders behind them. The survey addressed topics of globalization, technology and social responsibility.
More entrepreneurs in Asia Pacific are planning to take their business international in the near future than those in most other regions, even though two-thirds (63%) of the entrepreneurs say that their current customers are based in their home country.
“SMEs are one of the growth drivers in Asia Pacific and we are excited to hear that entrepreneurs in this region are receiving the right support and are planning to expand their businesses globally,” said Karen Reddington, president, FedEx Express Asia Pacific. “These insights help us understand how we can help SMEs harness the full potential of global trade. Apart from providing the logistics infrastructure required to get access to new markets, FedEx is constantly innovating to give entrepreneurs and SMEs the right tools to gain that competitive edge they need in doing international business.”
Globally, the study revealed that many entrepreneurs credit social media for recent business growth and say it will remain the most important technology for their business for the next five years. Consumers, interestingly, don’t think social media will remain as relevant in the next five years.
Further, although the entrepreneur and public groups surveyed have differences in opinion about the benefits of globalization and technology, both say social responsibility matters more today than it did five years ago. Two-thirds of entrepreneurs call it essential to the success of their business, and most claim they have passed up a business opportunity that did not align with their values.