Photo: iStockphoto
Photo: iStockphoto

Firms more confident about the economy now

A Bain & Co. survey found significant differences in management trends among established and emerging markets with greater thrust for new tools in the latter

Top executives across the globe are more confident about the economy and the financial performance of their companies than they were in the past, according to the 14th biennial survey on management tools and trends conducted by global management consulting firm Bain & Co.

The survey, in which 1,067 senior executives took part, offers guidance to corporate leaders on the best approaches for their firms.

In this edition, it found significant differences in management trends among the established and emerging markets with greater thrust for new tools in the latter.

Globally, executives still felt that customer relationship management, a traditional management tool, holds the key to business growth. But in Asia Pacific—206 respondents equally divided between India and China—it was a poor second to a new management tool called big data analytics that helps firms analyse large and unstructured data for business insights. It implies that emerging markets were least concerned about waning customer loyalty.

Nearly 83% of Asia Pacific executives said that increasing business complexity and cyber attacks threats especially for healthcare and financial services that use sensitive customer data will mean greater spending on IT tools.

Three out of every four executives in Asia-Pacific region said mergers and acquisitions will be a critical management strategy for growth in the region.

Executives from both China and India also put quality and innovation ahead of cost cuts to beat global market leaders. The survey found that the two countries were the quickest to embrace digital transformation and disruptive innovation labs as tools for growth.

TOP 10 MOST USED TOOLS

Management attitudes vary by region

Advanced analytics is having the most impact on healthcare and financial services firms

‘Advanced analytics is transforming our marketing strategies.’

Executives at healthcare and financial services firms are most concerned with cyber attacks

‘I am very concerned about the impact a cyber attack could have on our business.’

Pharma and biotech, construction and real estate and financial services companies are most optimistic about economic conditions, while utilities and energy and consumer products firms are the least optimistic

‘It feels like economic conditions are improving in our industry.’

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