The Challenge
In today’s global and increasingly virtual economy, business leaders and senior executives of small and large companies alike expect to rely on easily accessible information to help develop their strategies, business plans, improvement programs, and management processes.
When it comes to Asian Emerging Markets however, the fundamentals for these well-oiled Western management techniques and practices change radically. More often than not, these practices are fraught with misleading assumptions or misunderstandings that lead to frustration, delays, and losses of financial and human capital. Here are some typical challenges:
- Information is hard to get and unreliable
- Data accuracy requires extensive field research and cross-checking
- Strategies need to incorporate intangibles and contingencies unique to the local administration and regulatory environment
- Standard business paradigms and practices must be revised to reflect local customs and reality
- Projects and processes must adapt to the local culture and code of conduct
- Qualified professionals are hard to find and retention is a major challenge