Developed market firms lack technology infrastructure investment

A recent global research from Epicor Software Corporation found that 54 percent of emerging market business executives cited “technology leadership” as a significant growth factor, compared to just 36 percent of those in developed countries.

The research, which was conducted by MORAR Consulting and commissioned by Epicor, questioned over 1,800 business leaders from 12 countries across the globe.

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. 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.

Of those surveyed globally, three-quarters (75 percent) of businesses in emerging markets agree that flexible working practices and technologies, such as mobile working, are significant in helping retain key people, compared to just 62 percent of those in developed countries.

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. 65 percent of business leaders in developed markets said this was a significant contributor to their staff retention, compared to 75 percent 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. This is also increasingly important in order to attract and empower the next-generation workforce in the workplace. Millennials, after all, expect to use the latest technologies in the most flexible ways,” said Hesham El Komy, senior director, international channel, Epicor Software.