Family Businesses in the Philippines Leads In Terms Of Future-Readiness In SEA
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Philippines Leads in SEA in Family Business Confidence towards Future-Readiness According to The Economist Intelligence Unit
In a forum held last February 27, SAP released a recent sponsored Southeast Asian study about family business leaders from Indonesia, Malaysia Philippines Singapore and Thailand as they rated their future readiness across categories of people, environment processes, and technology.
The study revealed that family firms in the Philippines are among those that exhibited the highest levels of confidence or readiness in Southeast Asia, as well as in terms of the development of skills.
According to the study, Filipino family businesses are positive towards their capabilities to deploy the latest technology such as cloud computing, automation, and likelihood to adopt new business models and enter new markets.
But despite the optimism, Filipino family businesses report the highest concern in the region for regulatory and regional geopolitical risks.
Michael Gold, The Economist Intelligence Unit editor of the report, said that “This strong level of optimism among family businesses in the Philippines will greatly help in supporting the country’s growth agenda. To strengthen their legacy and seize opportunities in the digital economy, they cannot continue to depend solely on connections or customer loyalty. Family businesses and SMEs need to future-proof themselves with digital know-how and innovation, in order to compete successfully in the international arena.”
Edler Panlilio, managing director of SAP Philippines, added that, “these high levels of confidence of family firms in the Philippines just shows how savvy they are for technology and continue to look forward to grow further in innovating products and reach new markets. With majority of businesses in the Philippines being family-owned, intelligent technologies such as analytics, machine learning, and cloud computing can help support these businesses to become intelligent enterprises and create experiences that matter for Filipino consumers.”
About SAP
SAP is the market leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP system. Their machine learning, Internet of Things (IoT), and advanced analytics technologies, technology for companies so they can consume their software the way they want – without disruption. Their end-to-end suite of applications and services enables more than 425,000 business and public customers to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees and thought leaders, SAP helps the world run better and improve people’s lives.
About the Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes the Economist newspaper. They help executives make better decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies.
