Tuesday, September 23, 2008

The power shift to Asia is occurring faster than anyone could have predicted.

A delicious meal in Indonesia Copyright Peter Hanami 2008

Picture: A delicious meal in Indonesia 

"Perhaps the most disorienting change in the global order is the shift in power from West to East...Yet the power shift to Asia and the Middle East is occurring faster than seemed possible. " William Pesek, Bloomberg

The change in financial markets impacts politics, policy development and trade. As the power shift changes from West to East companies the world over have an increased need to become more Asia focused particularly in terms of language culture and buyer behaviour. 

The speed of change as Alvin Toffler identified in his classic book "Future Shock" is clearly becoming a reality.

How can corporations prepare for this change? It would seem pertinent to start the process by making a forward looking evaluation of new emerging markets, identifying which countries have synergies that fit with core values and how existing products and services can be used to meet existing and future. Followed by hiring new staff with the expertise and experience to lead the organization in the new markets. Finally, companies need to keep a foot in the present and a foot in the future. Old models of business are changing, technology is allowing a widening of the number of customers and markets in which companies conduct business and cultural insight is fast becoming the new currency of business. The ability to understand, communicate and engage new Asian customers will determine the future of many businesses and industries. It is already quickly reshaping the world we once knew.

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