American Express recently published some good high level insights on what senior financial decision makers are thinking in Hong Kong when it comes to getting ready for the future and digital plays a strong role. Here are some findings I think are particularly relevant and a few comments from me:
CFOs have seen the wave of disruptors in the e-commerce space and even in the taxi industry, and fear that competition can come from anywhere, at any time.
53% of CFOs were confident their business would survive the 3 to 5 years
- That’s a pretty low percent thinking positively about near-term success!
62% believe their organisation is competitive in customer service
- Does the customer service you offer demonstrate the value of your product, talk to your customers where they are most active, generate business?
#1 priority for the near future was Marketing / Social Media
53% CFOs say their organisations will invest in new marketing approaches, such as mobile and social media in the near term
- Does your budget reflect this? Is content a significant part of your marketing budget? Are the social channels you use creating service points and leads?
80% of CFOs said their organisation had no formal strategy to foster innovation.
- Who pushes change and innovation in your organisation?
48% of Hong Kong CFO’s say that, in hindsight, they would have taken more risks in their decision making over the last 12 months.
- Do your teams still ask, show me 5 success stories and maybe we’ll try it?
READ MORE //
American Express CFO Future-Proofing Survey: Hong Kong >
The Chief Financial Officers of 453 Hong Kong businesses with annual revenues of between US$2 million and US$120 million were interviewed in August 2015