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Business innovation is critical for Asian companies to stay ahead of their competitors and build world-famous brands, entrepreneurs and experts attending an Asian economic conference said Tuesday in Hong Kong.
Discussing the new opportunities and challenges for Asian companies in the new century, they agreed that in a global marketplace, proper strategy and management structure are two key elements to allow companies to be successful.
Mark Daniell, managing director of the management consultancy Bain & Co. SE Asia, said Asian companies are testing different management models now and beginning to embrace such ideas as keeping flexibility, listening to talents and customers, creating easy working environment, and respecting the individuals.
Calling managers by their names instead of titles and using offices without walls are just symbolic, innovation of ideas and values is more fundamental, said the expert on restructuring and international market strategy.
These changes can also be seen on attitudes toward women in business in Asia, a group of successful female entrepreneurs or professionals attending the meeting agreed.
Shuli Hu, managing editor of Caijing Magazine based in Beijing, said women meet few barriers in their career from the outside environment in China, especially those high-educated female professionals.
Naina Lal Kidwai, vice chairman of JM Morgan Stanley, agreed with Hu by saying that education is critical to women and they need more role models in their life. Kidwai got a bachelor's degree in Economics from Delhi University in India and a MBA degree from Harvard Business School.
David McCaughan, director of consumer-learning at McCann- Erickson Asia-Pacific, said he believed globalization also means new opportunities for Asian brands.
Asian companies has become a key part of technology development and Asian pop culture is leading lifestyle changes so they have huge potential in constructing durable global brands, he said.
McCaughan also pointed out that being tech-literate is key to understand business and customers in the new age.
The Asia's Future Summit, organized by the Asian Wall Street Journal to celebrate its 25th anniversary, aims at discussing Asia 's future in the new quarter century and factors affecting Asian businesses.
More than 30 speakers and panelists from public and private organizations share their visions on topics like demographic change, geopolitics, financial architecture, family business and the role of women in business in the two-day event.
(People's Daily 09/12/2001)
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