Organizations for the modern future  

The future will always be unknown and change is constant throughout our lives. Technology advancement has allowed us to fulfill our ambitions and pace of new discoveries are speeding up as time goes by. Asia is a developing region where new industry entrants are disrupting the old industry landscape while the established players are constantly adapting modern methods. Asia is home to 50% of the population and many companies' expansion plans are fixed on the Asian region.

Wealth creation within Asia is rising at a quick pace. World Wealth 2017 Report stated:
  • The big three markets – Asia-Pacific, North America, and Europe – contributed equally to a global increase in HNWI growth in 2016, pushing HNWI population upward by 7.5% and wealth by 8.2%. While Asia-Pacific remains the world's largest-HNWI market, its growth slowed slightly, putting it on par with growth rates in North America and Europe, both of which substantially boosted HNWI expansion in 2016 following slower growth a year earlier.
  • A handful of markets (including Russia, Brazil, and Canada) dramatically reversed course from declines suffered a year ago. Russia grew both population and wealth at about 20%, the fastest of all the markets, following modest decreases a year before, while Brazil rebounded from a sharp setback a year ago to register double-digit increases in both population and wealth.
  • The market rankings for HNWI population shifted considerably, with France surpassing the U.K. to take the number-five spot and Sweden moving up two places to penetrate the top 25 for the first time. Other markets to climb up (by one place) included Russia, Norway, and Austria.

Ultra-HNWIs6 reassumed their traditional role of acting as drivers of overall HNWI growth, climbing by 9.2% in terms of wealth and 8.3% in population. The increase boosted growth in markets with a high proportion of ultra-HNWI wealth, such as Brazil, where ultra-HNWIs account for 87.1% of overall HNWI wealth.

The 2016 World Wealth Report projection that HNWI wealth would surpass US$100 trillion by 2025 still holds, with global HNWI wealth needing to expand at a relatively lower annual rate of 5.9% in order to hit this mark, down from the 6.1% projected last year. To support the momentum, however, Asia-Pacific must return to setting a faster pace than the global average.
The business landscape is ever evolving. One of the main changes is in consumer purchasing habits. Consumers empowered by technology and tools have increasingly higher expectations. There is a rise in aging consumers in Japan and surge in young educated population in India. The diverse consumer groups calls for tailored solutions by businesses. Another main change is that there are always new technology inventions coming up that serve as industry disruptors. Established institutions are always on the guard of new market players. Risks such as cyber-attacks targeting financial institutions are more widespread. There are also opportunities as well such as the rise in fintech on the Asian scene. About 20 active fintech accelerators all around Asia have set up base in Singapore and Hong Kong hoping to attract talent and start up to power new future industries. Fintech investments in Asia alone had grown 4 times in 2015. For instance, ASX implemented blockchain, a new technology in the database segment.
Third changing force is the use of big data as well as insights. Data is ever expanding globally and organizations need to be able to extract valuable information for monetization. They need to invest infrastructure for analyzing consumer data and patterns. One form of innovative technology is the Thomson Reuters Intel Tagging tool. Progress can be made in quantum computing. Organizations that adopt these tools are bound to have a competitive advantage over their rivals. There is significant rise in volatility as well as uncertainty. Stocks, commodities and forex markets have experienced large swings. Corporations have to factor in market movement and attempt to comprehend market dynamics and use it to their advantage. One key event is the Swiss Bank's actions of uplifting peg for its currency. Negative interest rate policies are another key event which highlights the uncertainties. This has far reaching impact in terms of cost of funding for project investment decisions. Cutting edge tools need to be invested in order to beef up the speed of forex deals. Thomson Reuters proprietary FX can help corporations achieve efficiency and best deal executions.
Another main force is China's internationalization. China is becoming a heavyweight in powering global growth. Progress is being made to engage with the world and one such example can be seen from Shanghai and Hong Kong Stock Market Connect program launched in 2014. China is stepping up its market reformation policies. RMB trading will gain higher prominence in years to come as acknowledged by IMF. RMB was recently included as a fifth reserve currency on the SDR. Regulations are also changing with times and will affect corporations with a global presence. Transparency is key to smooth business conduct and compliance is increasingly important for financial institutions. Corporations with quick and accurate access to regulatory pronouncements can assess the impact early and make changes to their business conducts.
Risk management is an important aspect when running a large organization. Top leaders are always navigating various risks in the market, operational and internal front. Having good customer data tracking system is a good solution to managing risks. Know Your Customers or KYC is an important acronym in the banking sector where stringent procedures are needed to manage client relationship and regulatory compliance. Asia is becoming a global trade hub which will account for more than 40% of worldwide trade volume by year 2030. One Belt and One Road ambitious project aims to solidify Asia's position as a trade hub by investing heavily on infrastructure. Corporations have to manage their supply chain effectively using technology in order to minimize supply disruptions.
Asia is home to many rising wealthy individuals. Opportunities are abound on private wealth management sector and corporations financial institutions must stand ready to capture market share on the money management sector. Ethics must be maintained throughout all business dealings as economies developed with greater respect for law and regulations. Corporations must continuously refine their code of conducts and best practices in order to preserve the trust and connection with their customers.