The following are highlights from the 2018 State of the Services Economy Asia-Pacific (APAC) Edition, the only report that specifically looks at what is happening in services industry.
Mavenlink, in conjunction with market research firm, Research Now, surveyed 576 executives (director and above) from various service-centric industries—marketing, IT services, and business consulting across North America, Europe, and Asia-Pacific regions—in order to better understand the current challenges and opportunities they are facing as they undergo transformation.
So what are some of the trends found from the research?
Unique Challenges in APAC
When looking at the characteristics of the APAC services industry, what stands out in the region is what respondents reported as top challenges their businesses are facing.
Nearly half of all APAC services leaders felt that improving client satisfaction was a top business challenge in 2018, and nearly one-third stated they are challenged by an increasingly competitive landscape.
Key Productivity and Financial Metrics are Trending Up
Services organizations around the world are facing a challenging combination of rising delivery costs and increasingly cost-conscious customers. While the global State of the Services Economy report found that these pressures are significantly impacting margins and top-line revenue, APAC services executives stated that margins were increasing in their business. The majority of respondents also stated that other key metrics in their businesses, including utilization rates and revenue, were trending up.
This may be due to the growing range of value-added services; 97% of APAC services organizations stated that they have increased their variety and types of services delivered in the last twelve months.
To learn more about the trends derived from the research, make sure to download the full 2018 State of the Services Economy Asia-Pacific (APAC) Edition.