NEW DELHI: With innovation being the key instrument in guiding businesses, customer retention is the top priority for Asian companies with India leading the trend, a new research revealed on Monday.
According to "Innovation: All Eyes on Asia", a report by US-based cloud computing firm Salesforce, 70 pct of Asian companies have customer retention as their key priority for the next 12 to 24 months and 53 pct are likely to adopt new innovation to achieve this goal.
Companies in India (90 pct), Indonesia (83 pct), Vietnam (85 pct), Philippines (84 pct) and Thailand (84 pct) showed a willingness to adopt a Customer Relationship Management (CRM) platform powered by artificial intelligence (AI).
While the companies rank enterprise apps (83 pct), CRM, Cloud-computing (82 pct) and AI as top innovation priorities, 93 pct of Indian companies are likely to invest in these to boost customer retention, followed by Singapore (88 pct), Philippines (88 pct) and Malaysia (82 pct).
Asia with 77 pct is being viewed as the region to lead innovation globally in the next five years, with America at a close second (64 pct).
Japan, Korea and China are the top three Asian countries seen to be driving the trajectory.
However, cost, complexity of technology and lack of talent are the three key hurdles that are holding Asian companies back from adopting innovation, the report added.
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