BT
conducted an International study that revealed, Western business is not fully
prepared for the imminent impact of emerging markets. 72 per cent of board
directors believe BRICS businesses are less advanced in terms of technology.
They accept that emerging economies will "reshape" the global
business landscape but many of them demonstrate worrying ignorance of the
realities of those countries.
International
study by BT revealed that Western business is not fully prepared for the
imminent impact of emerging markets. 64 per cent directors of large American,
British, French and German corporations accept that emerging economies will
"reshape" the global business landscape but many seem to have only a
rudimentary knowledge of their business environments. Though majority (61 per
cent) of respondents admit it is "crucial" their business is able to
work with the economies of Brazil, Russia, India, China and South Africa - the
so-called 'BRICS' nations - to succeed in the long term, many of them
demonstrate worrying ignorance of the realities of those countries. Almost nine
out of ten directors (88 per cent) could not name the currency of Brazil; 55
per cent do not know the currency of India and 14 per cent believe that vodka
is the main product of Russia, for example.
BT
commissioned Datamonitor to undertake the study of 800 senior executives in the
US, UK, France and Germany for its study, "Building Business With
BRICS." The study discovered that
more than seven out of ten (72 per cent) Western directors believe that
organizations in the 'developed' world are better equipped technologically to
work internationally than those in BRICS.
Four in five (80 per cent) of directors realize that the necessary
information and communication technology is readily available to allow their
businesses to work effectively with those in BRICS. Despite this, the study found that directors perceive data
security to be the main barrier to effective collaboration with international
businesses, followed by different legislation and/or regulations and political
interference.
BG Content 
