(Singapore, July 15, 2020) Eight in ten businesses in Asean expect the COVID-19 pandemic to change their business model or operations, according to a new survey by enterprise application software firm SAP.

The poll of 4,500 firms also reveals that four in ten are still adopting a “wait and see” approach, even though only 1 percent of all respondents expect “business-as-usual” in the long term

The survey also shows that 63 percent of respondents have seen changes in customers’ purchasing behavior and motivations since the start of the year.

About 1/5 of firms see a need to change their customer experience strategies — including digital platforms, say — while a similar proportion expects the significant change to supply chain and operations.

Moves that respondents are taking include business transformation (21 percent), enhancing customer engagement (15 percent), and making business processes more efficient (14 percent) among others.

Top interest areas for Singapore firms were business technology platforms (32 percent), “intelligent enterprise” or using data in decision-making (13 percent), and human resources of workforce management.