Cloud enables international growth for businesses in Hong Kong, Singapore

NetSuite Inc. (NYSE: N) has released findings of a joint study with Frost & Sullivan, revealing a strong correlation between the use of the cloud to access IT resources and the degree of internationalisation of a business, the company said.

According to the study, 70 percent of Asia-Pacific businesses that currently use the cloud1 are internationalised, compared to only 22 percent of non-cloud users. Furthermore, 71 percent of cloud users have entered new geographic markets in the past five years, compared to only 31 percent of non-cloud users. Additionally, 45 percent of cloud users believe that use of cloud solutions has enabled them to internationalise more quickly, including 41 percent of businesses in Singapore and 45 percent of businesses in Hong Kong.

The study, conducted by Frost & Sullivan, surveyed more than 800 senior executives (CEOs, CFOs and finance managers, CIOs and other senior managers) across Australia, Hong Kong, New Zealand, the Philippines and Singapore. It was carried out to understand how businesses are responding to the pace of industry change in 2016 and how business confidence in exploring international opportunities is on the rise. Findings show that overseas expansion is viewed as a major growth engine for businesses in Singapore and Hong Kong, which often face limited growth potential domestically due to the small population size and falling growth rates in their local markets.

NetSuite is an industry provider of cloud-based financials/ERP and omnichannel commerce software suites.