Setting it all up
21/08/2008
A humble attitude is critical to doing business in Asian countries, according to Roger White, managing director of IT consulting firm Citisoft.
White recently completed a six-year stint in Tokyo, where he helped U.S. firms expand their asset management businesses in Japan (while working for PriceWaterhouseCoopers).
He observed that the U.S. firms that took a softer approach to implementing new practices, first trying to develop a deep understanding of existing processes and customs before introducing changes, fared far better than those that slammed their American ways on Japanese employees.
Also, White found that demonstrating a new process in front of local employees and proving before their eyes that it worked before making them do it, helped them accept it.
The number-one key to success for U.S.-based asset management firms doing business in Japan is to have a strong local presence and local expertise, White says.
The biggest mistake firms make when they enter the Japanese market, White says, is that they underestimate local client expectations and demands. For instance, it’s not uncommon for Japanese clients to make monthly requests for changes to the client reports they receive. They might want their investments measured against unusual benchmarks, for instance, or they might have more exotic requests.
Fortunately, U.S. financial firms are looked upon with respect among the Japanese populace, according to White.
