Businesses of all shapes and sizes are trying to carve out competitive advantage by leveraging digital information. But owing to the increased use of personal data, it also creates vulnerabilities and inter-dependencies between two previously discrete threats – data privacy and cyber security.
Hendrik van den Berg is the Founder and Managing Director at Neos IT Services. Having founded the company in 2005, Hendrik and his diverse team have transformed Neos into a thriving business. I recently met with Hendrik to have a detailed discussion of business transformation and what it entails. The most fascinating insights from the interview revolved around the role of technology and cultural change in the transformation process.
Years after its inception, Blockchain remains a central focus of the tech world, thanks to its potential to revolutionise business activity in every sector. Yet when it comes to the actual integration and implementation of Blockchain technology into mainstream use and business value chains, people may be getting ahead of themselves. Public interest in Blockchain has largely been limited to the hype surrounding cryptocurrencies – and in some ways, the Bitcoin phenomenon itself is a useful metaphor for Blockchain as a whole. In both cases, while the potential for genuine disruption is great, the current level of excitement nevertheless seems premature, as a number of complex obstacles still need to be overcome.
I recently met with Richard to discuss how British businesses can establish themselves and prosper in Thailand. The two most salient points he made were about the imperative of understanding the complexities of the Thai market, along with the need to foster strategic local partnerships.
Most family businesses fail to survive past the third generation. Personal disputes, legal challenges, and other obstacles can tear family businesses – and sometimes entire families – apart. Fortunately, safeguards are available to help ensure a smooth transition between generations. The process of succession can be supported and facilitated before it even begins, with the help of a well-written family constitution.
Conversations in Business is a series of interviews and articles where I discuss best practices and insights with successful thought leaders in the commercial sector I recently had the pleasure of meeting with former Mead Johnson Nutrition CEO Steve Golsby to discuss some of the business insights he has accrued over a long and prosperous career. Steve’s career progression began in earnest during his time as a brand manager at Unilever. His work in the marketing department included two overseas assignments, and led to him taking the role of Country Manager. After 15 years with Unilever, he joined the American pharmaceutical company Bristol-Myers Squibb as the head of its consumer products portfolio for the Asia-Pacific region.
Too often considered to be a medium-to-low priority, corporate culture affects everything about an organisation – from the way its over-arching goals, to its internal behaviour, to the types of interactions it creates with its customers. Moreover, corporate culture issues are primarily leadership issues, because the way senior management thinks and acts will always affect the mindset at other levels of the organisation.
Today’s technology companies can learn something from Khevenhüller. They may not fear foreign conquerors, but they do face attack from malicious actors that are set on stealing their IP or the personal data they hold. They must identify the assets that are most important, consider the most likely lines of attack, and tailor a defensive strategy accordingly.
A company may ‘feel’ more complete when it has its own accounting, admin, HR, and marketing departments – and indeed, many (mostly larger) businesses do well under this format. But for most SMEs, these sizable sections of the company add no value to the product or to the consumer experience. On the contrary: They divert time, effort and attention away from the activities that generate actual profit for the business. There is a reason, after all, why businesses keep going back to the old saying: ‘Do what you do best, and outsource the rest.’
The global economic cycle has peaked and businesses face a more downbeat outlook in 2019. With risks increasing, how can businesses continue to achieve growth and thrive in the year ahead? Among the 5,000 mid-market business leaders Grant Thornton interviewed as part of the IBR’s global economic outlook, global optimism sits at net 39%, a fall of 15 percentage points (pp) from net 54% in Q2 2018. This is the weakest optimism score seen since Q4 2016.
The future economic effects of artificial intelligence are hard to calculate, but are likely to be staggering. A study by McKinsey Global Institute estimated that worldwide GDP could increase by up to $13 trillion by 2030 as a result of AI alone. Current research within APAC, however, shows that companies across te region have yet to prepare themselves for the next generation of computing – with fewer than half of them having begun to make the necessary transition in earnest, even as four in five already agree that AI adoption is a necessary step for staying competitive.
General artificial intelligence – the idea that a computer can simulate (or surpass) human performance in all situations – remains a distant goal, perhaps never to be achieved. But by breaking down human mental activity into discrete processes, and by optimising specialised processes for speed and accuracy, computers can excel far beyond human performance.
With 2019 now well underway, distinct themes are beginning to emerge that are likely to shape global economic developments for the remainder of the year. Amid likely slowdowns within some of the major world economies, developing regions such as ASEAN will have a golden opportunity to take the initiative. The question is whether key countries such as Thailand will make the necessary adjustments in order to capitalise on their good fortune.
Thailand’s push toward its 4.0 economic model gained a lot of momentum in 2018, as the government made investments and policy changes in countless areas to smooth the way for business. The way forward is clear on most fronts, and the next decade is sure to be an exciting one for Thailand and the advanced manufacturing and digital economy that is well on its way.
South East Asia is a bright spot in the global economy. The outlook for the region is sustained, healthy growth of more than 5% per year between now and 2022.(i) Against this backdrop, business sentiment has hit a new high. We explore what is driving this positivity and find that infrastructure emerges as a source of real opportunity for ASEAN firms in the coming years. At the same time, however, concerns over climate change loom large. Greater cooperation will be key to overcoming these environmental risks.
In any competitive sphere, there is a natural tendency for different players to cluster towards the middle. Through a combination of traditional practice, human nature, common sense, imperfect foresight, talent competition and a host of other shared qualities, there may be little – particularly in mature industries – to separate one company from another at an organisational level.