News on digital disruption, digital economy, platform economy, and digital transformation is ubiquitous in the media today, much more than ever before. There is plenty of hype and debate on how Blockchain
technologies, algorithms, Artificial Intelligence (AI), and the Internet of things (IOT) would transform industries and create new growth opportunities.
In Southeast Asia, the digital wave is dominated by technology start-ups such as Lazada, Traveloka, Tokopedia, Grab, and Gojek, where the latter two have morphed from ride-hailing companies to ‘super apps’ that offer everything from food, transport, delivery, payment, and insurance services in a single experience. These start-ups have provided income opportunities for many individuals and businesses and have delivered value to millions of customers. They were able to come this far by fully embracing the digital and platform economy, coupled with their customers’ readiness and ecosystem infrastructure and support. They derive their competitive edge from customer data, algorithms, network of partners, brand, and–at the core–innovation. The fact that business media brand Fast Company crowned Grab as the second most innovative company in the world in 2019 is testament to this.
While much of the spotlight appears to be on the arena of start-ups and purely digital companies, many large corporates and traditional industries are also harnessing the benefits of digital operating models, where digital transformation appears to be eclipsing innovation as a corporate agenda. Many companies have created digital teams, hired Chief Digital Officers, developed digital labs, and initiated hackathons to explore new technologies, businesses, or operating models. The latest Altimeter report also showed that digital transformation is becoming more pervasive, evolving beyond IT and becoming an enterprise-wide movement. This journey, however, does not appear to be the same for all industries.
Read more in the article.
The importance of innovation is irrefutable. The time where innovation was something novel has long passed Although innovation has clearly received global significance and attention, Asia is generally perceived to be trailing behind. This article delves into how innovation in Asia has changed, and explores some of its barriers and drivers, while highlighting specific initiatives that may benefit organizations contemplating a shift to Asia.
How large organisations can leverage the digital advantage for innovation?
By Suraya Sulaiman and Azim Pawanchik
Featured in SMU Magazine
The digital world has permeated our lives in more ways than we would like to admit. Everyday we hear of new apps that promise to make our life better, ranging from delegation of personal tasks to guiding us through downtown peak-hour traffic snarls and managing our personal budgets. Companies like Airbnb, Uber and GrabCar have creatively and radically changed how the service industry operates. We read using Amazon Kindle and Google Books, listen to music streamed from Spotify, and subscribe to Netflix or iflix to watch our favourite television programmes and movies. And these only begin to scratch the surface of what’s available out there.
In their book Exponential Organisations, Salim Ismail, Yuri van Geest and Mike Malone discuss the rapid change in technological capabilities and computing. They focus on how much new software has built-in intelligent processes to create constant improvements through continuous feedback, how the Internet of Things is creating an information-connected nervous system of the world and how everything and anything can now be tracked, measure and act as a catalyst for change.
Economists believe that 60 to 80 percent of economic growth comes from innovation and new knowledge. In fact, studies show that innovation is a key driver of organic growth for all businesses regardless of sector or geography.
Yet, very few boards specifically put innovation on their meeting agenda. At best, the topic is a small part of a broader strategy discussion which, more often than not, ends up being geographic expansions, mergers and acquisitions, and even risk management.
This publication presents the results of a pilot project, which tests the relevance of the Malaysian National Corporate Innovation Index to small and medium-sized enterprises (SMEs). Azim Pawanchik, Dr Suraya Sulaiman and Aina Zahari of Alpha Catalyst Consulting were responsible for Phase I of NCII and much of the research that preceded it.
Alpha Catalyst Consulting’s HR InnovAsian® Report 2014 (in partnership with Jobstreet.com) examines the specific challenges faced by the HR community in innovation: from recruiting to developing, engaging, rewarding, and retaining talent.
The InnovAsian® Report 2014 uncovers the state of and practices in innovation from a HR perspective, particularly relating to the war for top talent. It looks to identify current innovative approaches in HR, and the challenges faced by HR professionals in innovating. Using the report’s findings, organisations will be able to better refine their strategies for success, particularly HR’s role in supporting the corporate innovation agenda
Purchase the physical book at Kinokuniya Singapore or Kinokuniya Malaysia.
The role of the Board member in directing strategy and ensuring long term value growth and marketplace relevance has never been more important. It is no longer just about corporate governance. The Board of Directors play a critical role in constantly pushing for innovation, as a means to ensure solid, sustainable growth for the company.
Dr. Suraya wrote a review on Dr Bruno Lanvin‘s views based on analysis of INSEAD’s Global Innovation Index (GII), during the recent World Innovation Forum 2013 in Kuala Lumpur.
Read the article in Crowdsourcing Week Global website.
In the recent World Economic Forum’s (WEF) annual Global Competitiveness Index Report (2012-2013), Malaysia’s ranking slipped again, this time down 4 notches, to No.25. This sent shock waves to various stakeholders, from government agencies, to political parties, businesses, NGOs and even to the general public. Each party pointing to the drop as an indication that Malaysia is losing out.