December 18, 2017
Perspectives from Singapore on Succeeding in a Digital Era
For organizations in Asia Pacific and across the world, Singapore has become a hub of innovation and a source of coveted digital talent. To get a pulse on the landscape and understand what today’s digital trends mean for CEOs, boards and their organizations, we hosted a panel discussion moderated by Cecilia Ma Zecha, consultant with Clarity Media Group. Our featured speakers were Goh Kok Huat, chief operating officer of GIC; Chatri Sityodtong, chairman, founder and CEO of ONE Championship; and Rohan Mahadevan, CEO of PayPal Asia. Here are some highlights from the conversation.
While there are varying degrees of digital adoption and readiness, no organization is immune from its effects. Any business that serves consumers has been disrupted by mobile and digital and so, in the eyes of the consumer, shopping and content have become a single channel. Others have witnessed a shift in commerce from websites to social media, where conversations connect the dots between the user and the purchase. This requires organizations to stop viewing functions in silos, but rather see them as a part of a holistic customer experience. Companies that are determining where to invest in digital technologies should ask themselves two questions: 1) How will we use digital to outpace the competition? and 2) how will we use it to enable our business?
Cecilia Ma Zecha moderating the discussion with Goh Kok Huat, Chatri Sityodtong and Rohan Mahadevan.
Quick takes on top digital trends
Our panelists weigh in on whether “The Next Big Thing” is just hype.
- Automation, AI and VR: The question is not if, but when.
- More sophisticated apps: It’s more about the differentiated product than the channel. Everything will be online in the future, so a feature-heavy app will not be a significant differentiator.
- Gig economy: It has already driven innovation and enabled a peer-to-peer market place. Some anticipate a barbell effect, where the biggest winners will be the largest operators, like Airbnb.
- Data and analytics: Everyone talks about data and analytics, but few leaders understand the nuances well enough to tie them to operations. Organizations will need talent that can help translate data into actionable insights.
The "soft" side of technology
Interestingly, while technical skills are certainly table stakes in a digital world, they did not draw the most attention during our discussion. Instead, the panelists emphasized the value of “softer” attributes such as curiosity, humility, the ability to hire and partner with others, a desire to learn and openness to change. These are not competencies where organizations can simply check a box by looking at a resume. A thorough, multidimensional executive assessment can delve into the less quantifiable aspects of a candidate’s personal style and help predict whether he or she will succeed in the role.
To be sure, certain leadership capabilities are becoming more important. Based on our research into more than 140 assessment models and our assessments of tens of thousands of executives, we have isolated six capabilities that are critical to leadership performance, especially in a rapidly evolving digital landscape:
In addition to having strong individual leaders, it will become increasingly important to build an organizational culture that fosters learning, openness and collaboration. For example, a culture that emphasizes learning and enjoyment will be characterized by a greater tolerance for risk-taking and exploration, and people who thrive there will value their autonomy and constantly seek the next new thing.
As more organizations recognize the importance of getting culture right, boards of directors should ensure that they deepen their understanding of the company’s current culture, how it aligns with the business strategy and whether it needs to evolve. Boards also should consider how they influence the culture. To this end, the panelists recommended that boards pursue and encourage more learning opportunities among management, re-examine their tolerance for risk and bring on a new generation of board members for fresh perspectives.
It is easy to become distracted by bold headlines about robots making human workers obsolete or driverless vehicles. As this discussion and our own work reinforces, unless you get the leadership right, you won’t develop the strategy, structure and culture needed to exploit these opportunities.