Spotlight on Business
Issue 1, 2016
When digital is almost everything
Are businesses still underestimating the impact of digital? Maybe. After all, many didn’t foresee the power of the internet back then.
The rise of the sharing economy catalyzed by technological innovations is fast challenging established notions of trade and commerce and traditional business models. Today’s supply chains are in the midst of reinvention too, where new expertise in tax, regulations and customer insights will be needed to navigate and succeed in a volatile and ambiguous operating environment.
The discovery of the potential of big data has led organizations to make investments in analytics. Yet criticism remains that investments are too little, too slow and delivering only incremental value. Whether applied to cyber defense, forensic investigations or human resource management, what value is data without humans — the most powerful processors in the world — to derive true actionable insights?
Getting people right — and the right people — cannot be a wisdom of hindsight. If innovation depends upon the diversity of thought and is the bedrock of future-ready businesses, then diversity and inclusion of talent in the boardroom through to the workforce must be a strategic imperative.
Keeping afloat — and ahead — are clear and present concerns for many. In today’s environment where IPOs are muted, divestment interest is rising and confidence in corporate reporting is wavering, no economy or business can afford to be complacent. Singapore knows this at heart: the country’s budget announcement continues to underscore its relentless pursuit of economic transformation.
Businesses, EY included, cannot afford to stand still too. Our four new centers of excellence for advisory, analytics, cyber security and manufacturing are one of many landmark investments that we are making to help organizations with their business transformations.
Will digital help you do less, or become more?
It does not have to be mutually exclusive.
Managing Partner, Asean and Singapore