EY - Spotlight on Business Issue 1, 2015

Spotlight on Business

Issue 2, 2015

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Thinking out of the proverbial box?

We are now in a digitally transformed world where visibility of all our actions and inactions is high, where rising demand for transparency and accountability coexists to pressure all in business to make smarter and better decisions.

Whether that is a benefit or curse depends on how well organizations and their leaders are prepared to embrace and tackle change. Increasingly, boards and audit committees have little choice but to be cyber-intelligent as cyber risk rears its ugly head as potentially one of the biggest systemic risks today.

At the same time, healthy leadership tensions are surfacing among C-suite executives, particularly the CFO, CIO and CMO, who must collaborate ever more closely on business strategies where technology, risk, compliance, marketing and investments converge. Healthy skepticisms are emerging as data analytics enhances the value of audits to offer the hindsight, insight and foresight that previously escape traditional audits, including those relating to unethical behaviors.

Such is the opportunity that digital brings for organizations to be innovative in all facets of running the business, from governance to growth to market development. According to a new EY report, the world’s leading family entrepreneurial businesses understand that embedding governance and innovation are crucial to sustaining their legacies.

As many entrepreneurs like EY’s World Entrepreneur Of The Year 2015, Mohed Altrad of Montpellier-based Altrad Group, would attest, innovation can manifest in the form of making a timely and strategic acquisition. Conversely, the right divestment may yet be the most refreshing strategic change – and best “investment” – that you can make for your company. And where it makes business sense to outsource and optimize resources for better agility, why not let someone else take the wheel?

At every turn, change is already happening. Getting ahead necessarily means thinking out of the proverbial box.

The question is: does that box even exist?

Max Loh, EY Managing Partner, Asean and Singapore

Max Loh

Managing Partner, Asean and Singapore