In his 2017 budget, Finance Minister Heng Swee Keat recommended the government enable digitisation for organisations, attract more funding, and maintain connections to international markets and innovation hubs. These recommendations echoed the Committee for Future Economy (CFE) report.
Companies should therefore take advantage of the ‘Go Digital Programme’ that helps organisations build strong digital capabilities. Technology advice is given at each stage of company growth using sector-specific digital plans, with those in retail and food services best placed to improve productivity with digital technology.
One problem. The lack of digital leadership is getting in the way of driving an innovative culture and sustaining the success of many companies. While self-starting managers are finding a way to gain the knowledge and skills they need to do their jobs, organisations must do more to ensure their entire business moves together into the digital age. This starts with a well-formulated digital vision and strategy, and then moves into management— putting in place the people, processes, and technology to realize that vision.
How can leaders develop their readiness to lead in the digital economy?
Leaders across the business must learn about and stay in tune with digital trends, the implications of those trends for their business, and how to leverage new technologies to develop new business models and drive an innovative culture in the workplace. This doesn’t mean they have to know how the technology works, but rather why it’s important and how to use it.
Functional areas that generally have high need but low skills are R&D, marketing, customer service and sales. The payoff for digital development here is compelling – digital leaders are expanding into more new markets, growing faster, and increasing their profit margins over that of their competitors.
Leaders also need to adopt critical thinking skills to improve their ability to reason, and to improve their skills at evaluating the deluge of information they encounter daily in leading their organisation in a digital era.
Cegos Asia Pacific has partnered with Prof Sattar Bawany – CEO of Centre for Executive Education (CEE) and specialist in senior leadership and executive level development – to bring you a suite of six Masterclass programmes that develop leadership skills for board, C-Suite and senior managers operating in a VUCA world.
This unique set of programmes prepares leaders for business success in an unfamiliar, challenging workplace; one where constant change, increasing expectations and rapidly evolving conditions are the norm.
The Masterclass programme on “Transforming your organisation in the digital era” is designed to help leaders accurately assess and prioritise business needs, make critical decisions, and prevent new problems from developing during change within a digital environment.