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Innovation – The Race to Stay Relevant

To succeed in taking the leap of innovation, organisations need to have a clear shared mission that accompanies an effective operating model and agile ways of working. Boards and leaders of the organisation play a crucial role in creating a culture that encourages innovation in the organisation – having to balance unorthodox thinking with its accompanied inherent risks in order to develop the ‘capacity to pivot’ into unchartered territories.

ICDM’s recent PowerTalk Sustainability Series on (Re)Building the Board for Innovation highlighted how boards can proactively work closely with senior management in creating the right environment at the executive level down to the working level to drive innovation success. Read more here.

Social Media: The Good, the Bad and the Ugly

Social media, used with the right strategies, comes with expansive benefits and potential to businesses’ bottom lines, and even to our own personal progress. Companies can no longer ignore the power it harnesses but must also ensure measures are in place to deal with risks involved especially reputational risks.

We have handpicked a few articles and a report that will guide you through the dos and don’ts surrounding social media use, insights on how corporate governance, and social media policy play an essential role in the social media settings.

Greening Board Remuneration

With growing interest in environmental, social and governance (ESG) issues, there has been increasing calls to link ESG factors to executive and board remuneration. How else would ESG concerns get their attention unless it hits the pockets of those who matters?

However, there is scepticism about doing this. Concerns have risen around the subjectivity of the ESG metrics used, and the possible abuse and potential greenwashing if the ESG integration is not done hand-in-hand with the strategies, policies and practices of the business, while taking into account views from the various stakeholders.

Be Bold, Be Brave, Be Quick!

For the past three years, the world has gone through a whirlwind of challenges – from the Covid-19 pandemic to geopolitical tensions which intensified the global supply chain crisis, and now – rising inflation and impending recessions, plus a global energy crisis.

With predictions of tougher times ahead, let’s explore the antifragility concept which encompasses the idea that things need chaos and disorder in order to thrive and flourish. Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better. Our IDS2022 speaker, Gita Wirjawan spoke about this interesting concept at his session.

For businesses, it’s about turning the downtimes to their advantage. To make this happen, the board needs to be bold and brave, leading the company with long-term perspectives and to sharpen their focus on risks. Avoid over-relying on management. Build knowledge to constructively challenge the management. Work closely with them, probe and ask tough questions.

The Future or Simply a ‘Buzz’?

The Metaverse is deemed as the future of the Internet or to be exact – a cyberspace. Still in its nascent stage, its capabilities have yet to be unfold. The Metaverse that we know now may not even be close to the version we will experience in the future – just like the Internet in the 1970s, which has definitely evolved to what it is today.

There are several versions on how people see the Metaverse now. To some, it could be a single, universal and immersive virtual world that combines the usage of virtual reality (VR) and augmented reality (AR) devices to bring human experience to the next level or, a Web3 framework for economic interoperability, or a creative platform for an immersive user experiences and social connections.

The Metaverse aims to be a centralised virtual world, running in parallel with the actual physical world. As the world awaits to see the outcome of the synthesis between both worlds, companies should start experimenting with disruptive technologies that can enrich user experiences through artificial intelligence, blockchain, cloud, IoT and virtual reality. Digital transformations must happen now if the company wants to tap into the full potential of the Metaverse.

Point to note – digital transformation is not an easy feat, but it is achievable. The formula for success: (1) a clear digital vision and strategy with (2) full support from all levels of management and board of directors, (3) a good and proactive digital leader to drive the transformation and (4) an agile culture as the foundation.