Digital transformation starts from the top

IN his National Day Rally 2016, Prime Minister Lee Hsien Loong described digital disruption as "the defining challenge" facing the Singapore economy in the years to come. Indeed, digital disruption has changed the way that people purchase, the way that they consume content, and the way that products and services are delivered. Businesses realise that they can no longer afford to just keep up. To truly succeed, they must stay ahead - not just of their competitors but of trends and technology. In Singapore, as we embark on the long journey towards becoming a Smart Nation, industries from banking to property, transportation to telco, and even health care, are using digital technology to transform the way that they interact with customers.

Yet, taking on any sort of transformation in business incurs risk; not just on profit, but on other critical aspects such as cyber security, brand reputation and talent capabilities to deliver on the promise. So how can organisations in Singapore take on the daunting mission of digital transformation - and succeed?

The answer, like the goal, starts at the apex: the board of directors. As they are the thinkers and stewards for strategy, risk and talent in an organisation, it is critical that business transformation through digital disruption is fully supported at the top level - whether from a strategic, implementation or budgetary standpoint.