Opportunities amid the downturn

THIS WEEK'S TOPIC: What's the economic outlook for your business and industry? How is your firm responding to it ?

Hans Hanegraaf Country Executive, ABN AMRO Bank NV Singapore and CEO, ABN AMRO Private Banking Asia & Middle East

The Asian private banking and wealth management industry, to some extent, mirrors Singapore's shift from an investment-driven economy into a knowledge-based economy. In an increasingly challenging and competitive operating environment, we are focused on building intellectual capital and fintech capabilities, to keep pace with the accelerating changes in technology. Against a backdrop of slow global economic growth, volatile markets and evolving customer preferences and behaviours, the only constant is change. We have to be agile and nimble, to meet the demands and create value for our digitally savvy clients. It is a delicate act to balance technological innovation with the personal and relationship aspects of private banking.

Kim Douglas Managing Director & VP SapientNitro and Razorfish SEA

A wise person once said to me : "Never waste a good recession." The basic premise being, while most companies will respond to an economic downturn by contracting and cost-cutting, there's strong evidence to suggest that companies that use the time to refocus their business on what matters, during times of uncertainty, are more likely to thrive. By that I mean change to something valuable and do it with speed, while everyone around you pulls down the shutters.

Technology is the key to thriving and improving your company's competitive advantage. From operational issues that may be hindering efficiencies in your organisation to the frontline where customers interact with you. Add value where customers need it the most and don't be hung up on the static business you are in today. Be adaptable and serve the unmet needs by being the future of your industry. By seizing the opportunity to grab market share and invest in technology and innovation, you place your company ahead of the competition now and in the future when the marketplace rebounds.

Max Loh Asean and Singapore Managing Partner EY

AT EY, we can only be as good as our people and our clients. At the core of what we do is helping to build trust and confidence in the markets through how we enable our clients to secure growth resilience, manage risk, improve capital deployment, and drive business transformation, productivity and operational excellence.

Our experience through various economic swings shows that there remain opportunities during periods of anaemic growth. However, the pace of change in an increasingly digital-led globalised world means that we need to build new skills and capabilities that create greater value and agility in the way we serve our clients and their businesses.

That means "disrupting" ourselves with innovation along with accepting that jobs will be reshaped and that we need to constantly enable our people to learn, unlearn and relearn to be future-ready and relevant.

Chris Riley Group Chairman Ogilvy & Mather Singapore

OUR research into marketing during recessions has shown that it is always possible for companies (including ours) to profit during economic slowdowns. While entire markets may be down, not all brands will decline.

Those that are bold and determined can buck the trend by maintaining smart marketing support to gain market share more cost effectively than in "normal" times, and grow faster when market growth returns.

At Ogilvy, we are focusing on the dramatic shift towards modern marketing services by advancing our capabilities in data analytics, marketing automation, multi-channel content, social strategies, user experience (UX) design, programmatic and digital media to help our clients navigate uncertainty and secure their future.

Axel Pannes Managing Director BMW Group Asia

BEING responsible for 13 markets throughout Asean and the Pacific Islands, it's very clear to me the region's growth and stability varies by country. Whether it be new market entrants or changing government legislations, each can have a significant impact on individual markets.

For example, we have high expectations for electric vehicles in some markets, but due to new regulations, our ability to deliver these vehicles may take longer than expected. Nevertheless, we remain positive on the development of the automotive industry and aim to work closer than ever with local governments in order to prepare for what lies ahead.

Eric Lew Executive Director Wong Fong Industries

THE economic outlook for our business and industry is great - for the medium and long term.

In the short run, yes, I do see a contraction in our business, but we have foreseen this and are now building for the next wave. We have saved up certain reserves from the good years and also from our recent IPO. We are still looking to invest in R&D and M&A, because a downturn is the best time to acquire talents and assets as things are cheap.

Instead of waiting for demand to come back, we are busy building and acquiring new products and services to create new demand. I would encourage all Singaporeans and businesses to keep investing in the future, to upgrade, to keep the economy going.

There is only one path from the past, but there are many paths to the future.

Victor Mills Chief Executive Singapore International Chamber of Commerce

CHAMBERS of commerce are subject to the same economic conditions as their members. SICC consistently strives to live by the best practices exhibited by many of its members. We all know many factors are outside our control, so we don't worry about them. Instead, we concentrate on what we can control. First off, is our attitude.

By keeping positive and open-minded, we can quickly respond to opportunities as soon as they come along. We keep challenging ourselves to find new ways of working to achieve more value for our members. We seek collaboration with others to innovate and to learn.

Henry Tan Managing Director Nexia TS

WE have started to see signs of business deterioration. On the growth-driven capital markets and IPO front, we see fewer companies coming onto the market, whilst our restructuring and insolvency business sees a pickup in enquiries. Recently, we have also seen a slowdown in collections. Slowly but surely, the outlook has worsened.

But we are taking advantage of the economic slowdown. We are investing heavily in technology and talents, we focus on good clients that value our services, and we also take the opportunity to allow our staff to have more time to take leave and enjoy "quality lifestyle".

John Bittleston Founder & Chair Terrific Mentors International Pte Ltd

EVERY situation presents both opportunities and difficulties for businesses.

For mentoring, coaching and training a troubled world brings more work than ever. People are worried about their jobs and the impact of artificial intelligence on them, about financial stability and what the end of quantitative easing implies, about the pace of technological change and how to keep up with it, about political upheaval in the United States, Europe, the Middle East, the South China Sea, about climate change.

Plans won't always work out as intended but planning is essential to ride these storms. Mentors, coaches and trainers help to plan.

Karl Hamann Chief Executive Officer QBE Insurance (Singapore) Pte Ltd

WHILE the economic slowdown has impacted the profitability and performance of some insurance firms in Singapore, our industry benefits from the ongoing support provided by the government agencies - and we remain confident in Singapore's ability to weather challenging economic conditions.

The silver lining in the current economic climate is that it is prompting more firms to think about ways, including additional insurance protection, to insulate their businesses from the uncertainty. On QBE's part, we are working closely with our brokers, agents and customers to help people and businesses through these challenging times.

Paul Henaghan President, Southeast Asia Dell EMC - Enterprise Business

A RECENT research study we concluded revealed that 61 per cent of businesses in Asia have experienced significant disruption in the past three years, with 58 per cent suggesting they do not know what their industry will look like in the next three years. Businesses need to accelerate their digital transformation in the year ahead, in order to remain relevant and competitive.

This significant change brings tremendous opportunities for businesses and the workforce. It is an exciting time as every industry looks to harness technology, such as the Internet of Everything, to rethink how people live, work and play.

Kevyn Yong Dean ESSEC Business School, Asia-Pacific

WHEN the economy slows down, two things happen for us as a business school, particularly in our Global MBA, Executive MBA, and corporate (or company-specific or "bespoke") executive programmes.

On one hand, some see the downturn as the perfect opportunity to invest in leadership development and acquire leading-edge knowledge in areas such as digital business, entrepreneurship and innovation management, smart economy, and strategic leadership. On the other hand, others prefer to defer this investment in light of the economic downturn. Either way, our response is to focus on ensuring that we continue to innovate on our programmes to create and deliver new value to our participants and clients.

Fredrik Nyberg CEO Asia Pacific Medical Technology Association (APACMed)

WHILE growth in many of the region's economies has slowed and is forecast to decelerate further, we expect demand for quality healthcare to continue to grow. This is driven by an ageing population, expanding incomes, a rising chronic disease burden and increased awareness of health issues.

Asia-Pacific continues to drive overall growth in the medical technology sector. By 2020, the region is expected to surpass the EU as the world's second largest market behind the US, rising to US$133 billion annually.

APACMed works with member organisations to address healthcare challenges through multiple initiatives and close industry-wide collaborations.

Kai Chan President, Asia Pacific Carlson Wagonlit Travel

BUSINESS travel has remained fairly resilient in the face of recent global economic uncertainty and other challenges such as medical outbreaks and terror attacks. The Global Business Travel Association reported that global business travel spending exceeded US$1.2 trillion in 2015, growing 5 per cent over 2014, and is expected to reach US$1.3 trillion in 2016. CWT's business in Singapore has been growing steadily this year.

That said, the challenging economic environment does give us the opportunity to help our clients find avenues to drive savings in their travel spend, without having to cut down on their travelling.

For example, companies can focus on improving traveller compliance to ensure their employees only make bookings that are within the company's travel policy. At the same time, companies are also increasingly seeking real-time data, which gives them greater visibility over their travel spend.

Terry O'Connor Group CEO Courts Asia Limited

THE flagging retail industry has been in the spotlight recently, as a measure of wavering consumer confidence in a slow economy.

Courts has been present in Singapore for 42 years, and has seen the local retail industry through many cycles. To us, trying times are opportunities to demonstrate our mettle and appetite for innovation. The current environment only means hungrier shoppers - starved for time and cost savings and curated ranges that meet current trends. Courts has spent years ahead of our competition investing in our omni-channel platform, serving the burgeoning online and digital audience.

Exemplary service and tailored services will be key to providing value-add and serving customers' needs beyond purchase, and Courts has launched repair and maintenance services for digital and mobile devices, complementing existing services for our furniture and home electronics. Homemakers are also able to purchase competitive interior and furnishing packages, as an all-in-one solution. Putting customers at the centre of our business and listening to them at every opportunity enable us to solve problems, serve needs and continue to perform even in trying times. We've found that giving back via our annual charity efforts has also served us in good stead, enabling us to support the very community that shops with us year after year.

Allan Robertson Senior Vice-President, Sales, Asia Pacific Intralinks

HISTORY has shown that economic disruptions usher opportunities for industry leaders to strengthen their positioning, and challengers to emerge. What's important is the ability and courage to drive transformation. I am hence excited about the opportunities for the IT industry to be at the forefront to help enterprises drive innovation and transformation during this period of economic uncertainties.

Data is the currency of the digital economy today and with digital transformation projects, a huge priority for leaders is security - how do they protect their organisations, specifically, secure the flow of data within and outside of the organisation. Intralinks' technologies help organisations expand and innovate through secured data flow and collaboration. That's something that we are excited about and will continue to invest in this region.

Uantchern Loh Chief Executive Officer Black Sun PLC

Q4 is tough for companies facing economic challenges as they struggle to meet targets for 2016 and with a bleak outlook for 2017. Failures weigh heavily on us - just like the story of "how heavy is a glass of water?" it depends on how long you hold it. If you hold it for a minute, it's not a problem. If you hold it for an hour, you'll have an aching arm. If you hold it for a day, your arm will hurt badly. It's the same glass but it gets heavier the longer you hold onto it. Failures hurt but they will hurt more if we hold on to them and don't put them down. Here are six ways to deal with failures that can help companies look forward to ending 2016 on a positive note:

-Make new plans for 2017 - What didn't work in the past is in the past. Leave them be.

- Learn from what went wrong and be honest with yourself.

- Celebrate the little achievements as they can lead to bigger things.

- Help someone - there are always people who are in worse situations than you.

- Make more plans. Something is bound to work.

- #alwaysbelieve

Ng Fai-Keung Regional Director for Southeast Asia AT Internet

THE economic slowdown in Singapore is also reflected in slower growth for the retail sector. To gear up for this change, we are seeing more traditional retailers move their offerings online to tap a wider pool of customers. With retailers pursuing an omni-channel strategy providing their customers with a seamless shopping experience, digital analytics is now more important than ever. We see an opportunity for digital analytics to help retailers maximise their e-commerce revenues, with tailored solutions that can provide the real-time insights needed to drive decision-making and improve ROI.

Frédéric Gillant Vice-President and Managing Director, Asia-Pacific ShoreTel

DESPITE the gloomy outlook, some sectors are still set to grow. The unified communications industry in this region is expected to grow as companies here become more reliant on technology. Some reports suggest it will be at a rate of 8.5 per cent to US$903 million over the next two years.

Regardless of the economy, we will continue to help companies realise that achieving high levels of productivity and collaboration comes from having reliable communication channels open. This is where unified communications will be able to give companies the competitive advantage and such an advantage underpins the ongoing success of this industry.

Daniel Kwan Vice-President and General Manager, APeJ Sonus

WITH companies expanding their operations on regional and global levels, real-time communications such as audio and video conferencing have become crucial in allowing teams to collaborate across multiple geographies. This trend presents a wealth of opportunities for us to help enterprises raise their productivity while keeping their communications tools secured.

We are investing in research and development to continuously find new ways to respond to customers' need for operational efficiency and agility, enabling them to adapt to the changing business environment. We are also leveraging technology innovation like analytics and virtualisation to empower companies to realise the benefits of cloud-based communications.

Mark Billington Regional Director ICAEW South East Asia

ALTHOUGH the finance and accounting sector is affected as part of the wider economic slowdown, the industry continues to remain resilient with strong growth potential. Chartered accountants continue to be in high demand and competition for highly qualified finance professionals in Singapore is fierce.

In a fast-evolving workplace and currently amidst an uncertain labour market, finance and accounting professionals need to be equipped with the right skills to gain a competitive advantage and stay on top of their game. At ICAEW, we work closely with a number of partners including employers, businesses and education providers to ensure that members holding our qualification have the right skills and aptitudes to remain relevant to the needs of the modern marketplace. We also work hard to support members and promote finance and accounting, in addition to working with local bodies to support the wider accountancy profession.

Benjamin Low Vice-President, APAC Milestone Systems

WE have seen widespread adoption of security surveillance in Singapore in the past few years, as businesses start to recognise the full benefits of video beyond its traditional use of security. We just opened our APAC headquarters in Singapore to cater to this increased demand. Companies are adopting surveillance technology and accompanying it with different add-on video analytics software to maximise and enhance video and data collection. From city and traffic planning, to marketing analytics in retail, to the tracking and analysis of training sessions in sports, customers and partners are capitalising on video to enhance their business operations and spearhead growth.

Matthew Johnston Area Vice-President, ASEAN & Korea Commvault

THE data management market will continue to experience strong growth as more organisations adopt data-driven approaches. IDC expects this market to grow at a compound annual growth rate (CAGR) of 23 per cent over 2014-2019, with annual spending reaching US$48.6 billion in 2019 worldwide. The opportunities of good data management are limitless. As Singapore transitions to a digital economy, Commvault is well placed to address the increasing demands faced by enterprises to create value out of their data in today's highly disrupted and fast-paced, global business environment by eliminating data management complexities so companies can continue to innovate and gain strategic insights.

Clement Goh Managing Director - South Asia Equinix

THE role of technology will become even more significant during challenging times ahead. With its limitless potential, disruptive technology will continue to spur growth in various sectors across the country.

For example, mobile payment services have introduced a level of convenience to and boosted the retail sector. To keep up with this trend, interconnectivity will take centre stage in ensuring new innovations work cohesively, and data centres will play a key role in supporting increased demand. Therefore, it's no surprise that the data centre market in Singapore is expected to grow 9 per cent year-to-year by 2017.

Kosuke Sogo CEO and Co-founder AdAsia Holdings

THERE has been a noticeable trend at every economic slowdown - businesses review KPIs and turn to avenues that provide the most value.

The marketing industry is no different. Budgets are tightened as decision makers rein in spending on traditional marketing efforts. This is where modern marketing will flourish, where those savvy with modern practices can capitalise on the rest of the market.

Programmatic advertising - just one of the many tools in the modern marketers' arsenal - essentially optimises budgets, spending only when the right message reaches the right person. Having these modern marketing tools integrated onto a single platform will prove monumental.

Daniel CF Ng Senior Director Cloudera APAC

Amidst economic ups and downs, one thing remains certain today - in the face of change, businesses across industries need to become data-driven and smarter than ever before. At Cloudera, we are working with industry players - from both public and private sector - and academic institutions to create an ecosystem of knowledge sharing. The key is to create a collaborative and innovation-driven network where data talent can strive and bring value to businesses and the local economy. With data skills in demand across industries, we aim to act as catalysts and contribute to a more intelligent future for the country, regardless of economic uncertainty.

Tan Chong Huat Managing Partner RHTLaw Taylor Wessing LLP

THE economic outlook for legal services and professional services is certainly challenging at this stage. However, having been through the Asian financial crisis, Sars, and global financial crisis, we know that only the fittest will survive when things go wrong with the economy.

Here at RHTLaw Taylor Wessing and the RHT Group of Companies, we see this as an opportunity to invest and build on what our core strengths are so as to ride out the recession and grow aggressively when the economy turns around. We have strong fundamentals, with a commitment to providing clients with innovative multi-disciplinary solutions, embracing technology and developing our human resources to the fullest potential. There will be opportunities globally, in the Asean region and beyond, where we are well placed with the right network and corporate structures. More importantly, we have the imagination, courage and determination to embrace new ways of doing things. Instead of being disrupted, we are playing the disruptor role and constantly thinking without any box. I am confident that we shall achieve business success despite the difficult economic outlook.

Yeo Kong Nee Managing Director ENGIE Services Singapore

DESPITE the lacklustre economic outlook in Singapore, growth prospects in our industry remain bright as businesses are increasingly focused on cost-cutting. As electricity and air-conditioning are a major factor in overhead expenses, we help our clients to reduce operating costs through energy efficiency and facilities management services. In doing so, our clients adopt environmentally responsible practices and save costs at the same time - of up to 30 per cent, thus giving them the oxygen and agility needed in such economic conditions. Additionally, to support our growth, we continue to hire engineers and technicians, at all levels, to work on our portfolio of projects and join the over 1,000-strong team to help businesses stay competitive through cost savings.

Jeremy Harbour Chief Executive Officer The Unity Group

SMALL to medium-sized enterprises (SMEs) are the life blood of Singapore's dynamic economy. The current global slowdown presents a unique opportunity for smaller companies to take further market share from larger, more established players. At Unity Group, we have developed a new business model that helps SMEs do just that. By grouping together SMEs from a particular industry under a central, publicly-listed operating platform, we enable each brand to immediately achieve international scale, increase its balance sheet and access a much broader service or product offering. We call this model agglomeration and it enables SMEs to better compete by putting them on a level playing field with big business, while also retaining the unique brand identities that made them a success in the first place.

Marc Dragon CEO Y3 Technologies

WHILE the macro-economic environment looks to be challenging, especially in certain sectors in Singapore and Asia, Y3 is currently experiencing exponential growth in the region.

The retail and consumer goods industry is especially receptive towards our deep expertise and cloud-based offerings in the areas of integrated supply chain & analytics technology solutions, as well as our comprehensive CRM & Loyalty solutions.

As a Singapore firm going regional, keeping pace and innovating around the direction where the industry is heading, coupled with a good talent strategy, customer focus and product/project execution is what is needed to excel in this challenging market.

Gery Messer Managing Director, Asia Pacific CenturyLink

GLOBALLY, the economy is changing rapidly, resulting in elevated levels of uncertainty for businesses. Most would see this as a roadblock but the IT industry is also witnessing a disruption of the digital kind. Digital disruption impacts organisations especially as they turn IT into a driving force for all aspects of the business. Leaders are seeing the significance of aligning IT with their business goals in order to remain competitive. Along the way, they face the challenge of finding the right partners or people with the right skillsets to fill the gaps as industries continue to transform. This is where we come in to assist companies to help them identify their priorities and provide support as they turn to service outsourcing.

Edwin Khew Teck Fook President The Institution of Engineers, Singapore

THE outlook varies across different engineering sectors. For example, civil engineering construction demand is expected to remain strong, driven by public sector projects such as construction of new MRT lines. The precision engineering cluster, however, has been affected by the hard-pressed oil & gas sector.

As the national society of engineers in Singapore, IES focuses on continuous professional development for engineers and technicians to enhance their employability and drive quality industry growth. Apart from technical skills, we also conduct the Young Engineers Leadership programme and the Advanced Engineers Leadership programme to enable engineers to go into management pathways.

Wenhui Yang General Manager UnionPay International Southeast Asia

THE payments industry is poised to grow, albeit at a more modest rate due to the current economic conditions. While the operating environment is challenging, we still expect positive growth from the rising adoption of electronic and mobile payments, spurred on by the collective push towards a cashless society by payment networks, issuers and acquirers. What is also interesting for us is the increased appetite for cross-border payments. As payments infrastructure and systems become more mature in our neighbouring countries, we expect to see more cross-border spending benefiting markets such as Singapore. In addition, as new cross-border marketing initiatives are being rolled out to attract inbound tourist spending, we foresee that these will also help to drive growth in the payments industry.

Wong Heng Chew Country President Fujitsu Singapore

WE are bullish about the long-term prospects of the Singapore economy. There are opportunities for technology companies to help create new business models for companies to drive productivity and cost efficiencies. Businesses should look at investing in solutions that are best suited to drive future growth. Investing strategically now can help companies to be well poised to take advantage of new opportunities when the economy strengthens again. Take for example manufacturing, a key vertical for Singapore. There is a strong government focus to get companies to invest in new technologies and adopt new manufacturing practices to enhance the sector's competitiveness and yield benefits for the sector in the long run.

Foo Siang-Tse Managing Director Quann

THE demand for cyber-security professionals continues to grow unabated, despite the slowing economy. Hackers are becoming more sophisticated, putting everyone and everything that's connected at risk. We have seen some large scale attacks both in Singapore and the US over the fortnight. Singapore is not alone - there is a chronic shortage the world over for professionals in areas such as network security, pen testing and ethical hacking. To address this, Quann has instituted comprehensive career pathways, promoted training and certification, and hired IT professionals from adjacent fields. The outlook for this sector continues to be positive, driven by increasing IT connectedness and growing enterprise awareness to be cyber secure.

Albert Teo CEO Amara Holdings Limited

SINGAPORE is uniquely positioned as the region's top financial hub and remains one of Asia's top tourist and MICE destinations, notwithstanding rising competition. As one of Singapore's leading hospitality brands, Amara prides itself on being agile, responding quickly to new developments in the industry and customising offerings for our new-age customers. We also invest in talent training and development to retain the personalised human touch that is uniquely Amara, creating meaningful experiences for our guests. The same level of premium service quality is consistent throughout our hotels, synonymous with our established brand and trusted reputation as we pursue growth both locally and in new geographical markets.

Pauline Goh CEO, Singapore & South East Asia CBRE

DESPITE subdued economic growth, some indicators point to a stirring of property market activity. Price and rental declines across the sectors appear to have stabilised. Office leasing activity and enquiry levels increased markedly in Q3 2016, with a few banking sector deals in motion. Current low interest rates and the certainty that property measures will stay have nudged home buyers into action. Buyers have begun to price into their purchase TDSR (Total Debt Servicing Ratio) credit limits and all other related costs. At this pace, we expect the total new home sales tally to exceed earlier forecasts. In this current climate, our investor and occupier clients are looking for a partner to help them drive value and growth. This is not just a matter of choosing locations or buying real estate services one-off. CBRE's ability to execute sophisticated transactions across property types, when balanced with our advisory capabilities, becomes a powerful and differentiating promise to clients.

Roshan Mendis Senior Vice-President Sabre Travel Network Asia Pacific

THE Singapore economy has weakened in 2016, but there are also pockets of growth and resilience, including the tourism and Information and Communications Technology (ICT) sectors.

This is where Sabre does business. We provide technologies that power the global travel industry and the outlook for both sectors is strong.

In Asia-Pacific, a rising middle class with more propensity to travel, growing availability of low-cost flights and the further opening of Asian skies will fuel outbound travel and regional demand.

Meanwhile, Singapore government spending on ICT initiatives continues to boost this sector, establishing the country as a regional hub for tech innovation. And it's right at the intersection of travel and technology that we see a major opportunity, which businesses in Singapore are poised to realise.

Disruptive technologies will shape the evolution of travel - from advanced airport check-in systems to the adoption of big data, virtual reality and messaging apps to personalise the travel experience and drive revenues. The ability of businesses to develop, and adopt, these new technological capabilities will change the way travel is sold, managed and experienced - and unlock the value the booming Asian tourism sector represents.

Benjamin Wong Managing Director, Asia Progress

ENTERPRISES across industries are being disrupted by companies that successfully leverage digital technologies to challenge established ways of doing business. As a software company, this creates vast opportunities for us to help organisations embark on their digital transformation journeys. An engaging customer experience is at the core of digital transformation.

Through our solutions, companies of all sizes are able to collaborate internally and create a seamless omni-channel customer experience, which could help drive engagement and conversion amid a challenging business landscape.

We are also constantly looking for innovative ways to harness big data and analytics to help customers gather actionable insights and make informed decisions.

As digital platforms become the first touch points between enterprises and consumers, the ability to engage with end-users effectively is critical for businesses to remain competitive.

Neo Kah Kiat Founder, Chairman and CEO Neo Group Limited

AMIDST macro uncertainties, it is crucial for businesses to maintain a long-term view on challenges that may arise in order to stay adaptable and competitive.

Neo Group emphasises nurturing a strong portfolio of brands that instills customer confidence, and enhancing our value proposition as an end-to-end food and catering solutions provider through synergistic acquisitions that will reduce costs and create new income streams.

Concurrently, we embrace technology and automation to increase efficiency throughout the group.

We are optimistic of a healthy industry outlook as rising competition drives improvement and exciting new developments for the industry, as well as fresh products and services for consumers.

Tan Boon Yen President IIA Singapore

THE global economic outlook is challenging. Singapore as a small and open economy will be directly affected. Businesses need to review and adapt their business strategies for sustainability and long-term growth.

To survive, businesses must be agile to respond and adapt quickly to stay on course despite the volatile and disruptive environment. Innovation is important for business agility and productivity improves sustainability and resiliency.

Industries like shipping and oil and gas are suffering a severe downturn - resilient businesses that weather this downturn to rebound with the business cycles will emerge to seize the opportunities and take the lead in pursuing strong and accelerated growth.

S Nasim Group Executive Chairman Meinhardt (Singapore) Pte Ltd

REAL estate and related businesses such as construction and professional consulting services (like ours) are unfortunately inevitable victims of the boom and bust cycles of the property market worldwide.

Building sustainable businesses that can ride these cycles - and thrive - would be key for all companies big or small. Singapore's real estate market is currently going through one of its most corrective structural phases.

The weak global economy is not helping. Many expect the government to do something, but it is neither prudent nor realistic to bail out businesses in difficulty.

Governments can only provide the enabling environment and in Singapore, the government does so - admirably well and in fact more. This is not the first economic downturn nor will it be the last. Our company recognised this in 1997 during the Asian financial crisis.

We have since been diversifying our business model both in terms of geography and services offered.

The company now has 45 offices worldwide, but we need to do more to prepare ourselves better for these downturns.

Lee Fook Chiew Chief Executive Officer Institute of Singapore Chartered Accountants

AS the national accountancy body, ISCA supports the development of the accountancy profession in Singapore. Regardless of the economic slowdown, the accounting profession is evergreen.

As strategic advisors, chartered accountants are highly sought after for their technical expertise, professionalism, integrity, as well as their ability to help businesses see the bigger picture. These skills are needed in every business and industry. To maintain relevance in an economy that is undergoing transformation and a business landscape that is continuously disrupted, the institute encourages the profession and members to seek continuous professional development to acquire new skills and knowledge for the new economy. Companies can also make use of this time to send their employees for training, in preparation for the economic upturn.

Boye Vanell Regional Director, Asia BAE Systems

THE cyber security sector's economic outlook remains positive as private and public organisations place increasing emphasis on strengthening their cyber security preparedness, especially as the country evolves to become a Smart Nation. The growing importance of robust cyber defence was no clearer than in the Prime Minister's launch of Singapore's national cyber security strategy recently, aimed at strengthening gaps in critical information infrastructure, among other areas. Through cross-industry partnerships with the likes of Singapore's Cyber Security Agency and Nanyang Technological University, we aim to bolster the country's cyber resilience and strengthen local cyber capability; in turn contributing to our growth.

Rosalynn Tay CEO Dentsu Aegis Network Singapore and Dentsu Singapore

SINGAPORE holds a key position as an important regional hub, with a clear focus on digital and innovation at the heart of its business operations.

The media and advertising sector in Singapore continues to see great growth potential as businesses go digital, a vital move in order to survive in this complex economy. This year, Dentsu Aegis Network sees strong revenue growth - 2.2 times higher than the industry average - and our staff strength in Singapore boasts double-digit growth. We expect to see continued growth momentum as more talents and businesses start strategising and harnessing digital to their advantage.

T Chandroo Chairman & CEO Modern Montessori International Group

THE pre-school business is usually resilient to the vagaries of the economy because parents prioritise their child's education above all else. As we cater to the middle and higher income brackets, during economic instability we usually see a decline in new enrolments as some parents may turn to alternatives that fit them better financially and expatriate parents are repatriated due to retrenchment. There is a silver lining to any problem - I see it through landlords such as JTC Corporation, HDB and the Singapore Land Authority, which are always forthcoming with rental discounts.

For a SME, the time to prepare for financial setbacks is "always". Importance should be placed on cutting costs appropriately, managing employee expectations and understanding the industry landscape.

Rick Scurfield President NetApp APAC

AS overall global growth slows, sluggish forecasts seem to be the norm for many industries. However, this opens up many opportunities for productivity enhancements through the use of data analytics and data management.

Amidst the slowdown, opportunities can be constantly created through innovative technology and applied to drive organisational transformations. The companies, and by extension the countries they operate in, that transform their operations and business models the quickest and most successfully through data-driven solutions are the ones that endure economic downturns and thrive during economic upturns.

At NetApp, we believe that it is critical in any state of the economy to prioritise digital transformation. Our intimate understanding of data is at the heart of our ability to drive differentiation, eke out operational efficiencies and unlock opportunities to keep our business, and our customers' businesses, robust and thriving

Joshua Yim Founder & CEO Achieve Group

THOUGH the economy has slowed down and has impacted the recruitment industry at large, there are still pockets of growth in specific sectors such as eCommence and healthcare, that are scouting for talents and support staff. Contract placements and outsourcing needs by the marketplace would inversely increase as the economy becomes challenging. We experienced this in past recessions and saw the trend emerge strongly.

Even in the unfortunate event of retrenchment, our MNC clients and larger companies still require our extended service of outplacement to help hem through their plight.

PS. Tough times would not last , but tough men do!

Derrick Chang Acting CEO PSB Academy Economically, in a broad context, we cannot deny that most boats are lowered in a low-tide season. Layoffs in Singapore reached a seven-year peak and, for the first time in four years, job seekers outnumber job vacancies. During this time of volatility and uncertainty, the call for the upskilling and reskilling of workers with quality education has resounded across the community. Consequently, education institutions, both public and private, have been compelled to evolve, to provide students with industry-ready skills that can withstand the pressures of technological disruption, or otherwise risk becoming irrelevant altogether. We agree with the recent push for greater transparency, academic rigour and accountability to students and the broader community by the Council for Private Education - it is a model that ensures the provision of education is sustainable in the long term. We believe that private institutions need to go beyond EduTrust standards for example, and hope to take a more proactive approach to mapping out progression pathways for students from Singapore's tertiary institutions, and actively engage with industry players, to help our students acquire industry-relevant experiences and skill sets in the course of their study.

Nigel Ng Vice-President RSA Asia Pacific and Japan Cybersecurity has become a boardroom priority and is also on national agendas. We are seeing a shift in mindset as companies embrace a more proactive approach with business-driven security, no longer regarding cybersecurity as primarily a business challenge. Hence we foresee strong momentum for the industry, with analysts reporting a close to 40 per cent increase in cybersecurity spending in the next four years. I see more companies facing increasing pressure over cybersecurity issues. RSA is working with our customers to provide more visibility and develop a relationship between their business assets, evolving threats and defence activities. By providing more business context to security issues, it allows companies to respond faster. At the same time, the acute shortage of cybersecurity specialists in the region poses a real threat to the industry's future. Tackling the issue at its root, we are partnering with Temasek Polytechnic to develop the future workforce, through our Security Operations Centre.

Robin Lee Group COO Bok Seng Group As a portion of our project logistics services lies along the oil and gas value chain, the forecast outlook is not a cheerful one. Assets utilisation has not been optimal while margin continues to be pressured amidst fierce competition and dreary demands from the upstream. On the bright side, our efforts to diversify during the onset of the oil crisis have allowed us to shift our focus to public infrastructure and specialised third-party distribution logistic services to keep our revenue-generating assets occupied. Meanwhile, regardless in good or bad times, we remain resolute in ensuring our operations remain lean and productive, while quickening the deployment of more resources and people to establish and grow our business in the enlarging regional market.

Lim Soon Hock Managing Director PLAN-B ICAG Pte Ltd In the current economic climate, companies should seize the opportunity to understand what can go wrong with the business, if they have not already done so. Management must provide time for this, and instill this as part of the management culture and discipline. Few companies do so, especially during good times, preferring to hear good news most of the time. I would revisit the value proposition to my customers, understand what support is available - be it financial capital, political capital, cultural capital, etc - and the capabilities needed, viz human capital, technological capital, etc, not only to survive the current economic slowdown but to compete well and excel. Perhaps there is an opportunity to disrupt the industry which the company is in, and to seize the lead.

Tan Mui Huat President and CEO, Asia International SOS Despite the slowdown in the global economy, the International Air Transport Association expects 7.2 billion passengers to travel in 2035, based on a 3.7 per cent annual Compound Average Growth Rate (CAGR), a near doubling of the 3.8 billion travellers in 2016. The biggest drivers of demand will be the Asia Pacific region, Africa and the Middle East. Studies by PWC have also shown a 25 per cent growth in international assignee levels over the last decade, and predict a 50 per cent additional growth in mobile workers by the year 2020. As companies continue to grow their business by expanding overseas, we've seen companies become increasingly cognisant of the need for risk mitigation for their mobile workforce in the light of global health and security concerns. In International SOS, we have seen an exponential growth in the business travellers population and utilisation of our travel medical and security services.

Zaheer K Merchant Regional Director (Singapore & Europe) QI Group of Companies Our business suffers the same vicissitudes of global businesses, especially coupled with currency fluctuations. However, a well-established business does not just involve financial management as a response. Strategies to better market the business, cost rationalisation, steps to retain and widen our customer base while keeping staff morale high and improving business practices are also the key to our success in trying times. We look for opportunities to network and form alliances to improve and/or reduce risks for businesses. With quality customer service, and products we stand a greater chance of maintaining and increasing our client base. Loyalty and other incentive programmes will also need to be implemented. Innovative marketing strategies and involving staff in decision making have all now become norms. The key is confidence in our business while looking for innovation to boost sales and productivity.

Ronald Lee Managing Director PrimeStaff More firms have begun downsizing their workforce in recent months and with weakening economic figures, most companies are not hiring for expansion either.