The game changers

THIS WEEK'S TOPIC: What do you think is the most significant event or development of the past decade?

Tan Mui Huat President and Chief Executive Officer, Asia International SOS

DIGITALISATION and Big Data have brought about unprecedented connectivity, new capabilities and also new threats for people and businesses in the past decade. During this period, we have also seen security risks, such as terrorism, civil unrest, cybercrime and geopolitical instability, heighten. According to our findings from the Business Resilience Trends Watch survey conducted in partnership with Ipsos Mori, these risks are expected to pose further challenges to global mobility in 2020. It is therefore critical for organisations to continually strengthen their resilience and the sustainability of their business in the face of the ever-evolving risk outlook by leveraging digitalisation and Big Data to innovate and more importantly, to not lose sight of their ''Duty of Care'' responsibility to their people.

Paul Henaghan Senior Vice President, Data Center Solutions, APJ Dell Technologies

EDGE computing, 5G and artificial intelligence (AI) have changed the way we work, live and play. The data generated from these technologies, together with the human spirit, has created novel approaches to decision-making at workplaces, expanded the possibilities of human achievement via smart systems and, more importantly, yielded meaningful and measurable impact on society and the planet. The last 10 years have shown us that we can do much more and we believe that we will usher in a new decade of responsibility and innovation to further transform lives and society.

Malina Platon Managing Director Asean Region UiPath

A KEY trend that we have seen over the past decade is the evolution and growth of AI. While AI has been around for a long time, over the past five years AI research has grown by 12.9 per cent annually worldwide and has started to be applied to many areas from healthcare and self-driving cars to making more accurate weather predictions.

We have seen its impact on how we work as AI has enabled a number of automation technologies such as Robotic Process Automation (RPA). UiPath employs ''pragmatical AI'' to enable our robots to understand real-world documents. Even if the document includes ''noise'' (that is, hard to read, poorly scanned etc), the robot will still find the relevant information. We will see this technology become more sophisticated and capable in the next few years.

Serkan Cetin Technical Director, APJ One Identity

THE Yahoo breach is still the biggest data breach in history: altogether three billion user accounts had been compromised and the breaches knocked an estimated US$350 million off Yahoo's sale price to Verizon in 2017. The initial breaches took place in 2013/2014 but they were first announced only in 2016. Since then, the number of affected users increased significantly as more details were uncovered during the investigation.

This incident highlighted the need for additional authentication methods beyond passwords. As organisations become hyper-connected and reliant on technologies, security should not solely focus on firewalls and deterrence. Most data breaches involve compromised credentials. Identity-centric strategies will continue to be a key component of businesses' defence.

Mark Weaser Vice President, Asia-Pacific OutSystems

THE way technology has changed user experience for the better. Consumers and businesses today demand instant gratification - especially in the app-dominated world we live, work and play in. That incessant demand often results in sub-par user experience that ultimately affects app use and ad+option. Today, there is technology that only requires minimal coding, or ''low code'', and no IT knowledge whatsoever to build apps. Giving business users the building blocks such as pre-built user interface patterns and screen templates to build apps will allow them to bring more value to organisations, free up the IT department's time and ultimately help meet customer demand for seamless user experiences, which have become the yardstick by which a company's success is measured.

Emma Smith CEO Sandpiper Communications

THE breakthrough which best captures a turbulent and interesting decade is the ''coming of age'' of AI. AI already irrigates fields, supports surgeons and has revolutionised financial markets. Soon we will see AI-generated financial reports, news articles and perhaps even TV hosts, changing the way we all consume information. This will free those of us who spend our days analysing and reporting the news to put our energy into creative tasks, which even the smartest algorithm struggles to mimic.

While AI gets a bad rap today for its poorly aligned posts on social platforms, it's truly a remarkable invention, but one we should be controlling, rather than it controlling us. ''Hey Google and Alexa, I'm talking to you!''

George Lee Vice President, Asia-Pacific and Japan RSA

THE rise of the Fourth Industrial Revolution, propelled by the billions of connected devices, is a significant milestone in the past decade. The opportunities derived from this digital age are fundamental in changing the way we live, work and play. However, as data becomes the new oil, the reliance on data among governments, organisations and end-users is leading to a slew of digital risks in the cyber space, and increasingly in the safety of our physical sphere as well. If our generation is to truly reap the benefits of this digital age, it is crucial to prioritise the re-examination and re-establishment of regulations and user behaviour across the board when managing data and responding to digital risks.

Caecilia Chu Co-Founder and Chief Executive Officer YouTrip

THE last decade has seen the rapid rise of social media, drastically changing the way brands and consumers interact with each other. In the past, brands mostly engaged with their audience in a unidirectional way. However, with the prevalence of social media, brands have to get creative in how they interact with their consumers to create a personalised experience. The banking and fintech sector that YouTrip operates in is arguably one of the most impacted sectors, because of the highly personalised services we offer. Using social media allows us to interact with users, and create services that they want and genuinely love.

Leslie Ong Country Manager, South-east Asia Tableau Software

LOOKING back, the common theme that emerges out of an eventful decade is a relentless pace of change - whether we look at the evolving economic and business landscapes or the changes in environmental and social factors fuelled by changing behaviours and the rapid developments in technology.

For organisations and business leaders, this has meant the need for agility and rapid decision-making like never before in order to stay ahead of the curve - and sometimes even to just survive. As we navigate these requirements and prepare ourselves for the next decade, data is a key resource at our behest. A single source of truth, developed with the vast data sources available to us today, can be our North Star.

Stu Garrow Senior Vice President and General Manager APAC Talend

THE rise of AI is one of the most significant events of the past decade. As the next transformative technology to take the world by storm, it is no surprise that industries are preoccupied with its implications. By some estimations, AI could transform the workplace, replacing up to 40 per cent of jobs - although it equally has the potential to improve workplace processes without replacing humans. As AI and machine learning rely heavily on data to function, the need for data engineers and data scientists has never been more evident. Their role is to help enterprises make the best use of data to accomplish AI-related business objectives.

Laurens Koppelaar Singapore Chief Executive Officer and Head of International Symbo

THE single most powerful transformation we've witnessed has been the shift towards a data-first economy. Consumers are entering 2020 empowered like never before to share and consume real-time data and services at their fingertips, as customer-led, digital omnichannel experiences continue to disrupt and displace traditional business models. The rise of challenger superapps and banks without branches are prime examples of this paradigm shift - and consumers have much to look forward to. Data is about to get even bigger and better - allowing industries to connect the dots and deliver services where it matters, in real time. This powers our vision to transform insurance through digital partnerships, and digitally empower agents to deliver innovative and intuitive insurance solutions.

Dolly Goh Chief Executive Officer SNCF

TO the co-operative movement, 2012 was significant as the United Nations declared it as the International Year of Co-operatives, recognising the contributions of co-operatives to the world economy and socio-economic development, particularly their impact on poverty reduction, employment generation and social integration. Data from the International Co-operative Alliance showed that the world's top 300 cooperative organisations generated a total turnover of over US$2 trillion in 2016, placing it among the world's top 10 economies. Co-operatives are all about people coming together to address issues to help better their lives and those of others. Co-operatives balance the need for profitability with the needs of their members and the wider interests of the community.

Eng Guan Teong Vice President, Asean Palo Alto Networks

THE Internet of Things (IoT) has been disrupting the way we live, play, and work, mostly in a good way, but not without risks. For one, the Asia-Pacific region is projected to be the global IoT-spending leader in 2019, accounting for approximately 36.9 per cent of worldwide spending, according to IDC. But we have also seen cyber attacks taking down critical infrastructure through unsecured connected devices, an issue that will only be further exacerbated with the advent of 5G and new attack methods. Given the ubiquity of IoT devices, it is critical that security is at the forefront of product development.

Marcus Cheng CEO Acclivis Technologies and Solutions

TECHNOLOGY has defined much of the developments in the last decade. We have witnessed a proliferation of companies that leverage the latest technologies to take on traditional markets, giving shape along the way to new business models such as fintech, proptech and medtech to name a few and the ''anything-as-a-service'' business concept. Technology has not only disintermediated industries but it has also spurred digital innovation, spawning the use of data to create more personalised customer experiences.

We are privileged that technology is our DNA and strength but we do not ever want to stand still. More so than other companies, we know we need to think a step ahead so as to continue to play a vital role in digital transformation for the society.

Andrew Wong Vice President, Airlines, Asia-Pacific Honeywell Aerospace

DATA has always existed, but the ability to harness connectivity and data analytics to turn data into valuable actionable insights is perhaps one of the greatest developments of the decade. Connectivity in the aviation industry has reached a maturation point where its value is felt both inside and outside the cabin, and helps improve flight safety, fuel efficiency, aircraft reliability and utilisation, as well as passenger experiences. We are now able to use previously under-utilised data in real time to help solve some of the industry's biggest problems such as flight delays and cancellations. As APAC is expected to drive global growth of air travel over the next two decades, air safety and cost-efficient operations will continue to be a major focus for all industry players.

Peter Yu CEO Commodities Intelligence Centre

THE evolution of the global e-commerce landscape and the emergence of technological innovations, such as AI, IoT and Big Data has ushered in a new era that transformed business models and reshaped the global business landscape. Businesses must remain agile, embrace change and ride the digitisation wave. As Singapore's first B2B eTrade platform for physical commodities, we believe that blockchain technology can provide a strategic edge to businesses. Our goal is to reduce the reliance of middlemen across value chains, help companies uncover new business opportunities, reduce transaction costs and achieve greater trading synergies globally.

Bharath Vellore Managing Director, Asia-Pacific Accuity

ECONOMIC sanctions continue to be employed extensively across the globe and are constantly changing. In the last five years, the number of entities sanctioned by OFAC (the United States Office of Foreign Assets Control) has increased by almost 40 per cent. The uncertain geopolitical climate recently has made it more complicated for financial institutions and corporates, that need to ensure they are complying with the local and international regulatory frameworks. Any lapses in doing so have resulted in hefty fines and penalties; so far in 2019, OFAC has issued almost US$1.3 billion in fines for non-compliance.

Fast access to accurate data and sophisticated screening technology is critical in helping organisations to address the expanding scope of sanctions requirements, while tempering compliance costs and avoiding penalties or any reputational damage.

Svend Janssen Head of Asia Western Union Business Solutions

THE review of the past 10 years could perhaps be best summed up as the digital decade. The one development that stands out in my view, as have a long-lasting impact for the next decade and beyond, is the rise of blockchain. Blockchain technology and its wide applications can form the basis for digitising and securitising (in the case of cryptocurrency) economic transactions of virtually everything of value. Blockchain may have applicability in improving the identity confirmation and regulatory compliance aspects of cross-border transfers.

Sanjay Aurora Managing Director, Asia-Pacific Darktrace

MODERN businesses and the world's critical infrastructure are more interconnected than ever before. Now cyber criminals can target multiple points of vulnerability, from weak links in the supply chain, to Internet-connected CCTV cameras, to gain access to critical systems.

Today, it's no longer realistic to expect organisations to eliminate all cyber risks from their digital infrastructure. As a result, over the last decade, we've seen them turn to AI to detect when IoT devices are compromised and contain the threat before it can cause any damage. A new age in cyber defence is just beginning, and the effect of AI on this battleground has already proved fundamental.

Irene Yang Regional General Manager Mobvista Asia and Europe

THE way we consume content and interact with each other has changed drastically in the last 10 years. The democratisation of technology has led to the most significant development of the past decade: our dependence on mobile. Mobile devices have taken over from computers as the primary source of access to the Internet - nowhere more so than in Asia. The mobile apps we all know today - including Instagram, Snapchat, Twitch, TikTok, Grab and Gojek, all launched in the past decade - are growing to become a ubiquitous part of modern society. Our mobiles enable us to obtain food, transportation, financing, work on the go, interact with others in fun ways, and be part of a global community. We look forward to the next stage of the mobile revolution.

Maren Schweizer Director Schweizer World Pte Ltd

I BELIEVE protectionist policy by new and creative mechanisms, as well as the revival of previously defunct laws, is making the business landscape more complex, uncertain, and less global. For decades, openness and trade liberalisation have been the key components of a nation's economic growth and well-being. Trade liberalisation can be seen as a partnership strategy, whereas trade protectionism can be considered a defection strategy.

With protectionism, in conjunction with a 2009-like great recession, the world economy would probably need a more extended recovery period compared to the relatively more open economy of 2009.

For the next decade, we are expecting highly accelerating digitisation driven by digital natives.

Lars Voedisch Managing Director PRecious Communications

ONE of the most significant developments witnessed in the past decade is the rise of South-east Asia. And we're still just at the beginning!

The spectacular growth of the ''consumer class'' complements the economic, political, strategic and cultural dynamism of the region. The Internet economy and high smartphone penetration has democratised access to information, learning and commerce - creating new business opportunities, and providing access to new products and services for a relatively young population of over 650 million.

All these factors have made South-east Asia a pivotal market for companies and has drawn attention to the enhanced role it plays in international politics and global economics.

Ben Lim Co-CEO The SHADO Group

ONE of the biggest developments over the past decade has been the reduction in the cost of electric vehicles (EVs). Between 2010 and 2016 alone, EV battery costs dropped by over 70 per cent. In the US, the battery made up 57 per cent of the total cost of a mid-size car in 2015; this year, it dropped to 33 per cent and is expected to go down to 20 per cent by 2025. We have also seen significant improvements in capability and range, including newer ultracapacitor batteries that are safer, more durable, charge faster and last longer.

EVs are no longer becoming the preserve of the rich; lower income consumers and business are beginning to purchase and use them. Improved accessibility of EVs to ordinary consumers and smaller businesses has been a game changer and we expect this to continue.

Dileep Nair Independent Director Thakral Corporation Ltd

THE rise of populism and nationalism has been the defining development of the 2010s decade. Typically manifested by the election of populist leaders such as Donald Trump, Jair Bolsonaro, Recep Tayyip Erdogan and Rodrigo Duterte; the vote for Brexit; and widespread popular protests in many countries, this phenomena seems to be a backlash against globalisation. Triggered partly by the economic hardship many suffered after the Global Financial Crisis, populism has grown because of the simmering resentment against the powerful elites. Populists believe only those in power have benefitted from globalisation whereas common people have seen their living standards eroded and jobs lost, and point accusingly at the widening inequality in societies.

Hopefully, the populist tide will recede as countries introduce more redistribution policies to make it a more egalitarian but still integrated world in the next decade.

Dora Hoan CEO Best World International Ltd

INDUSTRY 4.0 is an inevitable industrial revolution and it is the most significant event that will shape the future and optimise manufacturing processes through smart systems. One major driver behind China's rise as a global economic superpower (another great event in this decade) was its massive development and huge leverage over these advanced technologies.

In fact, Industry 4.0 is expected to have great impact to the ecosystem as a whole. As automation and self-monitoring will be realised in smart factories, more human resources will be freed up. Manufacturers will be more flexible and faster to react to market changes. Thus, it will lead to faster innovation and design processes.

Industry 4.0 as an intelligent automation strategy is particularly beneficial to Singapore with intensive manufacturing growth but high labour cost, to stay competitive in the future.

Helen Ng Chief Executive Officer Lock+Store

THE most significant development of the past decade has been the advent of data analytics and AI. It is endlessly fascinating and occasionally disturbing how Big Data has transformed every facet of our life. Even as we harness the power of Big Data, we need to ensure that data is used to benefit not only businesses but also society at large by reducing inequality, improving health outcomes and combating climate change.

Toby Koh Group MD Ademco Security Group

THE rapidly changing and evolving risk landscape over the past decade only serves to remind us that the next 10 years will likely bring vast challenges too. Cyber attacks, data theft and online criminal activities are on the rise. Failure of climate change mitigation and natural disasters will continue to have a deep impact. The geopolitical shift in stance and rise in populist trends bring new considerations and threats. The continued rise of an ever-increasingly connected high-tech world also creates the possibility for large-scale technological breakdown of networks and denial of service from hostile sovereign forces. Risk-mitigation strategy needs to be at the forefront of business leaders' thoughts.

Annie Yap CEO AYP Group

MORE multinational corporations (MNCs) establishing their APAC headquarters in Singapore will result in a chain of events that will help business flourish and grow the economy for small and medium-sized enterprises (SMEs) and Singapore. More MNCs might enter the Singapore market like Dyson, Facebook, and Apple. Furthermore, given the social unrest right now in Hong Kong, Singapore might be any business's next choice of a thriving financial hub, while providing easy access to all countries.

Lim Soon Hock Managing Director PLAN-B ICAG

DIGITALISATION will be the next big thing. In this new wave of the technology revolution, blockchain will evolve to be the next Internet. Perhaps for the first time in the history of mankind, we will be able to have more trust in the transactions of assets and the management of information. This is because records are transparent and immutable in blockchain. Blockchain also empowers the community with the democracy to manage all transactions.

In the past decade, we have seen the Internet of Information (driven by Google, Yahoo, etc) transitioned into the Internet of e-Commerce (fuelled by e-Bay, Alibaba, etc) and now quickly transitioning into the Internet of Trust (through blockchain).

Blockchain will be a key driver and enabler of the fast-evolving digital world of the next decade.

James Wong Managing Director O E Manufacturing Pte Ltd

THE shifting of an open free market model economy to a protective market approach adopted by the US reset the rules of the game. China moving swiftly to the technology forefront with new innovative products threatens disruption to many players, triggering the world's No 1 economy to recalibrate strategies to keep its leadership.

India feeling insecure about China's rise has also prompted more wall-erecting actions to safeguard its own economy.

Henry Tan Group CEO Nexia TS Group

THE most significant development in the last decade is the rise of voices of the low to middle class in the world. We are looking at many countries with incumbent governments being voted out, and candidates that champion the low and middle class people coming into power. We also see the voices of the low and middle class wanting to be heard more and more, and if left ignored, will take things into their own hands.

These developments are helped by the proliferation of social media, where the world and society have become more connected and information is shared almost instantaneously. With these developments, many countries have also become more inward-looking, and individuals, more self-centered and less tolerant.

Seamus Phan Chief Content and Technology Officer McGallen & Bolden and FlightLeaders

THERE is one topic closer to home even, that of renewable and energy generation. The Tohoku earthquake and tsunami on March 11, 2011 changed the world forever, with the Fukushima Daiichi Nuclear Power Plant meltdown. Why? Prior to this incident, nuclear energy was equitable to renewable energy in emission values, and powered 11 per cent of electricity worldwide.

While America stockpiles used rods, France recycles its used rods to produce more power. Today, nuclear powers 80 per cent of France's electricity needs through smart spent fuel recycling. Because of the Fukushima incident, some countries - such as Germany, Taiwan and Japan - are going for nuclear phase-outs and replacing it by fossil fuel. Heading back to fossil fuel is not the smartest choice, and unless options are better than current renewable energy, the earth is on a ticking clock.

Zaheer K Merchant Regional Director (Singapore and Europe) QI Group of Companies

FOR me, digital disruption is the most significant development of the decade. Ever-changing politics and environmental activism and their ongoing consequences can continue. But there is absolutely nothing which has revolutionised the world as much as digital disruption. Whether it's transport, food, e-commerce, creating entrepreneurs, shared work/living, social media, 5G, blockchain, the advent of the gig economy - every facet of life, work, play and our very existence - is impacted by digital disruption. Its frontiers continue to be set with AI next. As much as trade wars, a climate emergency and wars hog headlines, the die cast by digital disruption plays a part across these aspects (think of the real cause of the US-China spat). Depending where we stand, it's awe or profound fear of the unknown we stare at. But nothing comes close to ''disrupting'' my view of this being the most significant event.

David Leong Managing Director PeopleWorldwide Consulting Pte Ltd

THE slow death of multilateralism and the emergence of nationalistic fervour mark the end of this decade. ''America First'' is a US trade policy under President Donald Trump. He undermines international trade law with his ''American First'' agenda and he seems to perceive trade as zero-sum game. He leverages perceived trade unfairness with tariffs to put ''America First'' in the global trading system.

The trade war with China is almost half as serious as the US' Cold War with the Soviet Union. The current period of geopolitical, commercial and military tensions between the US and China is contingent on Mr Trump's ''Twitter-politics''. He has simply added too many jokers into the deck of cards and created much uncertainties and fears in the global trading system. This marks a decade of the ''slow death of multilateralism'' with the weakening of the US's economic prowess and the emergence and ascendancy of China.

Sandie Overtveld Vice President APAC Zendesk

THE rise of the empowered consumer and their exponentially higher expectations have forever changed the way we live and do business in the past decade. Fuelled by the sharing and experience economies, consumers now have unparalleled access to what they want, when they want it.

We have witnessed how companies like Uber and Skyscanner have either adapted or built their business models around this new reality by focusing on speed, seamlessness, and empowering their teams with tools to adapt and scale to these rapidly changing expectations. Social media has also allowed customers' feedback to be amplified, and a few tweets or posts can make or break a company's reputation.

To survive and thrive in the next decade, businesses must double down on their efforts to deliver the most impactful differentiators: a consistent customer experience, and the ability to listen and react quickly to their customers' changing needs. To do that, they need a CRM platform - like Zendesk - that puts the customer at the centre of everything they do.

The full list of responses is available at http://businesstimes.com.sg.

Part 1 of this week's Views From The Top was published last Monday. This is the last edition of Views From The Top for the year. Season's greetings to all, and we will be back with your Views in January.