In today's world, companies and businesses operate in an increasingly volatile, uncertain and complex environment. As a result, the capability and agility to stay competitive through innovation is vital for sustainable growth. Traditional innovation strategies that revolve around product innovation, such as designing new products or services to address unmet market needs, or leveraging new technologies to satisfy existing market demand are no longer sufficient. In fact, organisations often need to have a systematic approach to review their business model and identify new growth opportunities.
To discuss these important topics, TMS Academy, the integrated leadership arm of Temasek Management Services (TMS), hosted a Directors-in-Dialogue (DID) forum on March 14, 2017 at the Mandarin Orchard Hotel, Singapore. Participants included chairmen and board directors from the finance, healthcare, transportation, real estate, telecommunications, security, IT and engineering industries, as well as senior leaders from various government agencies. Facilitated and lead by Professor Serguei Netessine, the interactive forum familiarised board directors with the concept of Business Model Innovation and its importance for their respective companies' future. Professor Netessine also discussed many of the topics covered in his book “The Risk-Driven Business Model: Four Questions that Will Define Your Company”, such as how to outsmart and manage risk better and how to understand change so as to alter the risks that could impact one's business.
Since the launch of the DID series in August 2014, the forum has received tremendous support from the board community. To date, the DID series has built up an extensive alumni network of chairmen and board directors from across the Temasek network, the public sector, MNCs, ASEAN companies and social enterprises.
The DID is a flagship programme of TMS Academy and comprises a series of highly interactive forums that facilitate in-depth discussion and debate on topical subjects of high relevance to board directors of both private and public organisations in Asia. Designed to address the evolving needs of board directors in Asia, this series provides the most current thinking on board effectiveness from global thought leaders and subject matter experts, blended with valuable insights and practical “usable” knowledge from some of Asia's most renowned boardroom leaders and practitioners. The discussion themes for each forum vary and are continually refreshed to reflect subjects that are top-of-mind for board directors in Asia today.
Uber became the world's largest taxi company, Alibaba became the most valuable retailer, Facebook became the world's most popular media owner, and Airbnb became the world's largest accommodation provider, not by exceling at technological innovation but by leveraging digital technology to enable business model innovation.