What's Happening?
Lyon Poh, Partner and Head of Corporate Transformation at KPMG in Singapore, emphasizes the role of innovation in driving resilience and growth within the complex global economy. Poh, who has over 23 years of experience working with government agencies and multinational corporations, advocates for people-centered transformation and sustainable digital change. He highlights the importance of aligning technology with human needs to unlock creative potential and drive successful corporate transformation. Poh also discusses the unique innovation landscape in Asia, shaped by cultural nuances, proactive government policies, and regional diversity, which fosters collaborative and resilient ecosystems.
Why It's Important?
Innovation is crucial for organizations to remain competitive in an era marked by geopolitical uncertainty and rapid technological change. It enables businesses to streamline processes, reduce costs, and enhance productivity, thereby adapting quickly to disruptions and seizing new opportunities. KPMG's Global Tech Report 2024 indicates that targeted investments in innovation, particularly in AI and ESG, yield strong financial returns and help navigate volatility. Moreover, fostering inclusive and sustainable innovation is essential to ensure equitable access to AI infrastructure, data, and skills, preventing regions from being left behind in the Fourth Industrial Revolution.
What's Next?
Organizations are encouraged to adopt an ecosystem approach to overcome challenges in scaling innovation. By fostering open innovation and building collaborative networks, businesses can accelerate the development and scaling of solutions. Establishing cross-functional steering committees can ensure alignment between business and technology units, promoting accountability and shared ownership of outcomes. Additionally, Asia's regulatory landscape is evolving to support rapid innovation, with governments adopting 'light-touch' frameworks that balance oversight with flexibility, enabling businesses to remain agile and competitive.
Beyond the Headlines
Asia's approach to innovation is not without challenges, such as hierarchical workplace structures and cultural stigma towards failure, which can stifle creative dissent. However, these barriers are gradually being addressed as governments and organizations recognize the importance of fostering a culture of openness and risk-taking. Awards like the Asian Innovation Excellence Awards play a critical role in nurturing a culture of innovation by spotlighting bold ideas and scalable solutions, validating early-stage ventures, and attracting catalytic capital.
