What is the story about?
What's Happening?
Lyon Poh, Partner and Head of Corporate Transformation at KPMG in Singapore, emphasizes the critical role of innovation in driving resilience and growth within the global economy. Poh, who has extensive experience working with government agencies and multinational corporations, advocates for people-centered transformation, where technology is tailored to empower individuals and enhance their efficacy. He highlights the importance of aligning people, processes, and technology to achieve meaningful outcomes, as noted in KPMG’s 2024 Global Transformation Survey. Poh also discusses the unique innovation landscape in Asia, shaped by cultural nuances, proactive government policies, and regional diversity, which fosters collaborative ecosystems and technological advancement.
Why It's Important?
Innovation is essential for organizations to remain competitive in a world defined by geopolitical uncertainty and technological change. By leveraging innovation, businesses can streamline processes, reduce costs, and enhance productivity. Poh's insights underscore the necessity of integrating technology with human creativity to drive sustainable change. The emphasis on education and teamwork in Asia creates a fertile ground for innovation, positioning the region as a leader in global technological advancement. However, challenges such as hierarchical structures and cultural stigma towards failure need to be addressed to fully harness Asia's innovation potential.
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. As Asia's regulatory landscape evolves to accommodate rapid innovation, businesses must remain agile and competitive, leveraging the region's commitment to responsible innovation.
Beyond the Headlines
Asia's approach to innovation blends cultural heritage with bold investments in frontier technologies, creating a unique interplay that positions the region as a global leader. The regulatory evolution in Asia reflects a commitment to responsible innovation, balancing flexibility with trust. Awards like the Asian Innovation Excellence Awards play a critical role in nurturing a culture of innovation, validating early-stage ventures, and attracting catalytic capital.
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