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The combination of swift technological advancements, rapid expansion of emerging markets and an aging workforce will have an immense impact on strategy setting, decision-making and the future directions of businesses. As these factors evolve and collide, much of the management intuition that has served us well in the past will become irrelevant. Market volatility and long-held assumptions will critically affect even the most advanced business models.
Dr Robert Yap, SNEF’s President and YCH Group’s Executive Chairman delivered the welcome remarks for the inaugural “BeyongSG50”, during which he shared his insights on the future of Singapore. He said, “Research suggests that in the face of major disruptive trends such as new technologies, emergence of new markets and an aging population, the management of businesses will have to re-examine the assumptions on which they have made their business decisions over the last 50 years. This is especially so since the pace of these changes will be faster than these businesses will expect. Our businesses and organisations need to be future ready to take advantage of these sweeping changes and stay ahead of the competition.
Singapore’s Minister for Finance and Chairman of the Committee on the Future Economy, Mr. Heng Swee Keat, was Guest of Honour and delivered the opening address. He stressed on the importance of tapping into the idealism of the millennial workforce - the new generation of employees born in the 1990s - for the future economy.
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