Orient - The Official Magazine of the British Chamber of Commerce Singapore - Issue 71 April 2019
Dr Paul Bell, Founder & Clinical Director, The Osteopathic Centre
“The allied health industry in Singapore has huge potential for growth but there are some major challenges to be faced, especially for SME's that are relatively resource poor compared to larger healthcare organisations. Recognition and regulation still requires a lot of development when compared to countries such as the UK and Australia. Only a small proportion of professions are currently regulated by the Ministry of Health. Without regulation it is sometimes difficult to raise awareness within the broader Singapore population, with many of the community stakeholders unsure of how to implement these professions and unaware of the potential benefits they may provide. In addition, recruitment can also be challenging as these professions often require non-Singaporean practitioners due to a lack of suitably trained and skilled local talent. To address this shortfall the educational development of these allied health specialities needs to be progressed within South East Asia.”
Lee Tze Shiong, Director, Transformation and Quality & Principal, Assurance, Nexia TS
“Digitalisation and business transformation are the way forward as the firm forms new core team to move the needle! On the digital front, upgrading of IT systems is vital for businesses to integrate work processes and facilitate efficiency from resource management, tracking of recovery to billings. The firm is in the process of adopting electronic work papers fully thus eradicating hard copy documents. With changing expectations of millennials, menial tasks are no longer the work scope which they aspire to perform. Artificial Intelligence (AI) and Robotic Process Automation (RPA) are emerging tools to streamline processes and maximise productivity, in our instance, the application of Data Analytics, and potentially AI, in audit methodology. As a mid-tier accounting firm, we need to reinvent our value proposition to stay relevant. In our recent partnership with a leading home-grown technology company that builds business solutions powered by blockchain, our clients can now transact safely and efficiently with technologies.”
Kevin Coppel, Managing Director, Asia Pacific, Knight Frank
“As the nature of work shifts, so our workspaces will alter irrevocably. For businesses, real estate should be viewed as more than a cost – it is also a strategic option that can drive productivity and growth, giving them a real edge. As the battle for a skilled workforce intensifies, businesses must quickly adopt workspaces that help to attract and retain talent and which encourage collaboration. These workspaces are generally located close to talent pools, have ample amenities, have up-to-date technology and infrastructure, and offer a variety of workspaces which appeal to a diverse and multi-generational workforce. For landlords, the evolution of work means that space is viewed as a business service, rather than a product. Increasingly, they are expected to provide soft services, offer opportunities for community building and sharpen their focus on the occupiers’ well-being.”
TenantCS
“A few years ago, the future of our industry looked bleak. Technology was disrupting the working environment and the demand for office spaces was reduced as companies embraced co-working spaces and remote work. We had to review our core business model if we wanted to sustain in the face of disruption. The business shifted from being quantitative to qualitative. The team mindset had to change to focus on service delivery and like our clients, we embraced technology with a centralized CRM system and we partnered up with Proptech companies for lead generation. As the nature of work continues to evolve, technology created new business opportunities. The centralised CRM enabled us to reduce our turnaround time, to remain nimble and provide faster quality data to our customers. The key to sustainability remains to offer a personalised service that would differentiate us from generic automation.”
Mark Stuart, Head Trainer, Anagram Group Winners of the Chamber’s Future of Work award at last year’s 19th Annual Business Awards
“The future of work for Anagram Group is not about how we operate, but more about how we help our clients prepare for it. We view the future of work as one that requires greater transparency and collaboration, sharing and optimum usage of data, and empowering employees to help drive change. It’s about taking advantage of digital opportunities and equipping your staff with the necessary tools and skills. For businesses to meet these future demands, they can’t stand still and wait for it to happen naturally. Firstly, the company needs to take action, and it needs to come from top management to ensure buy-in from across the company. Secondly, it needs a strategic plan to implement a culture change, otherwise focus tends to drift and it becomes an afterthought. If a company successfully implements these, then it stands a chance of leading the race in the future of work.”
Chris Burton, Managing Director, Vistra Singapore
“The corporate services industry is highly fragmented. It consists of a few global players; some larger, regional businesses; those operating from a small number of countries; and finally, single jurisdiction businesses. Even the largest players do not have the critical mass of other financial service businesses yet have thousands of staff spread across multiple jurisdictions dealing with different regulations. Some local practices still require manual interventions. The industry lacks the substantive scale required to invest heavily in technology across different, sometimes exotic, markets, hence is responding very slowly to technological change. But disruptors are emerging, usually in single jurisdictions where there is a deeper technological DNA, such as Singapore. Incumbents are eyeing disruptors with some nervousness. Large scale operations are difficult to change quickly where administrative practices are entrenched, and staff do not always envisage the potential of technology solutions. This is further complicated by frequent acquisitions that bring together different working practices. Vistra is investing heavily in a Digital Lab, using external business analysts to break down and standardise common workflows, then deploying business process management software to slicken processes. This will improve the client experience through more automation and accessibility and drive internal efficiencies. It is a long journey, but we are making good progress.”