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Building 21st Century Companies in Asia

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Connecting the Maritime Singapore ecosystem is one of the Singapore Maritime Foundation’s key purposes. The C-Suite Breakfast Series brings together maritime C-Suite leaders and fosters discussions around organisational strategies.

The inaugural session was held on 27 April 2022 together with knowledge partner McKinsey & Company and saw the attendance of over 80 maritime leaders. Speaker Ms Lin Diann-Yi, Senior Partner at McKinsey & Company, addressed the topic “Building 21st Century Companies in Asia”, drawing insights from research conducted by the McKinsey Global Institute. 

Ms Lin Diann-Yi, Senior Partner at McKinsey & Company

Rising global affluence and the increasing usage of technology offer organisations boundless opportunities. Yet, they simultaneously introduce layers of complexity and leaders have to thrive in these terrains by leveraging available resources.

 

Five Priorities for CEOs to focus on:

  1. Capitalise on the power of data and technology to win in the borderless economy
  2. Square sustainability and growth circle, lead the energy transition
  3. Create scale through organic growth, alliances and M&A
  4. Put speed and agility at the centre of organisation
  5. Live the purpose and communicate you are doing so
Capitalising on Technology

Asian companies account for a significant proportion of the world’s technological growth. Looking at the areas of global growth in technology company revenue, start-up funding and patent filings, Asian companies contribute 52%, 43% and 87% respectively to the numbers. From an investing standpoint, leaders need to examine what is driving the world’s growth and where funds should be channelled to obtain growth and differentiation. 

Leading the energy transition

On the environmental front, Asia is projected to undergo more severe impact as compared to the global average. Asians, as compared to their Western counterparts, reside in regions that are affected by climate change. This has an impact on labour productivity, especially for roles that are in outdoor industries.  Physical infrastructure, especially capital stock will be affected.

 

Consumers are increasingly eco-conscious; Asians are reported to be more concerned about sustainability and have adjusted their consumption patterns. What this means is that sustainability and organisational growth are increasingly interlinked. 

Scaling Up  

Instead of mergers and acquisitions(M&A), Asian corporations prefer to scale through building alliances and ecosystems. Across the board, there are a few collaboration models that Asians prefer namely coalition building, data sharing and pioneering super app platforms.

 

However, whether these methods will suffice remain an open question and Asian companies may need to increase their M&A activities. Programmatic M&A capabilities are increasingly essential as they have the potential to create synergies over time. 

Speed and agility at the centre of the organisation

Alongside M&A activities, organisations that make bold moves were able to stay at the top of the game. They include resource reallocation, capital expenditure, SG&A (selling, general and administrative) productivity improvement, labour productivity improvement and differentiation improvement. 

Live and communicate your purpose

Today, stakeholders are drawn towards purpose-driven organisations. In addition to delivering shareholder value, corporations strongly defined purposes such as sustainability and talent development goals place them in good stead for growth. Not only do they have to implement these goals, but they also must articulate it to their stakeholders through purpose-related corporate communications—an area that Asian companies lack.

 

In this technologically driven era, disruptions are taking place. Now, more so than ever, the priorities of CEOs have to evolve, and these five pointers are just the beginning. By continuously examining and redesigning their strategic approach, organisations will remain on the path of steady and continuous growth.  

 

 

To stay updated on SMF’s initiatives, connect with us on LinkedIn. 

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Ms. Angeline Teo

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Ms. Angeline Teo is the Managing Director and Head of Global Transportation and Offshore, Global Corporate Banking at OCBC Bank which focuses on the maritime, aviation, land & port ecosystems.
Ms. Teo has spent over three decades in maritime finance. Prior to OCBC, Ms. Teo was working at ING Bank, ABN Amro and DnB in Singapore focusing on maritime and offshore.
Ms. Teo graduated from the National University of Singapore with a degree in Business Administration.

Mr. John Martin

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