Governments and authorities are working harder than ever to protect their nation and keep their citizens safe from crises, ranging from natural disasters to terrorist threats to global pandemics.
One step that has proved invaluable to help avert crisis is to have an effective public warning system in place. To be effective, public warning systems need to involve the communities at risk, facilitate public education and awareness of the risks, disseminate alerts and warnings, and ensure there is a constant state of preparedness.
The public warning system should comprise of a robust multi-channel communication strategy, a critical event management plan and the supporting technology and software to execute the strategy and plan.
Public warning systems – Crucial safety feature for countries endangered by natural disasters
Natural disasters are on the rise, one more catastrophic than the next. The goal for governments and authorities is to protect their country and people before, during and after these critical events.
These warnings cannot be effective if people do not buy into them, therefore warnings from authorities need to be timely and need to be accurate. The authority’s ability to communicate with the public is paramount.
One government that has seen the value in deploying a public warning system as well as having a strong critical event management plan in place is the Government of Odisha in India. They experienced a deadly super cyclone in 1999, so when Super-cyclone Fani hit in May 2019, due to the government’s preparedness and planning, and the public warning system that had been put in place, crisis was averted.
Their evacuation plan could be classified as an early warning success story and quite an achievement for a poor state in India being able to move a million people to safety within a day or two. The public warning system was provided to the Odisha government by Everbridge, experts in critical event management and public warning systems.
Plan. Alert. Respond. Recover
Everbridge has been working with governments throughout the world and on various types of critical events. As of 2019 they have 3,662 clients in the public safety sector, and of those 3,612 are actively operating a public warning system with 467 of them using cell broadcast. Everbridge reported having sent 3.1 billion messages in 2019.
They advise that the industry best practice to public warning is to communicate. Communicate with all stakeholders, communicate across all stages of the incident, and communicate with the right people at the right time. Leverage local intelligence and maximise the effectiveness to the public warning system using mobile broadcast and location-based SMS.
Recently selected by Peru’s Ministry of Transport and Communications to power their emergency warning messaging system, they have also been deployed widely throughout Europe and are used nationwide in countries such as Iceland, Greece, The Netherlands and Sweden. Everbridge are active in states in India and are working closely with the governments in Singapore and Australia .
In Australia , the state and federal authorities have been working tirelessly to combat the fire crisis. a crisis that is present in every state and occurs regularly throughout the year.
In combination with Australia’s major telecommunications companies, the Everbridge Public Warning solution will be used to power Emergency Alert Australia, providing population-wide alerting to help reach the country’s over 25 million residents and approximately 9 million annual visitors.
Anyone in an area where a sudden, critical event occurs such as fire, extreme weather or a terror attack, residents and visitors to Australia will receive location-based SMS notifications on their mobile phones, in addition to smart phone mobile app notifications and fixed line voice alerts, among other modes of communication.
Everbridge Public Warning leverages existing telecom infrastructure, with no opt-in required, to reach everyone within a geographic area to reduce disaster risk, support first responder communications, and analyse disaster communication effectiveness for subsequent mitigation activities.
“Our Public Warning solution enables government organizations and public safety agencies to immediately connect with every person in an affected area during a critical event regardless of nationality, residency or mobile telephone handset type,” said Jaime Ellertson, Chief Executive Officer and Chairman of Everbridge.
“Australia has served as a model example for population-wide alerting and emergency preparedness over the past decade, and we are honoured to support them on the evolution of their national system.”
The Power of a Public Warning System during a Pandemic
Governments are currently dealing with different phases of the pandemic whether it is in lockdown, gradual exit or containment phase. It is worth noting the countries that are currently deploying a public warning system are now reporting fewer cases of COVID-19
The criticality of population alerting has never been more relevant than during the current outbreak of COVID-19.
The citizens of Norway, for example, received critical countrywide communications earlier this year during the onset of COVID-19. The Norwegian Directorate for Health sent a record 5.4 million messages to every mobile phone in Norway using Everbridge Public Warning.
Norway relies on its Directorate for Health to send critical messages to mobile phones before, during and after an emergency. With this platform, The Directorate for Health is able to reach Norway’s over five million residents and the country’s even larger number of approximately eight million annual visitors. The Directorate for Health also sent a message to all non-Norwegian phones roaming inside the country in English, French, German, Spanish, Polish and Russian, providing critical instructions for foreign nationals.
“Governments require the best of both options – the capability to deliver a massive number of messages very quickly as well as the ability to target precisely who receives alerts. Everbridge represents the only population alerting provider that eliminates these trade-offs and delivers optimised capabilities based on the needs of the use case in each country.” said Imad Mouline, Chief Technology Officer at Everbridge.
The Public Warning System combines cell-broadcast and address-, group-, and location-based, multi-channel technologies.
The hybrid platform enables countries to protect against coronavirus by sharing updates on COVID-19 hotspots, coordinating first responders and healthcare resources, establishing two-way communications with at-risk populations, and manage disruptions to transportation, education, and other critical services.
Given the impact to public safety and economies around the world from the ongoing threat of the COVID-19 pandemic, and other potential disasters and crisis, every government can benefit from a modern and scalable platform to reach all citizens effectively and efficiently in times of crisis.
Singapore’s Infocomm Media Development Authority (IMDA) has recently updated its platform known as Chief Technology Officer-as-a-Service (CTO-as-a-Service). The platform enables SMEs to self-assess their digital readiness and needs at any time and from any location, as well as access market-proven and cost-effective digital solutions and engage digital consultants for in-depth advisory and project management services.
This is for any business entity that wants to know how to start going digital, understand what type of solutions to adopt for its specific business challenge, or choose the solution that best meets its needs.
An enterprise can benefit from CTO-as-a-Service through:
- Conduct a self-evaluation of its digital readiness and pinpoint its gaps and needs in terms of digitalisation;
- Study other Small and Medium Sized Enterprises (SMEs) that have carried out digitalisation projects successfully;
- Receive digital solution suggestions based on the business’s needs and profile; and
- Evaluate the features and costs of various digital solutions.
There are more than 450 subsidised digital solutions available for selection, including those that address industry-specific or general business needs, as well as those that serve to streamline operations, increase business sales revenue, or ensure business resiliency.
The business can also work with digital consultants from the designated operators through CTO-as-a-Service, for digital advisory to assist:
- Seek a deeper comprehension of its business priorities and needs;
- Create training plans and digital solutions specifically for its businesses;
- Include fundamental data usage, protection, and cybersecurity risks in the digitalisation process.
The business may also ask digital consultants to assist with project managing the rollout of its digitalisation initiatives.
Eligible businesses can use digital advisory and project management services for free for the first time. Should the businesses want to keep using digital consultants, future usage or service enhancement will be based on commercial agreements.
Any company that satisfies the requirements below is qualified to use free project management and digital advisory services for the first time:
- Licensed and active in Singapore;
- A minimum of 30 per cent local shareholding;
- Enterprise’s group employment size is no more than 200 employees, or the group’s annual sales turnover is no more than S$100 million;
- Has never previously used CTO-as-a-Service digital consultants.
Meanwhile, SMEs are the backbone of Singapore’s economy. They employ two-thirds of the country’s workers and contribute almost half of Singapore’s GDP. Since digital technology is changing every part of Singapore’s economy, SMEs need to take advantage of digital technologies to grow and do well.
The SMEs Go Digital programme, which was started by the IMDA in April 2017, is meant to make going digital easy for SMEs. More than 80,000 SMEs have used the programme’s digital solutions.
Enterprises can also use advanced and integrated solutions to improve their capabilities, strengthen business continuity measures, and build longer-term resilience. Solutions that are supported by government agencies solve common problems at the enterprise level on a large scale, help enterprises adopt new technologies, and make it easier for enterprises to do business within or across sectors.
IMDA works with sector-led agencies and industry players to find advanced and integrated digital solutions that can be supported and are relevant to their sectors. Companies that want to use these solutions can check the IMDA website to find out when they can apply for each one.
Costs for hardware, software, infrastructure, connectivity, cybersecurity, integrations, development, improvement, and project management can be covered by funding support. With this, the agency has kept helping businesses, and the list of solutions that are supported will grow, with an emphasis on AI-enabled and cloud-based solutions.
The Counter Ransomware Task Force (CRTF), which was formed to bring together Singapore Government agencies from various domains to strengthen Singapore’s counter-ransomware efforts, has issued its report.
Singapore’s efforts to promote a resilient and secure cyber environment, both domestically and internationally, to combat the rising ransomware threat are guided by the recommendations in the CRTF report.
According to David Koh, Commissioner of Cybersecurity, Chief Executive of CSA and Chairman of the CRTF, ransomware poses a threat to both businesses and individuals. Economically, socially, and even in terms of national security, it can be detrimental. Both internationally and across domains, ransomware is a problem.
“It requires us to collaborate and draw on our knowledge in a variety of fields, including cybersecurity, law enforcement, and financial supervision. It also necessitates that we work with like-minded international partners to identify a common problem and develop solutions,” David explains.
He exhorts businesses and individuals to contribute as well, strengthening the nation’s overall defence against the ransomware scourge.
Cybercriminals use malicious software known as ransomware. When ransomware infects a computer or network, it either locks the system or encrypts the data on it. For the release of the data, cybercriminals demand ransom money from their victims.
A vigilant eye and security software are advised to prevent ransomware infection. Following an infection, malware victims have three options: either they can pay the ransom, attempt to remove the malware, or restart the device.
Extortion Trojans frequently employ the Remote Desktop Protocol, phishing emails, and software vulnerabilities as their attack vectors. Therefore, a ransomware attack can target both people and businesses.
The ransomware threat has significantly increased in scope and effect, and it is now a pressing issue for nations all over the world, including Singapore.
The fact that attackers operate internationally to elude justice makes it a global issue. Ransomware has created a criminal ecosystem that offers criminal services ranging from unauthorised access to targeted networks to money laundering services, all fed by illicit financial gains.
Singapore must approach the ransomware issue as a cross-border and cross-domain problem if it is to effectively combat the ransomware threat.
Other nations should adopt comparable domestic measures to coordinate their financial regulatory, law enforcement, and cybersecurity agencies to combat the ransomware issue and promote international cooperation.
Three significant results were the culmination of the CRTF’s work. For government agencies to collaborate and create anti-ransomware solutions, they first developed a comprehensive understanding of the ransomware kill chain.
Second, it examined Singapore’s stance on paying ransom to cybercriminals. Third, for the government to effectively combat ransomware, the CRTF suggested the following policies, operational plans, and capabilities under four main headings:
Pillar 1: Enhances the security of potential targets (such as government institutions, critical infrastructure, and commercial organisations, especially small and medium-sized businesses) to make it more difficult for ransomware attackers to carry out successful attacks.
Pillar 2: To lower the reward for ransomware attacks, disrupt the ransomware business model.
Pillar 3: To prevent ransomware attack victims from feeling pressured to pay the ransom, which feeds the ransomware industry, support recovery.
Pillar 4: Assemble a coordinated international strategy to combat ransomware by cooperating with international partners. Singapore should concentrate on and support efforts to promote international cooperation in three areas that have been identified by the CRTF: law enforcement, anti-money laundering measures, and discouraging ransom payments.
The appropriate government agencies will take the recommendations of the CRTF under consideration for additional research and action.
The Ministry of Information and Communications (MIC) announced it would roll out Internet advertising management measures at a conference in Hanoi earlier this week. Participants at the event discussed how advertising in cyberspace has become the norm. Domestic and foreign firms choose it because it is easier to access customers and it offers flexible costs and larger reach. However, the limited management of ads poses potential risks to the safety of brands, the Ministry has said.
According to a press release by MIC, ad agents affirmed that without the cooperation of cross-border platforms in modifying algorithms to filter and censor content, ad violations will remain rampant. The Ministry will penalise agents and brands that cooperate with platforms that do not fall in line with MIC regulations. On the other hand, the Ministry will support ads on domestic and foreign digital platforms that comply with domestic laws, MIC’s Deputy Minister, Nguyen Thanh Lam, noted. This will protect brands and build a healthy, safe, and fair ad business environment.
The Ministry will also increase inspection and clampdown on violations of Internet ads activities, he said. Cross-border ad firms that fail to comply with Vietnam’s laws will not be allowed to operate in the country. MIC has also generated a Whitelist consisting of licensed e-newspapers, magazines, general information websites, and social media. Other websites, registered accounts, and information channels are also in the pipeline for the list, the release said. The list will be publicised on the portals of the Ministry and Authority of Broadcasting and Electronic Information. Ad service providers, agents, and brands were also urged to use the list for their work.
Nearly 80% of the population in Vietnam are digital consumers, as OpenGov Asia reported earlier in October. Over the past year, the average contribution of e-commerce to total retail has continued to grow at 15%. Higher than growth in India (10%) and China (4%), with an online-to-total retail share of 6%. Now that the world is in the post-pandemic stage, regional consumers are prioritising an integrated shopping experience, combining online and in-person services. During the ‘discovery’ phase of their shopping, 84% of Vietnamese shoppers use the Internet to browse and find items. This is a period when they use more platforms than ever before, with the dominance of the e-commerce market accounting for 51% of online spending.
At the same time, social networking sites account for nearly half of online discoveries, including images (16%), social media videos (22%), and related tools such as messaging (9%). These tools were paramount channels for 44% of survey respondents. Consumers’ openness to interaction and experimentation has also led to behavioural changes, with 64% of respondents saying they have interacted with a business account in the past year. As customers seek more engagement, the content creation economy is able to grow exponentially.
In the context of digital consumption, Vietnamese users switch brands more often and increase the number of platforms they use to find a better value, with 22% of online orders made on various e-commerce platforms. The number of online platforms Vietnamese consumers use has doubled from 8 in 2021 to 16 in 2022. Therefore, it is important to put in place proper ad regulations as Internet usage grows.
Researchers at the University of South Australia are trialling a simple finger prick technology that could soon be all it takes to save the lives of pregnant mothers and their babies who are at risk of a dangerous pregnancy complication known as preeclampsia.
Preeclampsia affects four per cent of all pregnancies in Australia and can cause organ failure, blood clotting, restricted foetal growth and be life-threatening for the mum and baby. However, current diagnosis methods are complex and can take up to 24 hours in rural areas – time that is critical when dealing with the health of an unborn baby.
In a move which could revolutionise the diagnosis and care of the condition, scientists from UniSA’s Future Industries Institute have developed new technology which requires only a few drops of blood to test for preeclampsia – and the result returned within 30 minutes. This means the test can be done quickly and accurately in a rural setting by a primary healthcare team, without the need to send it to an advanced laboratory.
The Hospital Research Foundation Group is now funding the testing stage of their device, in the hope that earlier and more accurate diagnosis can improve prenatal care and save lives.
Chief investigators Dr Duy Phu Tran and Professor Benjamin Thierry said the device would be most critical in regional settings where emergency care is limited, with preeclampsia one of the main reasons for emergency retrievals by the Royal Flying Doctors Service.
The technology is designed to enable rapid and accurate point-of-care testing for preeclampsia biomarkers, allowing for quicker interventions and likely improved pregnancy outcomes for women living in rural Australia.
The current tests for preeclampsia in primary care involve a combination of blood pressure measurements, urinalysis and/or biochemical and haematological testing. Blood biomarkers have recently been identified but testing can only be carried out in large laboratories, for example, at the Women’s & Children’s Hospital.
Concurrently, preeclampsia can progress very quickly – in some cases hours – and have catastrophic consequences. We hope our device can bridge this gap in care for rural women.
An AU$132,000 grant from The Hospital Research Foundation Group will help accelerate the testing and commercialisation of the device through a trial of at-risk pregnant women in hospitals. If validated, the trial will then extend to mothers seen by the Royal Flying Doctors Service retrieval team, with the hope to then expand even wider with more funding. The 3D-printed device is being manufactured locally by the South Australian node of the Australian National Fabrication Facility at UniSA’s Mawson Lakes campus.
The Director of the National Emergency Response and the Public Health Research Unit at the Royal Flying Doctors Service said if the trial was successful, the technology would have a significant impact on prenatal care in regional areas. He noted that preeclampsia is a substantial risk during pregnancy, which is exacerbated in remote communities, where diagnosis and subsequent treatment can take significantly longer than in major city areas.
The hospital conducts roughly 750 retrievals associated with pregnancy per year, with pre-term labour, premature rupture of membranes and preeclampsia being some of the leading transfer reasons.
The Royal Flying Doctor Service has seen, first-hand, the impacts of poorly managed preeclampsia and this technology is an exciting and much-needed step forward in improving rural and remote patient outcomes and in closing the gap, he added.
Meanwhile, the CEO of The Hospital Research Foundation Group, said the organisation was pleased to be advancing testing of the device. He noted that women’s health and bridging the gap between country and city care are important healthcare needs. The revolutionary technology, if validated, will be an exciting development to give all mums and bubs the very best start in life, he added.
The Cyberspace Administration of China (CAC) announced a new certification for personal information protection and implementation. The office has decided to implement such certification to enhance its information protection capabilities and to promote the rational processing of personal information.
The certification implementation follows the Personal Information Protection Certification Implementation Rules. The implementation rules clarify that personal information processors must comply with the requirements of GB/T 35273 Information Security Technology Personal Information Security Specifications. The rules outline requirements for on-site audits, the evaluation and approval of certification results, post-certification supervision and certification time limits.
Organisations engaged in personal information protection certification work need approvals to carry out activities. The regulation applies to every personal information processor that carries out private information collection, storage, use, processing, transmission, provision, disclosure, deletion and cross-border processing activities.
The State Administration for Market Regulation and the State Internet Information Office decided to implement personal Information protection certification. The step is relevant to provisions of the Personal Information Protection Law of the People’s Republic of China (‘PIPL’). The body requires the Specifications for Security Certification of Cross-Border Processing of Personal Information for cross-border personal information processing.
The latest versions of the standards include technical verification, on-site audit, and post-certification supervision. In addition, the certification body shall clarify the requirements for certification entrustment materials, including but not limited to the basic materials of the certification client, the certification power of attorney, and relevant certification documents.
To get certified, an organisation must submit certification entrustment materials according to the certification body’s requirements and the certification body shall give timely feedback on whether it is accepted after reviewing the materials.
The materials are then used for determining the certification plan, including the type and quantity of personal information, the scope of personal information processing activities, information on technical verification institutions, etc., before notifying the organisation seeking certification.
The CAC stated certification is valid for three years. An organisation must submit a certification commission within six months before the expiration of the validity period. The certification body shall adopt the method of post-certification supervision and reissue new certificates to those that meet the certification requirements.
Violations, cheating, and other behaviours that seriously affect the implementation of the certification on the certification client or personal information processor will cancel the certificate. Therefore, certification bodies shall adopt appropriate methods to implement post-certification supervision to ensure that certified personal information processors continue to meet certification requirements. The certification body comprehensively evaluates the post-certification surveillance conclusions and other relevant information. If the evaluation is passed, the certification certificate can continue to be maintained.
The organisation shall actively cooperate with the certification activities. During the validity period of the certification certificate. If the name and registered address of the certified personal information processor, or the certification requirements, certification scope, etc., change, the certification principal shall submit a change entrustment to the certification body.
When changes happen, the certification body must evaluate the change in entrustment materials. The result will determine whether the body can approve the change. If technical verification or on-site audit is required, the body shall conduct technical and on-site audits before the change is approved.
When a certified personal information processor no longer meets the certification requirements, the certification body will promptly suspend or revoke the certification certificate. The certification principal can apply for the suspension and cancellation of the certification certificate within the validity period of the certification certificate.
The CSIRO’s Next Generation Graduates Programmes are industry-university partnerships aimed at developing a pipeline of home-grown, job-ready graduates to unlock the immense economic opportunity offered by AI and emerging technologies.
In this latest round, 14 programmes were funded, with RMIT leading four, including two by its Centre for Industrial AI Research and Innovation (CIAIRI), one by its Enterprise AI and Data Analytics Hub, and one by the Sir Lawrence Wackett Defence and Aerospace Centre. RMIT will also support a further three.
These programs will provide generous scholarships to domestic PhD students which allows them to be part of a multi-disciplinary team aimed at solving real-world challenges. The programmes are:
1. AI for Next Generation Food & Waste Systems (RMIT led, La Trobe supported)
This programme addresses the skills shortage in adopting advanced AI technologies in the areas of food and waste, a critical national manufacturing priority. This will boost food productivity, improve food quality control and logistics, reduce, and better manage waste generated during the life cycle of food production and consumption.
Through a range of industry-driven research activities, this program will produce a cohort of graduates that are not only equipped with practical AI skills but also ready to integrate into food and waste related industry sectors to generate real impact.
2. Developing Digital Capabilities to Support the Aged Care Sector (RMIT led, Victoria and Newcastle supported)
One of the recommendations in the Royal Commission into Aged Care Quality and Safety is to adopt technology to transform the aged care system so that carers’ time can be best used to deliver quality care. The report also recommended the use of technology to increase the connectedness of older Australians – to one another, families and carers, and to the broader community.
This programme aims to reimagine the role of technologies like AI, AR/VR and sensors which are critical in ensuring the sustainability of the sector. Our industry partners are driven by these challenges every day thus, the research undertaken in this programme will have great significance and impact.
3. AI Techniques for Emergency Management and Critical Infrastructure (RMIT led, Sydney Uni supported)
This programme will produce a cohort of graduates with much-needed skills in AI to support critical infrastructure and community safety. Some of the common AI techniques across the selected projects are:
- computer vision -creating 3D reconstructions from 2D images of interior designs and detecting potential hazards and threats via surveillance videos
- agent-based modelling and simulation (ABMS) – which is becoming increasingly popular to model and simulate the management of disaster events such as floods and bushfires and
- digital twin technology – which involves complementary approaches of digitising models of infrastructure, people, and business processes and one of the projects investigates the integration of all three aspects.
4. Applied AI and Digital Innovation for Defence and Aerospace Applications (RMIT led, Charles Darwin supported)
This programme will deliver graduates capable of tackling Australia’s pressing current and future challenges in the defence and aerospace sectors through the application of AI and digital technologies. It will expand opportunities for diverse communities of students and create workers skilled in emerging technologies, including applied AI, digital twins and threads, machine learning, robotics, cyber security, and modern manufacturing.
This interdisciplinary program builds on the strategic partnership between RMIT University and Charles Darwin University (CDU), which will see the creation of a joint Aerospace and Defence Industries 4.0 TestLab in the Northern Territory.
5. AI for Clean Energy and Sustainability (Monash led, RMIT supported)
Delivering clean and sustainable energy and enabling energy transition is a global challenge. AI is expected to play a significant role in this transition by enabling more effective models and tools, accurately predicting reliable supply, optimising maintenance and operations, making smarter decisions and assessing risk.
This programme will focus on the Recycling and Clean Energy National Manufacturing Priority to teach a variety of HDR students innovative AI technologies driven by these industry priorities.
6. Central Bank Digital Currency – Infrastructure & Applications (Macquarie led, RMIT and UTS supported)
A Central Bank Digital Currency (CBDC) would be a new digital form of money issued by the Reserve Bank. It could be designed for retail or general use, like a digital version of banknotes.
The development and deployment of robust, efficient and trusted CBDC requires the design, engineering, proving and integration of a suite of technologies including blockchain, security and privacy-preserving solutions and regtech (surveillance, alerting and compliance) technologies and the skilled graduates to help implement them.
7. Artificial Intelligence of Things Empowering Industrial Digital Twin (La Trobe led, RMIT and Swinburne supported)
This programme will develop new digital twin solutions powered by a combination of AI and the Internet of Things (IoT), to meet the needs of industry partners, seeking improved productivity and reduced maintenance and management costs.
By representing physical objects digitally, digital twins can harness real-time IoT data and optimise performance using AI and data analytics. Several research and industry challenges will be addressed, including accurate 3D modelling, digital twin model optimisation, reliable connectivity between the physical world and the digital world, and edge AI models.
Enterprise transformation refers to a significant shift in the way a company conducts its day-to-day operations. This could involve adjusting an organisation’s fundamental technology, the structure of the company’s workforce or the way the company creates and markets its goods.
Enterprise transformation can take many different forms, one of the most prevalent of which is when an organisation makes a significant change in the products or services it offers. Currently, with digital technology, adjustments like this are occurring more frequently.
Companies are realising that they need to modify their approaches to meet the ever-evolving requirements of their customers as well as the consistently expanding standards set by their rivals.
Simultaneously, several Digital technologies, including Artificial Intelligence, the Internet of Things, Blockchain, Big Data, Virtual reality, Augmented Reality, Robotics and automation, among others, have the potential to transform how businesses operate. They can transform various functions of the value chain, such as logistics & supply, manufacturing, engineering, marketing, customer service, corporate management and support functions.
With their versatility and agility, these technologies can be deployed to numerous industries, among these are Healthcare, Food & Beverage, Manufacturing, Services and Mobility.
Innovative Business: What Lies Ahead?
“Businesses need innovation, not only for survival but for future growth,” says Vikram. “Innovation could emerge as product innovation, process innovation, service innovation or business model innovation to create a long-term sustainable advantage.”
Enterprises have been creating legacies based on research and development (R&D) which has LED them to incremental innovations. However, innovation is disruptive or transformational and it can be around product processes, services and business models.
Transformational innovation represents innovation that transforms businesses and innovates processes to create long-term sustainable, competitive, profitable business models. Disruptive innovation is targeted more towards identifying and inventing new mechanisms to solve existing and anticipated problem statements in businesses, which is also expected to have a business impact.
Many businesses do not distinguish between R&D and innovation. Enterprises today, however, are better able to distinguish themselves from one another and can understand and appreciate the impact that innovation has in comparison to R&D’s function.
R&D is an essential part of most businesses, and the benefits it brings are usually small and mostly limited to the people who work in R&D.
Innovation, on the other hand, isn’t just a function; it’s also a way of thinking for the whole organisation. It affects everything from the process to the product to the service to the business model, and the expected size of its effects is disruptive rather than incremental.
This further demonstrates how the current difficult business and economic environment has forced companies with lower levels of technology adoption and digital maturity to rethink their operations.
Enterprises can now assess the possibilities that technology integration may bring about, not only to address their current problem statements but also to consider new opportunities, whether it takes the form of a product, service, or business model.
There are a few common KPIs that should be measured regularly to gauge an organisation’s and its employees’ level of digital maturity. Vikram believes that because every organisation is unique, the KPIs used for assessments will vary.
For example, the key metrics for some common functions, like customer experience, data and insights, strategic and leadership, technology, operations, digital skill sets and so on, would need to be customised based on how they have changed and how they are changing now.
“We can get innovations which can predict based on the data analytics for the next 10 years,” Vikram reveals. “Every organisation should think out-of-the-box. Then they only need the right set of people who can guide them for the KPIs to be defined.”
Additionally, a variety of industries, including those in healthcare, food and beverage, manufacturing, services, FMCG, mobility, hospitality, and many more, can adapt to new technologies.
The following are crucial actions that businesses need to take today to digitally transform their futures:
- Identify your key employees’ level of digital maturity
- Research the technologies that are currently being used by the Enterprise’s various functions
- Select current issue citations
- Sort the problem statements according to priority
- Assess a system for locating, evaluating, and integrating digital technologies
- After a framework has been chosen and put into place, make the process iterative
- Establish it as the Enterprise’s mentality
Urban Ideas and Solutions Through LKYGBPC
When it comes to entrepreneurs who are truly pushing the envelope, Vikram is looking for certain characteristics. One of these is how the participants interact with businesses, which is determined by a unique set of criteria.
“And because we engage with various sets of parameters when looking at entrepreneurs, we can combine their efforts with those of the business,” Vikram explains.
Therefore, they bring the enterprise work and the entrepreneurs together when looking at the entrepreneurs, especially in the GHV DX LAB framework – they are the project managers and the system integrator for GHV.
The digital transformation, specifically the adoption of online business models and the general shift of economic and social activities online, particularly during the COVID-19 pandemic, has altered how economies operate, businesses function and societies interact.
The exploitation of data is the driving force behind the emergence of a new type of data-driven economy. It creates new opportunities for international cooperation to leapfrog the intermediate infrastructure of the industrial age, taking advantage of the new markets made available by digital platforms and the improved service delivery made possible by smart technologies.
In addition, the most effective mechanism in education would be to integrate innovation and entrepreneurship at the earliest possible stages of the educational system. In today’s context, entrepreneurship is about more than just passion, raising capital, or coding something; it’s about building a network around yourself to support your entrepreneurial journey. The network is critical.
Vikram spent sixteen years in Japan before relocating to Singapore and India to establish a business. He has realised that he must contribute significantly to society. For Vikram, LKYGBPC is a fantastic platform that can be an integral part of any entrepreneur’s entrepreneurial journey.
As opportunities for entrepreneurs are created through this platform, a global network of mentors and other ecosystem partners are integrated with LKYGBPC to focus on the entrepreneurs. “I think it’s a fantastic platform that is desperately needed right now, not just in the context of Singapore or Southeast Asia, but for the global market,” Vikram is convinced.
He believes that a combination of all these factors pushed him into the venture capital world. “I enjoy being a techie. But I’m enjoying my current role as a mentor to thousands of Asian entrepreneurs.”
Vikram has mentored over 1200 startups to date, including 3 that will soon be unicorns. He has personally invested in over 50 startups, and through the GHV Fund, he has invested in over 20 startups. “Every day, I learn something new and give it back to society in the same way.”
Building intellectual property (IP) rights has been the best part of his digital journey so far, and he hopes to keep doing this. “The level of self-satisfaction I feel is never as high as when I say IP is greater. You can make a lot of money consulting, but that doesn’t get me excited if you can’t create IP and work together. And that’s why what we’ve been doing around it can be great,” Vikram concludes.