By Romsanne R. Ortiguero
\nOftentimes, disruption is negatively defined as a disturbance or a problem that interrupts an event, activity, or process. In this day and age characterized by waves upon waves of technological advancements, digital revolution permeates everyone\u2019s lives including how companies do their businesses.
\nHowever, disruptions can turn into great opportunities; and having this mind-set as a response to these changing times have set some businesses apart from the rest.
\nThis had been one of the focus of the recently concluded 大象传媒 Economic Forum held last May 18 at Grand Hyatt Manila in Taguig City. In one of the afternoon sessions titled \u201cFinding Opportunities in the Age of Disruption,\u201d Orlando B. Vea, president and CEO of Voyager Innovations; Anthony Thomas, CEO of Mynt (Globe Fintech Innovations, Inc.); Brian Cu, country head of Grab Philippines; and Miguel Cuneta, co-founder and chief community officer of Satoshi Citadel Industries (SCI), shared valuable inputs on how they were able to and continue to navigate the disruptive digital revolution to make their companies sustainable and competitive.
\nIn his presentation, Mr. Cuneta underscored that the response to disruption is mostly unfavorable, and identifying those reactions can be advantageous.
\n\u201cThe initial response to disruptive technology is usually fear, doubt, or resistance. Fear because of the unknown, and resistance because we\u2019re naturally resistant to change; and it doesn\u2019t help that the incumbents feel threatened and fight back \u2014 trying to defend their position,\u201d Mr. Cuneta shared.
\n\u201cEventually, the very disruptive technologies that people were afraid of become basic utilities. What are the examples of disruptive technologies today and how do we identify them? We actually just need to know what people are afraid of,\u201d he continued.
\nMr. Cuneta added that those who dismiss disruptive technologies are usually the ones who get to be affected by it, and old industries that don\u2019t adapt become obsolete. Moreover, the SCI co-founder also said that disruption is incessant and inevitable.
\n\u201cThere\u2019s no really age of disruption; it\u2019s really a constant process by which humanity uses technology to solve specific problems. It\u2019s necessary for us to become a more advanced society and truly, disruptive technology is unstoppable,\u201d he shared.
\nGiven that disruption constantly happens, all the speakers shared the same sentiment that disrupting themselves are necessary to be able to effectively navigate challenges, and make their companies resilient.
\nMr. Vea said, \u201cToday\u2019s disruption is tomorrow\u2019s business as usual. That\u2019s a fact of life. Before you\u2019re able to disrupt, you have to disrupt yourself first.\u201d
\nHe added that if you\u2019re an incumbent, disruption is a \u201cCEO thing\u201d \u2014 a decision that has to come from the very top.
\nMr. Cu also shared how Grab, known as a major disruptor in the country\u2019s transportation sector, has numerously needed to disrupt itself amid challenges such as government regulations and some negative feedback from the riding public in order to remain an agile company.
\n\u201cIt\u2019s important that for every disruptor not to forget your roots, not to forget the basics of why you came into the market, and disrupt the market that you wanted to. For us it is three simple rules: safe rides, convenient rides, and fast rides. Now, we have to re-look at all the processes we have built over the last five years and again disrupt ourselves to be able to deliver those three core values that we\u2019ve set out to do. It\u2019s always good to anchor yourselves to those basic values that you\u2019ve started off with,\u201d he shared.
\nThe speakers also underscored the importance of collaboration with different stakeholders or even between incumbents and start-ups. This collaboration would not only benefit the companies involved, but ultimately, the market that they are serving as well.
\nSaying that it is fundamentally about people, Mr. Vea said that disruption is not really meant to disrupt the competitor. Specifically for them at Voyager Innovations, disruption means to disrupt the inequalities and inefficiencies together with the incumbents, that\u2019s why they work together with competitors or with incumbents as partners.
\n\u201cI think we can only survive and grow with that kind of mind-set,\u201d noted Mr. Vea.
\nMr. Cu expressed the same view and said, \u201cWe cannot work in silos or as a single company trying to do it alone. It is important for start-ups or even large companies who are trying to drive disruption in a certain space to work with other stakeholders. Also, being enablers to a space and being a platform that allows different stakeholders to enjoy benefits of the services you provide is very important.\u201d
\nMr. Thomas echoed the same message, and said that as a financial technology provider, they are looking for opportunities to partner and collaborate if they see someone moving into the same business space as they are present in, and are solving the similar problems as they are.
\n\u201cWhat we aim to provide is really a better life for Filipinos,\u201d Mr. Thomas said.
\nAlso highlighting the significance of collaboration, Mr. Cuneta shared that no matter how incumbents or regulators resist, the market will eventually choose what is beneficial to them.
\n\u201cIt\u2019s in the better interest of start-ups, regulators, incumbents, and all the players to work together to make sure that the ultimate beneficiary of disruptive technology will be not just all of us here today but also the future generation,\u201d he said.
\n", "content_text": "By Romsanne R. Ortiguero\nOftentimes, disruption is negatively defined as a disturbance or a problem that interrupts an event, activity, or process. In this day and age characterized by waves upon waves of technological advancements, digital revolution permeates everyone\u2019s lives including how companies do their businesses.\nHowever, disruptions can turn into great opportunities; and having this mind-set as a response to these changing times have set some businesses apart from the rest.\nThis had been one of the focus of the recently concluded 大象传媒 Economic Forum held last May 18 at Grand Hyatt Manila in Taguig City. In one of the afternoon sessions titled \u201cFinding Opportunities in the Age of Disruption,\u201d Orlando B. Vea, president and CEO of Voyager Innovations; Anthony Thomas, CEO of Mynt (Globe Fintech Innovations, Inc.); Brian Cu, country head of Grab Philippines; and Miguel Cuneta, co-founder and chief community officer of Satoshi Citadel Industries (SCI), shared valuable inputs on how they were able to and continue to navigate the disruptive digital revolution to make their companies sustainable and competitive.\nIn his presentation, Mr. Cuneta underscored that the response to disruption is mostly unfavorable, and identifying those reactions can be advantageous.\n\u201cThe initial response to disruptive technology is usually fear, doubt, or resistance. Fear because of the unknown, and resistance because we\u2019re naturally resistant to change; and it doesn\u2019t help that the incumbents feel threatened and fight back \u2014 trying to defend their position,\u201d Mr. Cuneta shared.\n\u201cEventually, the very disruptive technologies that people were afraid of become basic utilities. What are the examples of disruptive technologies today and how do we identify them? We actually just need to know what people are afraid of,\u201d he continued.\nMr. Cuneta added that those who dismiss disruptive technologies are usually the ones who get to be affected by it, and old industries that don\u2019t adapt become obsolete. Moreover, the SCI co-founder also said that disruption is incessant and inevitable. \n\u201cThere\u2019s no really age of disruption; it\u2019s really a constant process by which humanity uses technology to solve specific problems. It\u2019s necessary for us to become a more advanced society and truly, disruptive technology is unstoppable,\u201d he shared.\nGiven that disruption constantly happens, all the speakers shared the same sentiment that disrupting themselves are necessary to be able to effectively navigate challenges, and make their companies resilient.\nMr. Vea said, \u201cToday\u2019s disruption is tomorrow\u2019s business as usual. That\u2019s a fact of life. Before you\u2019re able to disrupt, you have to disrupt yourself first.\u201d \nHe added that if you\u2019re an incumbent, disruption is a \u201cCEO thing\u201d \u2014 a decision that has to come from the very top.\nMr. Cu also shared how Grab, known as a major disruptor in the country\u2019s transportation sector, has numerously needed to disrupt itself amid challenges such as government regulations and some negative feedback from the riding public in order to remain an agile company.\n\u201cIt\u2019s important that for every disruptor not to forget your roots, not to forget the basics of why you came into the market, and disrupt the market that you wanted to. For us it is three simple rules: safe rides, convenient rides, and fast rides. Now, we have to re-look at all the processes we have built over the last five years and again disrupt ourselves to be able to deliver those three core values that we\u2019ve set out to do. It\u2019s always good to anchor yourselves to those basic values that you\u2019ve started off with,\u201d he shared. \nThe speakers also underscored the importance of collaboration with different stakeholders or even between incumbents and start-ups. This collaboration would not only benefit the companies involved, but ultimately, the market that they are serving as well. \nSaying that it is fundamentally about people, Mr. Vea said that disruption is not really meant to disrupt the competitor. Specifically for them at Voyager Innovations, disruption means to disrupt the inequalities and inefficiencies together with the incumbents, that\u2019s why they work together with competitors or with incumbents as partners.\n\u201cI think we can only survive and grow with that kind of mind-set,\u201d noted Mr. Vea.\nMr. Cu expressed the same view and said, \u201cWe cannot work in silos or as a single company trying to do it alone. It is important for start-ups or even large companies who are trying to drive disruption in a certain space to work with other stakeholders. Also, being enablers to a space and being a platform that allows different stakeholders to enjoy benefits of the services you provide is very important.\u201d \nMr. Thomas echoed the same message, and said that as a financial technology provider, they are looking for opportunities to partner and collaborate if they see someone moving into the same business space as they are present in, and are solving the similar problems as they are.\n\u201cWhat we aim to provide is really a better life for Filipinos,\u201d Mr. Thomas said.\nAlso highlighting the significance of collaboration, Mr. Cuneta shared that no matter how incumbents or regulators resist, the market will eventually choose what is beneficial to them. \n\u201cIt\u2019s in the better interest of start-ups, regulators, incumbents, and all the players to work together to make sure that the ultimate beneficiary of disruptive technology will be not just all of us here today but also the future generation,\u201d he said.", "date_published": "2018-05-31T09:20:53+08:00", "date_modified": "2018-05-31T09:20:53+08:00", "authors": [ { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" }, "tags": [ "Anthony Thomas", "Brian Cu", "大象传媒", "collaboration", "digital revolution", "Disruption", "Economic Forum", "Grab Philippines", "Miguel Cuneta", "Mynt", "Orlando Vea", "Romsanne Ortiguero", "Satoshi Citadel Industries", "technology", "transportation", "Voyager Innovations", "BWEconomicforum", "Events" ] }, { "id": "http://www.bworldonline.com/?p=162391", "url": "/disruption/2018/05/31/162391/navigating-a-changing-workplace/", "title": "Navigating a changing workplace", "content_html": "\nIn the fourth and final session of the 大象传媒 Economic Forum, held on May 18, the spotlight was shone on an issue that deeply concerns many businesses today: the disruption of the workplace by technological advancements and the rise of the millennials.
\nA panel of three private-sector leaders was assembled to tackle the subject before the roughly 500 attendees of the forum, which took place in the Grand Ballroom of Grand Hyatt Manila in Taguig City.
\nThese leaders were Arthur R. Policarpio, co-founder and chief executive officer of Mobext Philippines, a mobile-first creative digital agency; Luis Miguel O. Aboitiz, executive vice-president and chief operating officer of the corporate business group of Aboitiz Power Corp.; and Camille A. Villar, managing director of Vista Land & Lifescapes, Inc.
\nMr. Policarpio\u2019s talk revolved around two trends he described as \u201cbig\u201d and \u201cdestructive.\u201d The first of which is the virtual company model. \u201cAt this point we should ask this question, \u2018Why should we even need to go to an office… when we can work anywhere?\u2019\u201d
\nHe cited the technology firm Automattic, which owns the content management system WordPress, as a company that has gone virtual. Its employees, who are located in a number of countries worldwide, largely work from home.
\n\u201cWhy should you embrace the virtual company model? Think about it, you have the capability to tap a talent pool of 50 million people anywhere in the world via the freelance marketplaces… You reduce your office costs, increase worker satisfaction, reduce traffic,\u201d Mr. Policarpio said.
\nCoinciding with the emergence of the virtual companies is the rise of the freelancers and the freelance Web sites. The development, Mr. Policarpio said, is \u201cmostly driven by the millennial work force who prefers flexibility and control over the way they want to work.\u201d And Filipinos are increasingly getting in on freelancing. One freelance marketplace, Mr. Policarpio said, has over a million Filipino members.
\nThe second trend is the sharing economy, and it has given rise to a whole new kind of company, a marketplace company that does not need a lot of physical assets to create real value, Mr. Policarpio said. \u201cThere are consumers or people who need services on one side, and you have people, not companies, who can provide those services on the other side. The marketplace business… creates a platform that enables those two to find each other,\u201d he explained.
\nFor navigating these trends, Mr. Policarpio said, \u201cCEOs need to be students all over again.\u201d He also suggested building a culture of learning into an organization since the millennials are \u201chungry for learning.\u201d
\nAutomation is also changing the workplace. Mr. Aboitiz had a personal encounter with one type of it, called semi-intelligent automation.
\n\u201cThe last time I was [in the United States], I was shocked because I had a problem with my cell phone. So I had called a call center. No person answered my call. It was a computer that answered the call. It conversed with me. It answered back. I didn\u2019t type any numbers on my phone. I just said the numbers, numbers of my credit card… any details it wanted,\u201d Mr. Aboitiz said. \u201cOnly when I asked questions that were unusual was I passed on to a real person.\u201d
\nIn boardroom decision-making discussions, Mr. Aboitiz believes that some of the questions that are going to be asked are: \u201cHow do we change?\u201d \u201cHow do we automate?\u201d \u201cWhat do we use to automate?\u201d \u201cHow do we transition from where we are to automation?\u201d \u201cDo we take big leaps or small strides?\u201d
\nMillennials are finding themselves answering these type of questions \u2014 and other important management questions \u2014 as they rise through the ranks into ever more senior positions.
\nBut these individuals are often misunderstood. \u201cThe problem, it seems, is that we tend to overly generalize traits that we attribute to them,\u201d Ms. Villar said. \u201cGeneralizations, while useful, must be employed with caution because they tend to overlook the uniqueness and complexities of all of us. Profiling a generation, be it baby boomers, the Gen X, or the millennials, should inform but not shape our thinking.\u201d
\n\u201cWith a generation of socially motivated, consumption-crazy but creatively innovative individuals starting to take over the work force, it is imperative that we acquire deeper understanding of their strengths and weaknesses in order to make informed strategic decisions,\u201d she added.
\nMs. Villar shared a few things she had learned about her generation that members of other generations may want to take note of. One is that they are outspoken but respectful of hierarchy and wisdom of experience. \u201cThe best millennial leaders I\u2019ve met both in and outside Vista Land have found a good balance between their passion for new ideas and pushing boundaries and… recognizing the value of knowledge established by time, tradition and mentors.\u201d
\nThey are \u201cflexible, independent, collaborative and innovative.\u201d Ms. Villar said this combination of characteristics allows them to thrive in an environment of constant innovation through collaboration. \u201cThus it becomes more important to mentor this generation in order to provide guidance and essential feedback mechanisms for self-correction and self-improvement.\u201d
\nMillennials are also \u201cinfinite learners,\u201d Ms. Villar said. \u201cCombining the easier access to data with the drive to learn more, millennial leaders have the potential to bring human society to heights unforeseen if given the right opportunity and proper understanding,\u201d she said.
\n", "content_text": "In the fourth and final session of the 大象传媒 Economic Forum, held on May 18, the spotlight was shone on an issue that deeply concerns many businesses today: the disruption of the workplace by technological advancements and the rise of the millennials.\nA panel of three private-sector leaders was assembled to tackle the subject before the roughly 500 attendees of the forum, which took place in the Grand Ballroom of Grand Hyatt Manila in Taguig City.\nThese leaders were Arthur R. Policarpio, co-founder and chief executive officer of Mobext Philippines, a mobile-first creative digital agency; Luis Miguel O. Aboitiz, executive vice-president and chief operating officer of the corporate business group of Aboitiz Power Corp.; and Camille A. Villar, managing director of Vista Land & Lifescapes, Inc.\nMr. Policarpio\u2019s talk revolved around two trends he described as \u201cbig\u201d and \u201cdestructive.\u201d The first of which is the virtual company model. \u201cAt this point we should ask this question, \u2018Why should we even need to go to an office… when we can work anywhere?\u2019\u201d\nHe cited the technology firm Automattic, which owns the content management system WordPress, as a company that has gone virtual. Its employees, who are located in a number of countries worldwide, largely work from home.\n\u201cWhy should you embrace the virtual company model? Think about it, you have the capability to tap a talent pool of 50 million people anywhere in the world via the freelance marketplaces… You reduce your office costs, increase worker satisfaction, reduce traffic,\u201d Mr. Policarpio said.\nCoinciding with the emergence of the virtual companies is the rise of the freelancers and the freelance Web sites. The development, Mr. Policarpio said, is \u201cmostly driven by the millennial work force who prefers flexibility and control over the way they want to work.\u201d And Filipinos are increasingly getting in on freelancing. One freelance marketplace, Mr. Policarpio said, has over a million Filipino members.\nThe second trend is the sharing economy, and it has given rise to a whole new kind of company, a marketplace company that does not need a lot of physical assets to create real value, Mr. Policarpio said. \u201cThere are consumers or people who need services on one side, and you have people, not companies, who can provide those services on the other side. The marketplace business… creates a platform that enables those two to find each other,\u201d he explained.\nFor navigating these trends, Mr. Policarpio said, \u201cCEOs need to be students all over again.\u201d He also suggested building a culture of learning into an organization since the millennials are \u201chungry for learning.\u201d\nAutomation is also changing the workplace. Mr. Aboitiz had a personal encounter with one type of it, called semi-intelligent automation.\n\u201cThe last time I was [in the United States], I was shocked because I had a problem with my cell phone. So I had called a call center. No person answered my call. It was a computer that answered the call. It conversed with me. It answered back. I didn\u2019t type any numbers on my phone. I just said the numbers, numbers of my credit card… any details it wanted,\u201d Mr. Aboitiz said. \u201cOnly when I asked questions that were unusual was I passed on to a real person.\u201d\nIn boardroom decision-making discussions, Mr. Aboitiz believes that some of the questions that are going to be asked are: \u201cHow do we change?\u201d \u201cHow do we automate?\u201d \u201cWhat do we use to automate?\u201d \u201cHow do we transition from where we are to automation?\u201d \u201cDo we take big leaps or small strides?\u201d\nMillennials are finding themselves answering these type of questions \u2014 and other important management questions \u2014 as they rise through the ranks into ever more senior positions.\nBut these individuals are often misunderstood. \u201cThe problem, it seems, is that we tend to overly generalize traits that we attribute to them,\u201d Ms. Villar said. \u201cGeneralizations, while useful, must be employed with caution because they tend to overlook the uniqueness and complexities of all of us. Profiling a generation, be it baby boomers, the Gen X, or the millennials, should inform but not shape our thinking.\u201d\n\u201cWith a generation of socially motivated, consumption-crazy but creatively innovative individuals starting to take over the work force, it is imperative that we acquire deeper understanding of their strengths and weaknesses in order to make informed strategic decisions,\u201d she added.\nMs. Villar shared a few things she had learned about her generation that members of other generations may want to take note of. One is that they are outspoken but respectful of hierarchy and wisdom of experience. \u201cThe best millennial leaders I\u2019ve met both in and outside Vista Land have found a good balance between their passion for new ideas and pushing boundaries and… recognizing the value of knowledge established by time, tradition and mentors.\u201d\nThey are \u201cflexible, independent, collaborative and innovative.\u201d Ms. Villar said this combination of characteristics allows them to thrive in an environment of constant innovation through collaboration. \u201cThus it becomes more important to mentor this generation in order to provide guidance and essential feedback mechanisms for self-correction and self-improvement.\u201d\nMillennials are also \u201cinfinite learners,\u201d Ms. Villar said. \u201cCombining the easier access to data with the drive to learn more, millennial leaders have the potential to bring human society to heights unforeseen if given the right opportunity and proper understanding,\u201d she said.", "date_published": "2018-05-31T09:15:12+08:00", "date_modified": "2018-05-31T09:15:12+08:00", "authors": [ { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" }, "tags": [ "BWEconomicforum", "Disruption", "Events" ] }, { "id": "http://www.bworldonline.com/?p=162022", "url": "/disruption/2018/05/31/162022/businessworld-economic-forum-2018-tackles-realities-of-disruption/", "title": "大象传媒 Economic Forum 2018 tackles realities of disruption", "content_html": "\nLast May 18, 大象传媒, the most read and most respected business newspaper in the Philippines, triumphantly staged the third edition of its annual 大象传媒 Economic Forum in the Grand Ballroom of Grand Hyatt Manila, in Bonifacio Global City, Taguig City.
\nThe forum, which has become one of the leading live platforms for discussing the key challenges and opportunities for the nation since its inception in 2016, brought together over 500 people from the private and public sectors. Titled \u201cDisruptor or Disrupted? The Philippines at the Crossroads,\u201d it delved into the forces and realities of disruption and their effects on industries and the country.
\nThe keynote speech was delivered by Dennis A. Uy, one of the most exciting personalities in the Philippine business scene today. He is the founder, chairman and chief executive officer of Udenna Corp., a holding company which has interests in a wide variety of industries, including petroleum retail and distribution (Phoenix Petroleum Philippines, Inc.) and shipping and logistics (Chelsea Logistics Holdings Corp.)
\n\u201cIf I have learned anything in life, it is this: Change \u2014 which we millennials call disruption \u2014 is constant. If you cannot adapt, you will be left behind,\u201d Mr. Uy said.
\nChange, he pointed out, is usually a positive thing for what he called \u201cbusiness insurgents,\u201d or those that rebel against the incumbents and think that there are better ways to do business, especially with technology. The same can\u2019t be said for the incumbents, also known as the established businesses, because they refuse to see the changes in the landscape and consumer preference, so they get left behind, Mr. Uy said.
\n\u201cChange is coming, and we have no choice but to embrace it. If we do not evolve, we become extinct. We will be the products of yesterday, instead of being the brands of the future.\u201d
\nMr. Uy\u2019s speech was succeeded by a series of talks by some of the esteemed personalities in their respective industries. The session devoted to big data and Philippine competitiveness was opened by Ret. Gen. Eliseo M. Rio, Jr., acting secretary of the Department of Information and Communications Technology. He pointed out that all aspects of human life are now controlled by information and that information is the new oil.
\nKristine Romano, managing director of McKinsey & Company in the Philippines, helped debunk and prove some myths about digital. It is not true that digital is creating value across sectors, that only digital natives can successfully disrupt, and that strategy no longer matters in digital. It is true, however, that digital is a \u201cwinner takes all\u201d game, that disruptors have the first-mover advantage, and that culture change is critical.
\nIn her talk, Erika Fille T. Legara, professor at the Asian Institute of Management, noted that for the Philippines to remain globally competitive, it has to disrupt itself. For the country to adapt to disruption, there\u2019s a need to spark the interest of various stakeholders and to collaborate with each other.
\nIn the following session, which revolved around artificial intelligence, e-commerce and cashless transactions, Pia Bernadette Roman-Tayag, managing director of the Inclusive Finance Advocacy Office at Bangko Sentral ng Pilipinas, reminded the audience that many parts of the country remain unbanked; in fact, as much as 34% of Philippine cities and municipalities have never seen a bank.
\nEdwin R. Bautista, president and CEO of Union Bank of the Philippines, said that banks today have two options with the entry of fintech or financial technology: disrupt themselves or perish. UnionBank is already mining bitcoin, he said, adding that blockchain is the future.
\nMeanwhile, as companies leverage on artificial intelligence (AI), they gain more information about their customers, particularly their pain points, according to Lito Tayag, country managing director of Accenture, Inc. (Philippines). But he advised companies to raise their AI systems to be more productive as the capabilities and impact of these systems grow.
\nAn important ingredient for engaging customers in the age of disruption for Walt Steven Young, founder and CEO of Adobomall, is authenticity, which a story that\u2019s unique to a brand can enhance. But Adobomall is also taking advantage of available technology as Mr. Young shared that they are in the process of patenting a shopping experience powered by augmented reality.
\nOpening the third session, which focused on finding opportunities in the age of disruption, Orlando B. Vea, president and CEO of Voyager Innovations, told the audience \u201ca fact of life:\u201d today\u2019s disruption is tomorrow\u2019s business as usual. But he noted that to lead in the age of disruption, one must think in terms of platform.
\nGCash, a micropayment service of Mynt (Globe Fintech Innovations, Inc.), is one example. Mynt\u2019s CEO, Anthony Thomas, said that now, one can even purchase load credits and pay bills on Facebook Messenger through GCash.
\nBrian Cu, country head of Grab Philippines, said that disruptors shouldn\u2019t forget about their roots. He also shared things his company had learned about disruption: remaining agile, collaborating with stakeholders, focusing on growth without forgetting the basics and innovating.
\nFor Miguel Cuneta, co-founder and chief community officer of Satoshi Citadel Industries, companies like Grab are doing an important thing in the age of disruption \u2014 creating useful services. But he doesn\u2019t believe that there is a real age of disruption since disruption is a constant process in which the market chooses what\u2019s beneficial to itself.
\nIn the fourth and final session, which revolved around the workplace and disruption, Arthur R. Policarpio, co-founder and CEO of Mobext Philippines, said marketplace companies, like\u00a0 freelancing Web sites, will continue to thrive as the sharing economy grows. And leaders in this day and age, he noted, must be students all over again, be business model engineers and be architects of company vision in the digital world at the same time.
\nLuis Miguel O. Aboitiz, executive vice-president and chief operating officer of the Corporate Business Group of Aboitiz Power Corp., noted that since things are changing fast and technologies are getting better, businesses should expect a reorganization every two years.
\nThe workplace is already changing with the entry of more and more millennials. But according to Camille A. Villar, managing director of Vista Land & Lifescapes, Inc., people tend to overly generalize traits attributed to them. Profiling a generation, she said, should inform but not shape one\u2019s thinking. She recommended seeking millennials who have high levels of emotional intelligence and not necessarily high grades, to create a culture of mutual trust and respect in the workplace.
\nThe 大象传媒 Economic Forum 2018 was presented by 大象传媒 Corp., with co-presentors LT Group, Inc., GT Capital Holdings, Inc., and SM Investments Corp.; platinum sponsors PLDT and Manila Electric Company; gold sponsors Ayala Corp., BDO Unibank, Inc., Megaworld Corp., Phoenix Petroleum, Udenna Corp., and UnionBank; silver sponsors Aboitiz Power Corp., Asian Institute of Management, FWD Philippines, Metro Pacific Investments Corp., Mundo Builders, San Miguel Corp., and St. Luke\u2019s Medical Center; bronze sponsors Development Bank of the Philippines, Land Bank of the Philippines, Mastercard, National Home Mortgage Finance Corp., Philippine Amusement and Gaming Corp., Sun Life Financial Philippines, Voyager Innovations, Wilcon Depot, Inc., and Cross; media partners The Philippine Star, PhilStar Global, and One News; and event partners Fiera de Manila and ESET.
\n", "content_text": "Last May 18, 大象传媒, the most read and most respected business newspaper in the Philippines, triumphantly staged the third edition of its annual 大象传媒 Economic Forum in the Grand Ballroom of Grand Hyatt Manila, in Bonifacio Global City, Taguig City.\nThe forum, which has become one of the leading live platforms for discussing the key challenges and opportunities for the nation since its inception in 2016, brought together over 500 people from the private and public sectors. Titled \u201cDisruptor or Disrupted? The Philippines at the Crossroads,\u201d it delved into the forces and realities of disruption and their effects on industries and the country.\nThe keynote speech was delivered by Dennis A. Uy, one of the most exciting personalities in the Philippine business scene today. He is the founder, chairman and chief executive officer of Udenna Corp., a holding company which has interests in a wide variety of industries, including petroleum retail and distribution (Phoenix Petroleum Philippines, Inc.) and shipping and logistics (Chelsea Logistics Holdings Corp.)\n\u201cIf I have learned anything in life, it is this: Change \u2014 which we millennials call disruption \u2014 is constant. If you cannot adapt, you will be left behind,\u201d Mr. Uy said.\nChange, he pointed out, is usually a positive thing for what he called \u201cbusiness insurgents,\u201d or those that rebel against the incumbents and think that there are better ways to do business, especially with technology. The same can\u2019t be said for the incumbents, also known as the established businesses, because they refuse to see the changes in the landscape and consumer preference, so they get left behind, Mr. Uy said.\n\u201cChange is coming, and we have no choice but to embrace it. If we do not evolve, we become extinct. We will be the products of yesterday, instead of being the brands of the future.\u201d\nMr. Uy\u2019s speech was succeeded by a series of talks by some of the esteemed personalities in their respective industries. The session devoted to big data and Philippine competitiveness was opened by Ret. Gen. Eliseo M. Rio, Jr., acting secretary of the Department of Information and Communications Technology. He pointed out that all aspects of human life are now controlled by information and that information is the new oil.\nKristine Romano, managing director of McKinsey & Company in the Philippines, helped debunk and prove some myths about digital. It is not true that digital is creating value across sectors, that only digital natives can successfully disrupt, and that strategy no longer matters in digital. It is true, however, that digital is a \u201cwinner takes all\u201d game, that disruptors have the first-mover advantage, and that culture change is critical.\nIn her talk, Erika Fille T. Legara, professor at the Asian Institute of Management, noted that for the Philippines to remain globally competitive, it has to disrupt itself. For the country to adapt to disruption, there\u2019s a need to spark the interest of various stakeholders and to collaborate with each other.\nIn the following session, which revolved around artificial intelligence, e-commerce and cashless transactions, Pia Bernadette Roman-Tayag, managing director of the Inclusive Finance Advocacy Office at Bangko Sentral ng Pilipinas, reminded the audience that many parts of the country remain unbanked; in fact, as much as 34% of Philippine cities and municipalities have never seen a bank.\nEdwin R. Bautista, president and CEO of Union Bank of the Philippines, said that banks today have two options with the entry of fintech or financial technology: disrupt themselves or perish. UnionBank is already mining bitcoin, he said, adding that blockchain is the future.\nMeanwhile, as companies leverage on artificial intelligence (AI), they gain more information about their customers, particularly their pain points, according to Lito Tayag, country managing director of Accenture, Inc. (Philippines). But he advised companies to raise their AI systems to be more productive as the capabilities and impact of these systems grow.\nAn important ingredient for engaging customers in the age of disruption for Walt Steven Young, founder and CEO of Adobomall, is authenticity, which a story that\u2019s unique to a brand can enhance. But Adobomall is also taking advantage of available technology as Mr. Young shared that they are in the process of patenting a shopping experience powered by augmented reality.\nOpening the third session, which focused on finding opportunities in the age of disruption, Orlando B. Vea, president and CEO of Voyager Innovations, told the audience \u201ca fact of life:\u201d today\u2019s disruption is tomorrow\u2019s business as usual. But he noted that to lead in the age of disruption, one must think in terms of platform.\nGCash, a micropayment service of Mynt (Globe Fintech Innovations, Inc.), is one example. Mynt\u2019s CEO, Anthony Thomas, said that now, one can even purchase load credits and pay bills on Facebook Messenger through GCash.\nBrian Cu, country head of Grab Philippines, said that disruptors shouldn\u2019t forget about their roots. He also shared things his company had learned about disruption: remaining agile, collaborating with stakeholders, focusing on growth without forgetting the basics and innovating.\nFor Miguel Cuneta, co-founder and chief community officer of Satoshi Citadel Industries, companies like Grab are doing an important thing in the age of disruption \u2014 creating useful services. But he doesn\u2019t believe that there is a real age of disruption since disruption is a constant process in which the market chooses what\u2019s beneficial to itself.\nIn the fourth and final session, which revolved around the workplace and disruption, Arthur R. Policarpio, co-founder and CEO of Mobext Philippines, said marketplace companies, like\u00a0 freelancing Web sites, will continue to thrive as the sharing economy grows. And leaders in this day and age, he noted, must be students all over again, be business model engineers and be architects of company vision in the digital world at the same time.\nLuis Miguel O. Aboitiz, executive vice-president and chief operating officer of the Corporate Business Group of Aboitiz Power Corp., noted that since things are changing fast and technologies are getting better, businesses should expect a reorganization every two years.\nThe workplace is already changing with the entry of more and more millennials. But according to Camille A. Villar, managing director of Vista Land & Lifescapes, Inc., people tend to overly generalize traits attributed to them. Profiling a generation, she said, should inform but not shape one\u2019s thinking. She recommended seeking millennials who have high levels of emotional intelligence and not necessarily high grades, to create a culture of mutual trust and respect in the workplace.\nThe 大象传媒 Economic Forum 2018 was presented by 大象传媒 Corp., with co-presentors LT Group, Inc., GT Capital Holdings, Inc., and SM Investments Corp.; platinum sponsors PLDT and Manila Electric Company; gold sponsors Ayala Corp., BDO Unibank, Inc., Megaworld Corp., Phoenix Petroleum, Udenna Corp., and UnionBank; silver sponsors Aboitiz Power Corp., Asian Institute of Management, FWD Philippines, Metro Pacific Investments Corp., Mundo Builders, San Miguel Corp., and St. Luke\u2019s Medical Center; bronze sponsors Development Bank of the Philippines, Land Bank of the Philippines, Mastercard, National Home Mortgage Finance Corp., Philippine Amusement and Gaming Corp., Sun Life Financial Philippines, Voyager Innovations, Wilcon Depot, Inc., and Cross; media partners The Philippine Star, PhilStar Global, and One News; and event partners Fiera de Manila and ESET.", "date_published": "2018-05-31T09:10:57+08:00", "date_modified": "2018-05-31T09:10:57+08:00", "authors": [ { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" }, "tags": [ "Artificial intelligence", "Bangko Sentral ng Pilipinas", "basics", "bitcoin", "blockchain", "大象传媒", "cashless transactions", "change", "dennis uy", "digital", "disrupted", "Disruption", "disruptor", "e-commerce", "Economic Forum", "emotional intelligence", "fintech", "Grand Hyatt Manila", "Millennials", "platform", "reorganization", "services", "technology", "Udenna Corp.", "BWEconomicforum", "Events" ] }, { "id": "http://www.bworldonline.com/?p=162181", "url": "/disruption/2018/05/31/162181/big-data-a-good-or-bad-omen-for-philippine-business/", "title": "Big data, a good or bad omen for Philippine business?", "content_html": "\nBy Bjorn Biel M. Beltran,\u00a0Special Features Writer
\nThe fourth industrial revolution is heralding a world of rapidly transforming business landscapes. Across all industries, from media to manufacturing, a technological arms race is threatening to change the world as we know it. Innovation is at the forefront of this global transformation, and business models, policy environments, and even social norms are facing disruption at the hands of new technologies like the Internet of Things (IoT), big data analytics, cloud computing, and artificial intelligence.
\n\u201cThe First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production,\u201d Klaus Schwab, founder and executive chairman of World Economic Forum Geneva, explained.
\n\u201cNow a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres,\u201d he added.
\nUnderstanding just how such an all-engulfing phenomenon is affecting and will affect Philippine competitiveness in the future is a challenge in itself.
\nAt the 大象传媒 Economic Forum, held at the Grand Hyatt Manila in Taguig City on May 18, Erika Fille T. Legara, a professor at the Asian Institute of Management\u2019s Department of Analytics, Information & Operations, recounted how a Filipino entrepreneur asked her about how the Philippines can hope to catch up to the fourth industrial revolution, when the country is barely positioned for the third.
\n\u201cHe said, \u2018Why are we talking about the fourth industrial revolution? The Philippines is still in Industry 2.0. We haven\u2019t even positioned yet to three, and now you\u2019re talking about four\u2019,\u201d she shared.
\n\u201cBut then again, the future is not very evenly distributed. Whether we\u2019re moving from three to four, or two to three, or taking a leap from two to four, it is important that we are all aware of what is happening around us. And how these developments can potentially affect our businesses, our people, our society,\u201d she added.
\nThe Internet of Things, she explained, held the potential to change the world much like the Internet did during the turn of the millennium. The technology is based around the concept of connecting any device to the Internet and to each other. Through the IoT, devices ranging from smartphones and smartwatches, to appliances like coffee makers, washing machines, and even machinery like jet engines can freely collect and exchange data, as well as communicate with one another.
\n\u201cWhat does this mean for businesses? Take a look at Boeing. A Boeing 77 has two engines. Each of its engines produces 20 terabytes of data per hour. So if you\u2019re flying from New York to LA, that takes about six hours. That\u2019s 240 terabytes of data. That\u2019s a lot of big data,\u201d she said, noting that the sensors inside the engines are communicating to each other, monitoring vital flight conditions like temperature, humidity, and pressure throughout the trip.
\nUsing this abundance of data, machine-learning software and artificial intelligence could then be used to interpret and obtain meaningful insights for businesses. Sectors with a heavy dependence on machinery and robotics like manufacturing could stand to gain huge competitive advantages, given the right capabilities.
\nEven sectors not conventionally perceived as technologically independent, such as farming, are not immune to the disruption such technologies present.
\n\u201cWe can now deploy sensors to our soil, to our water management system. We can fly drones to monitor our fields and distribute seeds and fertilizers,\u201d Ms. Legara said.
\n\u201cAbove all these, these sensors can also collect data, send this data up to the cloud, perform some machine-learning models and do different levels of analytics, from descriptive to predictive all the way to prescriptive analytics. And then these results will go back to the stakeholders, including our farmers,\u201d she added.
\nHowever, is the Philippines equipped to facilitate the constant exchange of such vast quantities of data over its networks?
\nRet. Gen. Eliseo M. Rio, Jr., acting secretary at the Department of Information and Communications Technology, lamented the fact that compared to the country\u2019s neighbors in Southeast Asia, the Philippines has fallen behind in terms of its telecommunications services. The problem, he said, was due to a lack of government support.
\n\u201cUp till now, the government has not supported our ICT industry in the same manner as the other countries have. Up till now, all the infrastructure that are being rolled out in our telecommunication industry has all been private sector-funded,\u201d Mr. Rio said during his talk.
\nHe added that just privately funded roads tend to have tolls to recoup investments made by investors, the same could be said for privately funded telecommunications networks \u2014 that is, the burden falls to the consumer. And though the current administration has plans to address the lack of infrastructure, it remains, in his belief, the primary obstacle for businesses trying to mitigate the effects of disruption.
\n\u201cEverything now, all aspects of our lives, are controlled or even influenced by information,\u201d Mr. Rio said. \u201cInformation is the new oil, they say, but that oil has to be distributed by pipes. That pipe is what the government needs to use to support the telecommunication industry, so information can flow faster at less cost to most of the areas in our country.\u201d
\nThe bad news is that the longer the Philippines remains unequipped to handle the strain of technological advancement, the more difficult it will be for businesses to play catch-up with the rest of the world. The price for any business adapting too late in a fast-changing, disruptive environment could be death.
\n\u201cThere are clear winners and losers from disruptions. Everyone knows the saga of Netflix and Blockbuster,\u201d Kristine Romano, managing partner of the global management consulting firm McKinsey & Company in the Philippines, said.
\n\u201cBlockbuster used to be an eight-billion-dollar company in 2005 and only five years later filed for bankruptcy. It could not compete with the instant and low-cost digital delivery of Netflix. Similarly, you find the likes of Google whose market share has gone from 12% in 2001, to an estimated 90% today. Meanwhile, who still uses their Yahoo accounts?,\u201d she shared.
\nMs. Romano further said that by being the first mover, or at least being one of the top 25% of companies fastest to respond to disruption, companies can negate the projected revenue and profit losses for disrupted businesses, according to their research at McKinsey.
\n\u201cWe tracked the direction of the revenues of the most disrupted industries and we found that growth in disruptive industries can be reduced as much as 6 to 12 percentage points. Now, of course, the numbers vary by sector by player, but our research shows that digital enables competition that puts pressure on revenue and profit growth,\u201d she said, further noting that disruptors tend to have the competitive advantage when compared to disrupted businesses that fail to adapt.
\nTo ensure chances of success, the imperative to change and adapt should naturally come from the very top of the company ladder and work its way downward. Culture change is inevitable, and if industry executives play their cards right, they could see themselves becoming the digital leaders of the future.
\n\u201cYou don\u2019t need to be a digital native to win; a great strategy by itself can retrieve all of the revenue growth lost and contribute to further growth. Companies with a high DQ or digital quotient rely on internal collaborations, take bold risks, and experiment with new strategies,\u201d Ms. Romano said.
\n", "content_text": "By Bjorn Biel M. Beltran,\u00a0Special Features Writer\nThe fourth industrial revolution is heralding a world of rapidly transforming business landscapes. Across all industries, from media to manufacturing, a technological arms race is threatening to change the world as we know it. Innovation is at the forefront of this global transformation, and business models, policy environments, and even social norms are facing disruption at the hands of new technologies like the Internet of Things (IoT), big data analytics, cloud computing, and artificial intelligence.\n\u201cThe First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production,\u201d Klaus Schwab, founder and executive chairman of World Economic Forum Geneva, explained.\n\u201cNow a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres,\u201d he added.\nUnderstanding just how such an all-engulfing phenomenon is affecting and will affect Philippine competitiveness in the future is a challenge in itself.\nAt the 大象传媒 Economic Forum, held at the Grand Hyatt Manila in Taguig City on May 18, Erika Fille T. Legara, a professor at the Asian Institute of Management\u2019s Department of Analytics, Information & Operations, recounted how a Filipino entrepreneur asked her about how the Philippines can hope to catch up to the fourth industrial revolution, when the country is barely positioned for the third.\n\u201cHe said, \u2018Why are we talking about the fourth industrial revolution? The Philippines is still in Industry 2.0. We haven\u2019t even positioned yet to three, and now you\u2019re talking about four\u2019,\u201d she shared.\n\u201cBut then again, the future is not very evenly distributed. Whether we\u2019re moving from three to four, or two to three, or taking a leap from two to four, it is important that we are all aware of what is happening around us. And how these developments can potentially affect our businesses, our people, our society,\u201d she added.\nThe Internet of Things, she explained, held the potential to change the world much like the Internet did during the turn of the millennium. The technology is based around the concept of connecting any device to the Internet and to each other. Through the IoT, devices ranging from smartphones and smartwatches, to appliances like coffee makers, washing machines, and even machinery like jet engines can freely collect and exchange data, as well as communicate with one another.\n\u201cWhat does this mean for businesses? Take a look at Boeing. A Boeing 77 has two engines. Each of its engines produces 20 terabytes of data per hour. So if you\u2019re flying from New York to LA, that takes about six hours. That\u2019s 240 terabytes of data. That\u2019s a lot of big data,\u201d she said, noting that the sensors inside the engines are communicating to each other, monitoring vital flight conditions like temperature, humidity, and pressure throughout the trip.\nUsing this abundance of data, machine-learning software and artificial intelligence could then be used to interpret and obtain meaningful insights for businesses. Sectors with a heavy dependence on machinery and robotics like manufacturing could stand to gain huge competitive advantages, given the right capabilities.\nEven sectors not conventionally perceived as technologically independent, such as farming, are not immune to the disruption such technologies present.\n\u201cWe can now deploy sensors to our soil, to our water management system. We can fly drones to monitor our fields and distribute seeds and fertilizers,\u201d Ms. Legara said.\n\u201cAbove all these, these sensors can also collect data, send this data up to the cloud, perform some machine-learning models and do different levels of analytics, from descriptive to predictive all the way to prescriptive analytics. And then these results will go back to the stakeholders, including our farmers,\u201d she added.\nHowever, is the Philippines equipped to facilitate the constant exchange of such vast quantities of data over its networks?\nRet. Gen. Eliseo M. Rio, Jr., acting secretary at the Department of Information and Communications Technology, lamented the fact that compared to the country\u2019s neighbors in Southeast Asia, the Philippines has fallen behind in terms of its telecommunications services. The problem, he said, was due to a lack of government support.\n\u201cUp till now, the government has not supported our ICT industry in the same manner as the other countries have. Up till now, all the infrastructure that are being rolled out in our telecommunication industry has all been private sector-funded,\u201d Mr. Rio said during his talk.\nHe added that just privately funded roads tend to have tolls to recoup investments made by investors, the same could be said for privately funded telecommunications networks \u2014 that is, the burden falls to the consumer. And though the current administration has plans to address the lack of infrastructure, it remains, in his belief, the primary obstacle for businesses trying to mitigate the effects of disruption.\n\u201cEverything now, all aspects of our lives, are controlled or even influenced by information,\u201d Mr. Rio said. \u201cInformation is the new oil, they say, but that oil has to be distributed by pipes. That pipe is what the government needs to use to support the telecommunication industry, so information can flow faster at less cost to most of the areas in our country.\u201d\nThe bad news is that the longer the Philippines remains unequipped to handle the strain of technological advancement, the more difficult it will be for businesses to play catch-up with the rest of the world. The price for any business adapting too late in a fast-changing, disruptive environment could be death.\n\u201cThere are clear winners and losers from disruptions. Everyone knows the saga of Netflix and Blockbuster,\u201d Kristine Romano, managing partner of the global management consulting firm McKinsey & Company in the Philippines, said.\n\u201cBlockbuster used to be an eight-billion-dollar company in 2005 and only five years later filed for bankruptcy. It could not compete with the instant and low-cost digital delivery of Netflix. Similarly, you find the likes of Google whose market share has gone from 12% in 2001, to an estimated 90% today. Meanwhile, who still uses their Yahoo accounts?,\u201d she shared.\nMs. Romano further said that by being the first mover, or at least being one of the top 25% of companies fastest to respond to disruption, companies can negate the projected revenue and profit losses for disrupted businesses, according to their research at McKinsey.\n\u201cWe tracked the direction of the revenues of the most disrupted industries and we found that growth in disruptive industries can be reduced as much as 6 to 12 percentage points. Now, of course, the numbers vary by sector by player, but our research shows that digital enables competition that puts pressure on revenue and profit growth,\u201d she said, further noting that disruptors tend to have the competitive advantage when compared to disrupted businesses that fail to adapt.\nTo ensure chances of success, the imperative to change and adapt should naturally come from the very top of the company ladder and work its way downward. Culture change is inevitable, and if industry executives play their cards right, they could see themselves becoming the digital leaders of the future.\n\u201cYou don\u2019t need to be a digital native to win; a great strategy by itself can retrieve all of the revenue growth lost and contribute to further growth. Companies with a high DQ or digital quotient rely on internal collaborations, take bold risks, and experiment with new strategies,\u201d Ms. Romano said.", "date_published": "2018-05-31T09:05:16+08:00", "date_modified": "2018-05-31T09:05:16+08:00", "authors": [ { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" }, "tags": [ "Artificial intelligence", "ASIAN Institute of Management", "big data analytics", "Bjorn Biel Beltran", "大象传媒", "cloud computing", "Department of Information and Communications Technology", "Disruption", "Economic Forum", "Erika Fille Legara", "ICT", "information", "innovation", "IoT", "Kristine Romano", "McKinsey & Company", "Ret. Gen. Eliseo M. Rio Jr.", "sensors", "BWEconomicforum", "Events" ] }, { "id": "http://www.bworldonline.com/?p=162359", "url": "/disruption/2018/05/31/162359/the-customer-centric-story-of-disruption/", "title": "The customer-centric story of disruption", "content_html": "\nBy Mark Louis F. Ferrolino,\u00a0Special Features Writer
\nIn a trajectory of rapid improvements, buoyed by disruptive technologies, consumers are becoming more demanding and discriminating. Emerging technologies provide companies a multitude platform to unleash new level of customer relationship and re-examine their purpose in an increasingly competitive market. Although disruption opens new opportunities for both start-ups and the incumbents, it remains less attractive to some industry players who need to adapt new business model to stay ahead of the digital curve.
\nInnovations, particularly in banking, retail and services sectors, have transformed monetary transactions into an immersive financial experience that goes beyond the traditional processes. The emergence of Artificial Intelligence (AI), E-Commerce and cashless transactions brings consumers more secure, faster and more convenient transaction options.
\nDuring the recent 大象传媒 Economic Forum held at Grand Hyatt Manila in Taguig City on May 18, Bangko Sentral ng Pilipinas (BSP) Managing Director of Inclusive Finance Advocacy Office and Concurrent Head of Financial Consumer Protection Pia Bernadette Roman-Tayag explained how disruptions in financial system can help achieve financial inclusion by reaching the unbanked and by eradicating misconceptions on the services that banks offer.
\n\u201cDisruptions are able to improve services for currently served population,\u201d Ms. Roman-Tayag said. \u201cBut it is transformational in the effect that it can have for the unserved or never served before, and that is where the opportunity lies.\u201d
\nMs. Roman-Tayag shared that 554 out of 1,634 or 34% of cities and municipalities in the country do not have a banking office. Also, citing the BSP Financial Inclusion Survey in 2015, she shared that 47% of Filipino adults have outstanding loans, and 72% of them borrow from informal sources.
\nThese people are paying high prices from informal lenders for thinking that financial services from banks are expensive, in addition to the fact that some of them don\u2019t have enough funds to open an account or don\u2019t have the necessary documentation required by these institutions.
\n\u201cThat\u2019s exactly right for disruption. That\u2019s exactly what technology can bring to these misconceptions or perceptions or realities of the unbanked,\u201d Ms. Roman-Tayag said. \u201cTechnology is there, the demographic is just waiting for all this new technology to come in, for disruptors to come in. The currently served market is still your market to improve products, but then, the game will be on the transformation, will be on the unserved market.\u201d
\nWhile disruption provides banks the opportunity to position themselves in reaching the untapped market, they are also facing challenges to stay competitive \u2014 still brought by disruption. New technologies and alternative payment methods are ramping fast, pushing financial technology (fintech) companies to gain momentum while leaving traditional banks behind.
\nAccording to Edwin R. Bautista, president and chief executive officer (CEO) of Union Bank of the Philippines (UnionBank), banks in the age of disruption have only two choices: digitize or perish.
\nMr. Bautista shared that as fintechs gain a strong foothold in the industry, there\u2019s an implication for banks, like UnionBank, to later lose their market share.
\n\u201cAfter thinking of these, our board told the management: \u2018Is it time to just sell the bank?\u2019 How should a bank or how could a bank respond? At UnionBank, our answer after a long soul search was we fight fire with fire, technology with technology,\u201d Mr. Bautista said, noting that fintechs do not have a monopoly of technology and there is no reason for banks to use the same technology.
\nIn response, UnionBank arrived at a plan to transforming the bank into a bank that is digital to the core; it started its digital transformation journey to avoid being disrupted.
\nWhile heading its way to join industry disruptors, Mr. Bautista said that they run into two realizations: one, banks can play the role of a disruptor too; and two, the best way to avoid disruption is to disrupt oneself. \u201cThis way, we can at least fear ourselves to a more desirable outcome,\u201d he said.
\nThe BSP, playing its mission to promote and maintain price stability, a strong financial system, and a safe and efficient payments and settlements system in the country, is creating the enabling policies and regulatory environment so banks can use financial technologies, can become fintechs themselves, can disrupt themselves or be at equal footing as other disruptors in the industry.
\nMs. Roman-Tayag said that BSP is leveling up the playing field in terms of other fintechs that need to be licensed with the BSP such as e-money issuers and virtual currency exchanges. \u201cWith this, we get to create an ecosystem where we can develop trust and certainty in the market which is what the people are really looking for,\u201d Ms. Roman-Tayag added.
\nTo keep customers engage in this age of disruption, Adobomall Founder and CEO Walt Steven Young identified three points: to tell stories that create authenticity, to continuously create more innovations, and to constantly measure results.
\nMr. Young said that in this age, everybody has the capabilities of creating technology. \u201cAt the end of the day, your customers will see a lot of technologies in front of them. What sets you apart is because you have a story that you are grounding your ideas to,\u201d he said, adding that having a unique story would help companies create connection that generates customer engagement.
\nFurthermore, technology and innovation create new experiences, thus measuring its impact or results would help companies judge what seems to be effective that might be changed in the next days.
\n\u201cYou may be disrupting now, but maybe in a few months, in a few weeks, you\u2019re no longer a disruptor, you\u2019re a traditional business,\u201d Mr. Young said. \u201cNever stop innovating. It is the name of the game now.\u201d
\nAs observed, all disruption-led changes focus on customer centricity and personalization of customers\u2019 experience. And as companies are making their transition into the disruptive marketplace, some of them are now leveraging on AIs and technologies that help them gain more intelligence about their customers. This, according to Accenture, Inc. (Philippines) Country Managing Director Lito Tayag,\u00a0allows companies to identify customers\u2019 pain points and predict their preferences.
\nOne technology trend that is growing its reach in today\u2019s landscape is called citizen AI. Mr. Tayag said that as AI grows in capabilities and its impact on people\u2019s lives, businesses must raise their AI to act as responsible productive members of society.
\n\u201cWith these opportunities, we see a new era unfolding. The era of applied intelligence, the era of breakthrough collaborations between humans and machines as it ushers the revolution that is the intelligent enterprise. In this new synergy, it is expected that Artificial Intelligence shall become integral in enabling people to scale up productivity and ultimately bring more and further innovations to business and society,\u201d Mr. Tayag said.
\nAnd as the country prepares for the impact of AI and other advanced technologies to benefit the society, Mr. Tayag said that it should result in inclusion for the country, including financial inclusion of the unbanked, access to payments, access to lending, and access to investment.
\n", "content_text": "By Mark Louis F. Ferrolino,\u00a0Special Features Writer\nIn a trajectory of rapid improvements, buoyed by disruptive technologies, consumers are becoming more demanding and discriminating. Emerging technologies provide companies a multitude platform to unleash new level of customer relationship and re-examine their purpose in an increasingly competitive market. Although disruption opens new opportunities for both start-ups and the incumbents, it remains less attractive to some industry players who need to adapt new business model to stay ahead of the digital curve.\nInnovations, particularly in banking, retail and services sectors, have transformed monetary transactions into an immersive financial experience that goes beyond the traditional processes. The emergence of Artificial Intelligence (AI), E-Commerce and cashless transactions brings consumers more secure, faster and more convenient transaction options.\nDuring the recent 大象传媒 Economic Forum held at Grand Hyatt Manila in Taguig City on May 18, Bangko Sentral ng Pilipinas (BSP) Managing Director of Inclusive Finance Advocacy Office and Concurrent Head of Financial Consumer Protection Pia Bernadette Roman-Tayag explained how disruptions in financial system can help achieve financial inclusion by reaching the unbanked and by eradicating misconceptions on the services that banks offer.\n\u201cDisruptions are able to improve services for currently served population,\u201d Ms. Roman-Tayag said. \u201cBut it is transformational in the effect that it can have for the unserved or never served before, and that is where the opportunity lies.\u201d\nMs. Roman-Tayag shared that 554 out of 1,634 or 34% of cities and municipalities in the country do not have a banking office. Also, citing the BSP Financial Inclusion Survey in 2015, she shared that 47% of Filipino adults have outstanding loans, and 72% of them borrow from informal sources.\nThese people are paying high prices from informal lenders for thinking that financial services from banks are expensive, in addition to the fact that some of them don\u2019t have enough funds to open an account or don\u2019t have the necessary documentation required by these institutions.\n\u201cThat\u2019s exactly right for disruption. That\u2019s exactly what technology can bring to these misconceptions or perceptions or realities of the unbanked,\u201d Ms. Roman-Tayag said. \u201cTechnology is there, the demographic is just waiting for all this new technology to come in, for disruptors to come in. The currently served market is still your market to improve products, but then, the game will be on the transformation, will be on the unserved market.\u201d\nWhile disruption provides banks the opportunity to position themselves in reaching the untapped market, they are also facing challenges to stay competitive \u2014 still brought by disruption. New technologies and alternative payment methods are ramping fast, pushing financial technology (fintech) companies to gain momentum while leaving traditional banks behind.\nAccording to Edwin R. Bautista, president and chief executive officer (CEO) of Union Bank of the Philippines (UnionBank), banks in the age of disruption have only two choices: digitize or perish.\nMr. Bautista shared that as fintechs gain a strong foothold in the industry, there\u2019s an implication for banks, like UnionBank, to later lose their market share.\n\u201cAfter thinking of these, our board told the management: \u2018Is it time to just sell the bank?\u2019 How should a bank or how could a bank respond? At UnionBank, our answer after a long soul search was we fight fire with fire, technology with technology,\u201d Mr. Bautista said, noting that fintechs do not have a monopoly of technology and there is no reason for banks to use the same technology.\nIn response, UnionBank arrived at a plan to transforming the bank into a bank that is digital to the core; it started its digital transformation journey to avoid being disrupted.\nWhile heading its way to join industry disruptors, Mr. Bautista said that they run into two realizations: one, banks can play the role of a disruptor too; and two, the best way to avoid disruption is to disrupt oneself. \u201cThis way, we can at least fear ourselves to a more desirable outcome,\u201d he said.\nThe BSP, playing its mission to promote and maintain price stability, a strong financial system, and a safe and efficient payments and settlements system in the country, is creating the enabling policies and regulatory environment so banks can use financial technologies, can become fintechs themselves, can disrupt themselves or be at equal footing as other disruptors in the industry.\nMs. Roman-Tayag said that BSP is leveling up the playing field in terms of other fintechs that need to be licensed with the BSP such as e-money issuers and virtual currency exchanges. \u201cWith this, we get to create an ecosystem where we can develop trust and certainty in the market which is what the people are really looking for,\u201d Ms. Roman-Tayag added.\nTo keep customers engage in this age of disruption, Adobomall Founder and CEO Walt Steven Young identified three points: to tell stories that create authenticity, to continuously create more innovations, and to constantly measure results.\nMr. Young said that in this age, everybody has the capabilities of creating technology. \u201cAt the end of the day, your customers will see a lot of technologies in front of them. What sets you apart is because you have a story that you are grounding your ideas to,\u201d he said, adding that having a unique story would help companies create connection that generates customer engagement.\nFurthermore, technology and innovation create new experiences, thus measuring its impact or results would help companies judge what seems to be effective that might be changed in the next days.\n\u201cYou may be disrupting now, but maybe in a few months, in a few weeks, you\u2019re no longer a disruptor, you\u2019re a traditional business,\u201d Mr. Young said. \u201cNever stop innovating. It is the name of the game now.\u201d\nAs observed, all disruption-led changes focus on customer centricity and personalization of customers\u2019 experience. And as companies are making their transition into the disruptive marketplace, some of them are now leveraging on AIs and technologies that help them gain more intelligence about their customers. This, according to Accenture, Inc. (Philippines) Country Managing Director Lito Tayag,\u00a0allows companies to identify customers\u2019 pain points and predict their preferences.\nOne technology trend that is growing its reach in today\u2019s landscape is called citizen AI. Mr. Tayag said that as AI grows in capabilities and its impact on people\u2019s lives, businesses must raise their AI to act as responsible productive members of society.\n\u201cWith these opportunities, we see a new era unfolding. The era of applied intelligence, the era of breakthrough collaborations between humans and machines as it ushers the revolution that is the intelligent enterprise. In this new synergy, it is expected that Artificial Intelligence shall become integral in enabling people to scale up productivity and ultimately bring more and further innovations to business and society,\u201d Mr. Tayag said.\nAnd as the country prepares for the impact of AI and other advanced technologies to benefit the society, Mr. Tayag said that it should result in inclusion for the country, including financial inclusion of the unbanked, access to payments, access to lending, and access to investment.", "date_published": "2018-05-31T09:00:51+08:00", "date_modified": "2018-05-31T09:00:51+08:00", "authors": [ { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/blexticauldulack/", "avatar": "https://secure.gravatar.com/avatar/1311207d4ac1996cb586666fe3d56418ca9f007d735b74eb19d3fa440df5c8b4?s=512&d=mm&r=g" }, "tags": [ "Accenture", "adobomall", "Artificial intelligence", "authenticity", "Bangko Sentral ng Pilipinas", "banks", "大象传媒", "cashless transactions", "Disruption", "e-commerce", "Economic Forum", "Edwin Bautista", "fintech", "innovations", "Lito Tayag", "Mark Louis Ferrolino", "Pia Bernadette Roman-Tayag", "technologies", "Union Bank of the Philippines", "Walt Steven Young", "BWEconomicforum", "Events" ] }, { "id": "http://www.bworldonline.com/?p=121081", "url": "/events/2018/02/01/121081/blockchain-bitcoin-conference-philippines/", "title": "Blockchain & Bitcoin Conference Philippines", "content_html": "\n
Manila to host Blockchain & Bitcoin Conference Philippines
\nOn January 25, Manila for the first time will host Blockchain & Bitcoin Conference Philippines, an event dedicated to cryptocurrency, blockchain and ICO.
\nPhilippines is a pioneer in the digital assets regulation
\nAt the end of November 2017, the Philippines` Securities and Exchange Commission announced its intention to introduce cryptocurrencies in the legal field. This means that soon the state can become one of the pioneers in the field of regulating digital assets. Legislative security will positively affect the popularity of the Philippines in the crypto community.
Participants are crypto industry professionals
\nCrypto experts from all over the world will take part in the event: representatives of financial institutions, bankers, entrepreneurs, investors, lawyers, developers of blockchain solutions, startups and professional traders.
Guests will enjoy not only the conference, but also an exhibition
\nThe event takes place in the format of a conference + exhibition, which simplifies the search for potential business partners. Within the conference, speakers will discuss legislative changes in the field of cryptocurrencies and tokens in the Philippines, share the experience of preparing a startup for the ICO, advise which digital assets should be invested in the new year and tell about the benefits of blockchain for business.
Representatives of the international crypto community will gather in the exhibition area: suppliers of mining equipment and farms, crypto exchanged, blockchain projects and investment funds.
\nThe event is held by the international company Smile-Expo
\nThe organizer of the event is Smile-Expo, the company that conducts events of the Blockchain & Bitcoin Conference network in 15 countries of Europe and Asia.
Venue: Edsa Shangri-La Hotel, Manila.
\nFollow the news on the official website of Blockchain & Bitcoin Conference Philippines
\n", "content_text": " \nManila to host Blockchain & Bitcoin Conference Philippines\nOn January 25, Manila for the first time will host Blockchain & Bitcoin Conference Philippines, an event dedicated to cryptocurrency, blockchain and ICO.\nPhilippines is a pioneer in the digital assets regulation\nAt the end of November 2017, the Philippines` Securities and Exchange Commission announced its intention to introduce cryptocurrencies in the legal field. This means that soon the state can become one of the pioneers in the field of regulating digital assets. Legislative security will positively affect the popularity of the Philippines in the crypto community.\nParticipants are crypto industry professionals\nCrypto experts from all over the world will take part in the event: representatives of financial institutions, bankers, entrepreneurs, investors, lawyers, developers of blockchain solutions, startups and professional traders.\nGuests will enjoy not only the conference, but also an exhibition\nThe event takes place in the format of a conference + exhibition, which simplifies the search for potential business partners. Within the conference, speakers will discuss legislative changes in the field of cryptocurrencies and tokens in the Philippines, share the experience of preparing a startup for the ICO, advise which digital assets should be invested in the new year and tell about the benefits of blockchain for business.\nRepresentatives of the international crypto community will gather in the exhibition area: suppliers of mining equipment and farms, crypto exchanged, blockchain projects and investment funds.\nThe event is held by the international company Smile-Expo\nThe organizer of the event is Smile-Expo, the company that conducts events of the Blockchain & Bitcoin Conference network in 15 countries of Europe and Asia.\nVenue: Edsa Shangri-La Hotel, Manila.\nFollow the news on the official website of Blockchain & Bitcoin Conference Philippines", "date_published": "2018-02-01T15:14:08+08:00", "date_modified": "2018-02-01T15:14:08+08:00", "authors": [ { "name": "大象传媒", "url": "/author/rgentribirthfurd/", "avatar": "https://secure.gravatar.com/avatar/9965230d2fd009579b4e8df9a934f6d1021b1ee67e60bcb4cad3b7249a2900ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/rgentribirthfurd/", "avatar": "https://secure.gravatar.com/avatar/9965230d2fd009579b4e8df9a934f6d1021b1ee67e60bcb4cad3b7249a2900ce?s=512&d=mm&r=g" }, "tags": [ "Events" ] }, { "id": "http://www.bworldonline.com/?p=121069", "url": "/events/2018/02/01/121069/money20-20-asia-launching-march-2018-singapore/", "title": "Money20/20 Asia: Launching March 2018 in Singapore", "content_html": "\n
We are excited to announce that we have partnered with Money20/20, the world\u2019s largest
\npayments and financial services innovation event, as it launches its Asia edition this comingMarch, at the Marina Bay Sands in Singapore.
The event is shaping up to be ground-breaking, with an agenda covering FinTech\u2019s hottest
\ntopics over 3 days of intense networking, learning and business \u2013 it\u2019s destined to be the
\nplace where APAC\u2019s leading innovators come together to shape the future of money.
Don\u2019t miss out – tickets are selling fast and we\u2019ve got an exclusive discount code for you.
\nSave over 25% on your all-inclusive ticket with code\u00a0(insert your bespoke code)\u00a0if you
\nbook before this Friday, January 19th.
The highly successful 大象传媒 Economic Forum held last July 12, 2016 proved that 大象传媒, the country’s most read and most respected business newspaper, can also provide a live platform where industry leaders and key figures in the society can converge to discuss and solve key issues and challenges that affect the country.
\nIn line with its 30th anniversary celebration this year, 大象传媒 is holding a bigger 大象传媒 Economic Forum on May 19, 2017 at Shangri-La at The Fort in Bonifacio Global City, Taguig.
\nWith the theme, “Fueling Philippine Economic Expansion Beyond 2017: The Engines of Growth,” this whole-day forum will bring together the top names in the government and the private sector who will share their valuable insights on how the Philippines can sustain its standing as Asia’s Rising Star by catching up in its infrastructure build-up and consolidating domestic sources of growth, foremost of which is a vibrant consumer sector. The forum aims to look at where we are in terms of future-proofing our sources of growth. It will be moderated by 大象传媒 editors.
\nWho should attend
\nCEOs, CMOs, COOs,\u00a0 Industry/Sector Leaders, Decision Makers, Consultants, Entrepreneurs, Banks, Government and Private Businesses Executives; Economists, Financial Executives, Corporate Executives, Business Owners Members of local and foreign chambers
\nTop reasons to attend
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