Easa F. Al Gurg, Group Chief Executive Officer at the The Easa Saleh Al Gurg Group (ESAG).
Expect the unexpected is a well-used catchphrase that has proven prescient in recent times. Now more than ever, there is real corporate wisdom in these three simple words.
Covid-19 is the unexpected we all failed to expect, and the pandemic has cemented the slogan’s deeper relevance within the corporate world. Businesses must always be ready for the unexpected, nimble and agile enough to pivot at any time, while at the same time solid and well prepared to adapt to changing market and economic conditions.
Business continuity is more vital in an age of quickly evolving consumer trends spurred by the era of social media. One product or service slip can lead to adverse comments driving consumers away. The reverse is equally true. A good review or a simple meme can fuel demand, create a great following and breathe new life into a brand.
In the competitive race of the ‘new normal’, companies must accept that those who prioritise advanced technology, embrace digital transformation, innovation, while at the same time stay true to their legacy, business ethics, and core principles will be fastest out of the blocks.
Talent diversity
Expert skill sets are in increasing demand and companies must develop new recruitment and retention strategies, including previously unheard of propositions of remote working and employee wellness programs. For those who find the prospects too daunting and time-consuming, outsourcing can be a possible answer, however striking a fair balance between both is key.
BPA all the way
Business process automation (BPA) will develop to greater heights in the next five years with workflow automation making manual, repetitive and data-intensive tasks obsolete. Innovative software will be integrated into everyday operations, minimising human error risks, and increasing productivity. Robotic process automation, Artificial Intelligence, the Internet of Things, chat bots, and mobile applications are now mainstream tools to boost efficiency and product/service quality.
Cloud computing
According to Gartner, the Middle East’s cloud computing adoption during the pandemic almost doubled. The arrival of Microsoft and Amazon’s regional data centres boosts latency and adds confidence in local data storage solutions. More regional governments will follow Dubai’s lead and move to smart city environments to support knowledge-based economy goals. Gartner estimates that cloud adoption in the MENA region could surpass 95 percent with small, medium and large enterprises adopting cloud infrastructure in the coming years.
Consumers vs. suppliers markets
As markets react to changing global situations, a tug of war continuously exists between who holds the power based on supply and demand. In a stable and competitive market, it’s usually the consumers that can impose their terms when it comes to business transactions and market demands. However, in a time of uncertainty or sudden increase in global demand, the power may shift towards the supplier who may be able to utilise such circumstances to its benefit. Agile organisations prioritising future planning will be the ones paving the way for business continuity.
Identity trust bank
One thing that will never change is the asset of trust. While people increasingly turn to social media for advice, they also view it with a healthy dose of scepticism. They question whether information is factual or fake news. This is where brand integrity and identity wins. Established brands renowned for proven worth and dedication to customer service will win consumer trust. This enduring asset will see businesses take podium place no matter what the challenges might be in the coming years. That said, it may take years to build this identity, but all it takes is one fatal mistake to undo years of hard work and investments that have gone into a brand or organisation.
Easa F. Al Gurg, Group Chief Executive Officer at the The Easa Saleh Al Gurg Group (ESAG).
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By ITP
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The biggest challenges for business in the next five years
Business continuity is more vital in an age of quickly evolving consumer trends spurred by the era of social media
Easa F. Al Gurg, Group Chief Executive Officer at the The Easa Saleh Al Gurg Group (ESAG).
Expect the unexpected is a well-used catchphrase that has proven prescient in recent times. Now more than ever, there is real corporate wisdom in these three simple words.
Covid-19 is the unexpected we all failed to expect, and the pandemic has cemented the slogan’s deeper relevance within the corporate world. Businesses must always be ready for the unexpected, nimble and agile enough to pivot at any time, while at the same time solid and well prepared to adapt to changing market and economic conditions.
Business continuity is more vital in an age of quickly evolving consumer trends spurred by the era of social media. One product or service slip can lead to adverse comments driving consumers away. The reverse is equally true. A good review or a simple meme can fuel demand, create a great following and breathe new life into a brand.
In the competitive race of the ‘new normal’, companies must accept that those who prioritise advanced technology, embrace digital transformation, innovation, while at the same time stay true to their legacy, business ethics, and core principles will be fastest out of the blocks.
Talent diversity
Expert skill sets are in increasing demand and companies must develop new recruitment and retention strategies, including previously unheard of propositions of remote working and employee wellness programs. For those who find the prospects too daunting and time-consuming, outsourcing can be a possible answer, however striking a fair balance between both is key.
BPA all the way
Business process automation (BPA) will develop to greater heights in the next five years with workflow automation making manual, repetitive and data-intensive tasks obsolete. Innovative software will be integrated into everyday operations, minimising human error risks, and increasing productivity. Robotic process automation, Artificial Intelligence, the Internet of Things, chat bots, and mobile applications are now mainstream tools to boost efficiency and product/service quality.
Cloud computing
According to Gartner, the Middle East’s cloud computing adoption during the pandemic almost doubled. The arrival of Microsoft and Amazon’s regional data centres boosts latency and adds confidence in local data storage solutions. More regional governments will follow Dubai’s lead and move to smart city environments to support knowledge-based economy goals. Gartner estimates that cloud adoption in the MENA region could surpass 95 percent with small, medium and large enterprises adopting cloud infrastructure in the coming years.
Consumers vs. suppliers markets
As markets react to changing global situations, a tug of war continuously exists between who holds the power based on supply and demand. In a stable and competitive market, it’s usually the consumers that can impose their terms when it comes to business transactions and market demands. However, in a time of uncertainty or sudden increase in global demand, the power may shift towards the supplier who may be able to utilise such circumstances to its benefit. Agile organisations prioritising future planning will be the ones paving the way for business continuity.
Identity trust bank
One thing that will never change is the asset of trust. While people increasingly turn to social media for advice, they also view it with a healthy dose of scepticism. They question whether information is factual or fake news. This is where brand integrity and identity wins. Established brands renowned for proven worth and dedication to customer service will win consumer trust. This enduring asset will see businesses take podium place no matter what the challenges might be in the coming years. That said, it may take years to build this identity, but all it takes is one fatal mistake to undo years of hard work and investments that have gone into a brand or organisation.
Easa F. Al Gurg, Group Chief Executive Officer at the The Easa Saleh Al Gurg Group (ESAG).
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