DPM Heng Swee Keat at THINK Singapore & More News Here

Ladies and Gentlemen, 

I’m blissful to be right here with you this morning at the IBM THINK Singapore convention. 

Navigating Change and Uncertainty 

IBM has a exceptional historical past. There are usually not many corporations on the planet that may survive for greater than 100 years, not to mention thrive. The majority of corporations at present barely survive one era. The common lifespan of an S&P firm is now beneath 20 years, in comparison with 60 years within the Fifties. So IBM’s longevity is extraordinary. Facing the relentless cycles of disruptions within the tech sector, IBM has gone via some ups and downs. But it has been resolute in constructing on its core strengths to remain related. 

In the years forward, there shall be highly effective structural tendencies and disruptions that we must take care of. Some of those tendencies have been accelerated by COVID-19 – the digital wave, the deal with sustainability, and an rising emphasis on resilience. Technological disruptions will reshape industries and the world – business 4.0, hybrid cloud, AI, and plenty of others which Paul talked about earlier. At the identical time, there shall be a big cone of uncertainty. It is not possible to foretell the longer term and see all of the disruptive modifications that can come our method. 

Given these modifications and uncertainty, what wouldn’t it take for IBM to outlive and thrive for an additional 100 years? Indeed, the query applies to not simply IBM, however to any organisation – and even nations. So at present, constructing on IBM’s journey, let me share some reflections on what may be some attributes that can permit all of us to navigate and lead the change forward. 

Attributes to Thrive in a Changing World 

To thrive in a altering world, the primary attribute is ambidexterity. 

The actuality is that no firm or authorities can predict the longer term with certainty. This is the character of change – whereas the broad contours will be gleaned, inevitably, there shall be a lot that surprises us. And on occasion, a serious curve ball or disaster will hit us. In my very own profession, I’ve seen numerous these curve balls – together with the Asian Financial Crisis, the Global Financial Crisis, and now COVID-19. 

To experience via these disruptions, it’s important for organisations to construct the capability to be ambidextrous. On the one hand, to be nimble and responsive in tackling current challenges, and adjusting course the place needed. This is how we survive the quick challenges. On the opposite hand, to additionally keep watch over the longer-term shifts and put together for them. 

IBM’s expertise is instructive. IBM began out as a {hardware} firm – making tabulating machines, time tools, typewriters, and mainframes. IBM’s core enterprise was within the mainframe enterprise and went on to construct the primary widely-used private laptop. But satirically, it was disrupted by the PC within the Eighties ensuing within the greatest earnings collapse in US company historical past at that point. IBM ultimately turned the nook efficiently, and reinvented itself as a supplier of software program options and providers. Without the ambidextrous capacity to not simply deal with the current but additionally to rework for the longer term, IBM won’t be right here at present.  

In Singapore too, we see many corporations right here reinventing themselves and pushing boundaries. Take for instance Eu Yan Sang, a greater than 140 year-old conventional Chinese medication firm. It has embraced digitalisation – it now has a robust on-line presence, and its community of physicians use digital platforms to speak with sufferers. MNCs listed here are additionally launching new company ventures. Take German engineering firm Bosch. In partnership with EDB, it launched a brand new enterprise, AquaEasy, which helps the area’s shrimp farmers improve yield and implement sustainable aquaculture practices via the usage of sensors and AI. Building on these classes, the Singapore authorities has been working along with corporations and industries, to assist their transformation efforts via our Industry Transformation Maps. Because expertise and innovation will disrupt companies in important methods, we have to proceed to rethink our methods, reengineer processes, redesign jobs, and retrain and reskill our staff. We at the moment are refreshing the ITMs, constructing on the work in the previous couple of years.

This brings me to the second attribute – a dedication to innovation.

It will not be a secret that innovation is important for brand new breakthroughs. This is why in nearly each superior economic system, there may be an company that appears at innovation or R&D, and nearly each massive firm may have an R&D division. But although it isn’t a secret, it’s simpler stated than executed. In some nations, fiscal constraints have resulted in declining public investments in R&D. For corporations, quarterly pressures can also make it troublesome to speculate long run in R&D. So as an alternative of being ambidextrous, many find yourself focusing narrowly on the current.  

But profitable corporations perceive that innovation will not be non-compulsory. It isn’t just a buzzword to your investor prospectus, however an actual supply of tolerating aggressive benefit. IBM has a proud historical past of innovation – you will have led US corporations for nearly 30 years in a row within the  variety of patents acquired yearly. IBM’s work has resulted in many innovations – from magnetic tape drives, to the floppy disk, to the IBM PC, and even Lasik surgical procedure. And IBM continues to speculate closely in R&D annually.

In Singapore, we search to be a Global-Asia node of expertise, innovation and enterprise. We are investing S$25 billion over the subsequent 5 years in our nationwide R&D plan. This is a giant dedication, however $25 billion will not be massive in comparison with what many different nations and even some massive corporations are spending. Besides supporting our universities and analysis institutes, we hope that the Government’s funding in R&D can catalyse and assist the non-public sector of their innovation journey. So I’m glad to see many dynamic corporations right here, a lot of that are SMEs, investing in deep tech – resembling robotics firm HopeTechnik, semiconductor tools maker AEM, and plenty of others. 

Innovation finally is determined by extra than simply {dollars} and cents. For innovation to essentially take off, human capital shall be important. Without a broad base of expert staff, no nation or firm will have the ability to maximise the potential of expertise and innovation. Today, there’s a scarcity of expert STEM workforce in lots of nations. In Singapore, we’re doing all we will to arrange our college students and staff to construct expertise that can permit them to contribute meaningfully. In their education years, we’re searching for to offer a holistic training for our college students with a robust core in STEM. We are offering lifelong studying via SkillsFuture within the working years. 

I’m glad that business is working with us to develop our human capital. Through the TechSkills Accelerator programme or TeSA, tech corporations have labored along with IMDA to assist greater than 110,000 Singaporeans develop digital expertise. TeSA has additionally enabled greater than 10,000 Singaporeans to seek out good jobs within the tech sector. I’m glad that IBM is a part of TeSA, along with different tech corporations resembling Google, Grab and Sea Group. In partnership with Skills Future Singapore, IBM has skilled over 900 locals in AI and Cybersecurity via its i.am.vitalize certifiable coaching program. Paul talked about earlier that IBM has put in place the P-TECH program, to offer ITE and Polytechnic college students with the chance to realize useful insights and technical competencies via internships and publicity to business alternatives. 

The third attribute is to at all times create worth.

What does creating worth imply? At essentially the most primary stage, it’s about specializing in doing issues that contribute to advancing human progress, and making the world a greater place. One inspiring instance is how IBM created the computer systems and expertise that made it potential for the Apollo 11 mission to land the primary people on the moon. Another milestone was Deep Blue’s victory over Garry Kasparov in chess, attracting nice curiosity within the discipline of AI and paving the best way for the progress that we’ve seen at present.  If corporations have a transparent sense of their mission and worth to the world, income will comply with. 
 
But there may be one other important dimension to creating worth. Increasingly, creating worth will not be a couple of single firm or analysis institute developing with their very own innovations and improvements. Value is greatest unlocked via partnerships and collaborations. As the world turns into extra advanced and interconnected and as information explodes, no single social gathering has all of the experience to make it occur. In this regard, I’m glad that IBM is collaborating with our native ecosystem. For instance, final yr IBM launched its Industry 4.0 Studio in partnership with Samsung and M1 to develop and take a look at modern options for enterprises throughout APAC. In addition, IBM is partnering NUS on quantum computing, with researchers on the Quantum Engineering Programme, or QEP, getting access to the IBM Q community. I not too long ago introduced two new initiatives beneath the QEP – the National Quantum Computing Hub and National Quantum Fabless Foundry. This will additional construct up our quantum engineering capabilities and human capital, and we welcome business companions to collaborate with us on these efforts. 

THINK Conference 

This brings me to my closing level. The THINK convention is a well timed platform to deliver collectively thought leaders to change concepts and forge new partnerships. I’m glad that the convention has returned after the hiatus within the final two years because of the pandemic. You have an thrilling agenda forward – overlaying tendencies like hybrid cloud, AI, sustainability, and others. As the title of your convention aptly places it, we must THINK laborious about tips on how to navigate our collective challenges and alternatives forward. I encourage all of you, IBM and all the corporate leaders right here, to THINK extra collectively, to collaborate with one another, and with all different stakeholders in our ecosystem, together with our universities and analysis institutes. This method, we will harness the potential of expertise to satisfy our widespread challenges, seize new alternatives, and enhance lives for individuals. 

I want you a most fruitful convention. 

Thank you. 

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