Modern organisations have found that technological advancements are intricately woven into their business operations and are compelled to adopt new technologies to remain competitive.
Named the most digitally competitive country in Asia and third in the world according to the IMD World Digital Competitiveness ranking, Singapore has been championing innovation and transformation with its Smart Nation Initiative that has catalysed nationwide adoption of cutting-edge technologies and big bets to develop an economy powered by digital innovation.
According to the Anatomy of Adaptive Leaders report developed by the Economist Impact, Singaporean companies have made robust progress in embracing new technology-driven ways of working and advancing their existing digital ecosystems. Specifically, 72% of companies have made strong progress in adopting open-source principles and technologies — the highest adoption rate in the Asia Pacific (Apac) region. Additionally, over 75% of Singaporean executives reported strong progress in modern application development.
However, with evolution and advancement come a diverse range of risks that business leaders here must navigate. Apac business leaders surveyed by the Economist Impact shared that some of the top challenges faced in the region are shortages in skilled labour (77%), supply chain disruptions (76%), cybersecurity attacks (69%), and increasingly fragmented regulations (69%). To better navigate this multi-faceted landscape, business leaders require a refined understanding of the risk factors at play.
Whether you are the boss of a small business or at the helm of a large multinational corporation, the ability to adapt and thrive is critical to remaining competitive in an ever-evolving marketplace.
Here are three steps to being an adaptive leader:
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1. Encourage a digital-ready culture
Fostering an adaptive leadership style in the age of technology first begins with cultivating a digital-ready culture within the organisation. This goes beyond introducing cutting-edge technology and digital tools but instilling both confidence and proficiency among employees to use these tools.
When it comes to introducing new processes and practices like digital integration, leaders play a pivotal role in ensuring seamless change to daily operations. It is empirical for leaders to lead by example, such as actively learning about new technologies and how these can benefit the organisation. By promoting a culture of being adaptive and embracing technological advancements, while ensuring that it is inclusive in access, skills, and knowledge, leaders empower their teams to stay ahead of the curve, enhancing overall organisational agility.
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2. Assess what needs modernising based on business objectives
The next step involves evaluating the enterprise’s IT infrastructure and identifying what requires modernisation. Compared to mere technological updates, this involves a strategic alignment between IT infrastructure and business objectives.
Adaptive leaders have to work closely with IT departments to leverage their expertise to deploy the most suitable platforms and technologies, in order to tap into these resources to address the evolving needs of the business. By doing so, leaders fortify the organisation’s technological foundation, positioning it for sustained success in the rapidly changing business landscape.
3. Collaborate and adopt an open style of work
Embracing an adaptive leadership style also requires adopting an open style of work. This is characterised by agility and collaboration. By adopting an agile mindset, leaders can encourage teams to respond swiftly to the varying market conditions.
Collaboration between teams is also key. For example, the IT department may usually be perceived to work in silos from other functions of the business, but these talents bring a niche set of skills and expertise to the table that can help improve current work processes and alleviate pain points. This includes reducing time spent on repetitive tasks via automating workflows and upgrading traditional infrastructure to accommodate rapid changes in industries like banking.
It is critical to foster collaboration across the organisation to cultivate an open and inclusive work culture. By allowing ideas to be shared freely, leaders will be able to steer the organisation towards greater innovation.
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The answer to navigating business complexities
With Singapore remaining one of the most interconnected business hubs, it has and will continue to be impacted by economic headwinds, with 68% of Singaporean businesses reporting that high inflation has “very or extremely impacted” their business.
While organisations may instinctively try to lower the risk of these headwinds by cutting back technological investments or initiatives that drive innovation, it is these ongoing complexities and headwinds that have brought the role of business leaders into sharp focus as they steer their business and deliver value and innovation, including making forward-looking investments to reap the benefits of increased competitiveness, productivity, and efficiency through adopting technologies like cloud computing and generative AI.
Open source sets the foundation for many of these emerging technologies, increasing competitiveness, productivity, and efficiency of enterprises with these solutions and it takes an adaptive leader to recognise that.
Marjet Andriesse is the senior vice president and general manager of Red Hat for Apac, Japan and Greater China
