Capitalising On Disruptions

by Patrick Liew on September 19, 2016

Disruption by definition of the word indicates that it’s an unexpected development that can have an impact on current and future operations.

http://www.straitstimes.com/business/economy/tech-or-terrorism-govts-must-be-ready-for-disruptions-tharman

While we cannot predict and stop disruptions, we should also not resign ourselves to apathy, complacency and passiveness.

We can foster the right conditions to pioneer, respond to, and leverage on disruptions to strengthen our growth.

On a macro level, as technology may be moving at a faster pace than policy-makers can fully make sense of them and regulate them for the good of our people, they should adopt a light touch in their regulatory roles.

The tendency is to over-protect consumers and by doing so, they may unintentionally prevent consumers from taking personal responsibility, maturing, and taking calculated risks to improve their lives.

The authorities should adopt a “maximum opportunity and minimum barrier” criteria for crafting and implementing policies so as not to unintentionally exacerbate downsides of disruptions.

In a border-less world where commerce is increasingly being transacted on the Net, tracking business ownership and transfer accounting becomes increasingly complex.

The authorities need to constantly upgrade their knowledge and expertise to ensure that they will not be misled, resulting in potential loss of tax revenues and other consequences.

The authorities should continue to invest in building the infrastructure to support an innovative, high-tech and digital environment.

They need to also prepare our people for all plausible scenarios and be ahead of the change curve.

For instance, the authorities can continue to help improve availability and affordability of top-speed Internet access.

They can ensure that the necessary tools and resources to profit from technological innovations are within the reach and means of our people.

On a micro level, our people need to have the confidence, capacity and capability to believe that the future does not have to be an unchangeable reality. The future can be a controllable possibility.

They don’t have to be a passive consumer of the future. They can be an active contributor to its development.

Case in point, while automated technology, including robots, drones and other artificial intelligence-driven devices may eventually take over most of our work, they may not be able to perform creative, aesthetic and personalised tasks.

Our people need to proactively identify gaps that cannot be fulfilled or be adequately fulfilled by technology and capitalise on these gaps to have a more stable, secure and sustainable career.

Disruptions do not have to be a pitfall, it can be a platform for shaping our next phase of prosperity and progress.

How we respond to these disruptions can strengthen our future growth.

Go4It!

I hope this message will find a place in your heart.

By the way, I have also recorded other reflections.

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