EY Singapore's Head of Advisory shares digital game plan to stay agile

Wai Keat Cheang says enterprises need to adapt their sales process to a world of remote touch points.

As companies adopt new ways of doing ‘business as usual’, decision makers face a sense of urgency in coming up with digital transformation agendas that would allow them to thrive in the ‘new normal’.

Wai Keat Cheang, Singapore Head of Advisory at Ernst & Young, says that technology is a key enabler in developing and implementing business transformation initiatives.

With 25 years of consulting experience, Wai Keat covers agile business transformation, post-merger integration, and end-to-end managed services consultation for IT and business processes. He works closely with clients in life sciences, health care, consumer goods, agribusiness, transportation and real estate.

As one of the judges at this year’s SBR Technology Excellence Awards, Wai Keat sees how sectors like property development and financial services have been able to leverage on technology to address particular needs internally and in the market.

Singapore Business Review talked to Wai Keat after the awards, as he discussed his passion for technology, how to avoid the cash burn trap, as well as the top priorities in re-energizing growth for businesses.

Can you share with us your previous work experience or backstory that contributed to your current expertise in the industry?
In my 25 years of consulting experience, I have helped clients to strategise, develop and implement their business transformation agenda. More often than not, technology is a key enabler in business transformation initiatives. Therefore, I actively keep abreast of rapidly evolving technological innovations and advancements, and embrace an agile mindset toward innovation, to effectively advise organizations on how to use technology as a business enabler.

I have worked with both local and multinational corporations from the private and public sectors across the Asia-Pacific region. Through these projects, I have gained in-depth industry knowledge in life sciences, health care, consumer goods, agribusiness, transportation and real estate.

Amongst the entries in this year’s awards, which companies or industries caught your attention, and why?
There are many unique and innovative entries submitted this year. A number of entrants in the property development and financial services sectors stand out for their ability to use technology to address a particular need in the market. Their solutions address a wide range of issues from improving the customer experience to enhancing business productivity to raising operational effectiveness.

For nascent enterprises and startups, how can they avoid the cash burn trap?
Many startups struggle or fail as they run out of cash because of their high burn rate, which could be caused by either spending or losing too much. To avoid the cash burn trap, they should focus on making a profit instead of just breaking even. Also, they should always be lean and nimble by managing costs well.

Aside from doubling down on tech and digital innovations, what do firms need to consider to become more profitable and sustainable in the future?
The combination of exponentially accelerating innovation and unprecedented geopolitical and economic uncertainty means success in the technology sector now depends less on particular products or services, and more on building platforms that can adapt to unforeseen opportunities. This ability to innovate and adapt, guided by a long-term view on emerging opportunities is key to building adaptive digital enterprises that will thrive in a post COVID-19 future where new business models and norms are still emerging.

Companies should focus on five priorities to re-energize the organization’s growth trajectory in this new normal.

For a start, organizations need to re-segment customers and markets in view of the changing consumers’ behaviors, such as the greater usage of digital services and products during physical lockdowns. Next, in view of the changing consumer, enterprises will need to reimagine their sales experience by adapting their sales process to a world of remote touch points. Next, technology companies will need to not only address their immediate liquidity and continuity concerns but also optimize their financial, operational and strategic planning for the new normal. As well, treat remote working as a differentiation opportunity in the enterprises’ talent strategy. Lastly, the company’s rising reliance on digital infrastructure must be mirrored by increased investments in security.

A number of fundamental shifts have occurred from the COVID-19 pandemic, and the implications for the technology sector are extending far beyond the crisis. Focusing on these key priorities and transforming the organization into an adaptive digital enterprise is a business imperative.