APAC is known for being a hub of technological innovation in the global digital landscape. The trend of adopting new technologies continues to grow following the explosion of technological innovations in 2023. However, there are concerns about the risks associated with unchecked innovation.

Nguyen Thai Son, CEO of SmartOSC, highlights the pitfalls of applying technology without a clear strategy, which can lead to scalability issues and security risks. While innovation is essential, it’s important for business leaders to be cautious of the dangers posed by unchecked innovation.

To avoid this trap, business leaders in APAC are taking proactive measures. One approach is to embrace a comprehensive and balanced strategy, particularly in industries like banking where AI and technology innovations are both disruptors and enablers.

Embrace a comprehensive and balanced approach

Dennis Trawnitschek, Chief Officer Technology at SCBX, implemented a comprehensive strategy to navigate challenges related to AI implementation in the banking industry. This strategy, backed by a robust compliance framework and literacy, has helped SCBX become a pioneer in transformation within the industry.

C-level executives are adopting a balanced approach that integrates top-down and bottom-up strategies when implementing AI. This approach fosters a culture of experimentation and innovation, essential for successful AI integration within organizations.

Increasing AI literacy across the organization is crucial for embedding AI into strategic initiatives. Leaders should focus on data infrastructure and regulatory compliance, especially in regulated industries like banking, to ensure effective and compliant AI technologies.

Adopt the scalable tech and flexible mindset

Andy Chang, Head of Marketing Technology at Electrolux Group, advocates for adopting a scalability mindset when evaluating new technologies. It is important to select scalable technology that aligns with long-term organizational objectives.

Leaders should avoid monolithic systems and instead opt for modular technology solutions that can be easily replaced or upgraded as the organization grows. Flexibility in the tech stack is vital for adapting to changing demands efficiently.

Have a customer-centric gene in digital transformation

Enterprises must go beyond digitization and embrace a customer-centric approach to drive innovation and deliver unique value. By focusing on areas that directly impact customer experience and commercialization potential, such as AI and customer behavior analytics, organizations can differentiate themselves in the market.

A customer-centric approach is crucial for building a thriving innovation ecosystem. It, combined with a skilled workforce, robust infrastructure, and a supportive research environment, can help organizations fully leverage their innovation efforts and create long-lasting value for customers.

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