Finding success in 2019
strong nationalist and populist sentiments sweeping the globe, which has caused businesses to face new challenges, uncertainties and risks.
3. CEOs are also finding it difficult to get the information they need as their organizations struggle to translate large amounts of data for better decisionmaking. Clearly, there is a shortage of skilled talent to clean, integrate, and extract value from big data, as well as a growing need for artificial intelligence (AI).
Based on these themes, I put together my own insights in the form of the word GOD, for easy recall as we do our best to be successful throughout 2019: that will occur in 2019. For example, as mentioned in the survey, companies still struggle to turn data into actionable business plans, and the main reason for this frustration is the ‘lack of analytical talent.’ Without usable data, organizations are stymied in their efforts to move aggressively towards AI, which CEOs overwhelmingly ‘agree’ will have a significant impact on their businesses within the next five years.
There are no quick fixes when it comes to closing the skills gap. Nevertheless, from my own experience, this is an opportunity for companies to accelerate their growth by creating a longterm plan that not only upskills workers for AI and other technological changes, but also provides a sense of purpose and a great people experience.
Any long-term plan must emphasize building a culture of adaptability and lifelong learning that will be crucial in spreading the benefits of AI and its related technologies widely throughout the company. Improving the company’s overall STEM (Science, Technology, Engineering and Math) skills is also useful in allowing people to perform the new roles and tasks that will arise out of AI and robotics.
Furthermore, companies must also continuously enhance their employees’ soft skills like creativity and empathy, since these skills help people become more adaptable and employable throughout their working lives. Given the importance of STEM and soft skills, companies need to include creative solutions that will address educational needs in their long-term workforce plan.
Finally, as companies strive to build a better long-term workforce plan and strategy for the future, they can also take this opportunity to rebalance their workforce composition, convert traditional jobs into more flexible roles and appropriately price the tasks that people perform, which could possibly lower the costs of implementing AI and contribute towards the successful translation of data into value-adding business decisions.
DEDICATION
2019 is a new season of hope, but it is also shaping up to be a year of uncertainty for the Philippines and other countries. Multiple global events are on the horizon such as the possibility of a full-blown U.S. and China trade war, Brexit and global recession. Therefore, we should rededicate ourselves towards the difficult mission of managing not only our own personal risk, but also that of our organization.
As key stakeholders, we should go beyond mere job descriptions to contribute towards our organization’s growth in a more holistic manner. We need to do our part in helping analyze the complex relationship between risk management, customer satisfaction, and profit-centricity such as by adopting the principles of COSO’s Enterprise Risk Management Framework—Integrating with Strategy and Performance.
Organized into five easy-to-understand components, the COSO ERM Framework provides greater insight into the value of enterprise risk management when setting out business strategies, implementing these strategies and enhancing the performance of a company. We also need to start revisiting and reimagining current organizational models in order to identify the steps we need to take today, to ready ourselves for the future. After all, it is only by doing so that we set the stage for our organization’s sustainable future and success as well as our own source of income and livelihood.
In closing, let us follow GOD to succeed as we move towards a challenging 2019. May the Lord bless you and your family!
The views or opinions expressed in this article are solely those of the author and do not necessarily represent those of PricewaterhouseCoopers Consulting Services Philippines Co. Ltd. The content is for general information purposes only, and should not be used as a substitute for specific advice.