8 Tips For MNCs To Thrive In A Fast-Changing World: Rohit Talwar, CEO Fast Future Research
In this two part series, Rohit Talwar shares his tips for business, no matter the size.
Data analytics, virtual reality, artificial intelligence, fintech. Terms like these are hogging the headlines every day and if you are a business owner, it is understandable that you feel the need to keep up. The million-dollar question is of course “How?”.
This is where individuals like Rohit Talwar come in. The global futurist and CEO of Fast Future Research was recently in Singapore to deliver a keynote at CommunicAsia2017 entitled “Artificial Intelligence (AI) vs. Genuine Stupidity – Navigating Exponential Technologies to Create a Very Human Future”.
“We need to be smart about technology. Prepare our people for the changes in the world, teach skills to protect against those shocks. Don’t let it overwhelm you and lose sight of the big picture,” he says.
As a futurist, Talwar’s job is to research ideas that will shape the world, traveling the globe to meet those people behind them. He then applies that knowledge to train governments and organisations on how to respond to opportunities and challenges that lie ahead. So successful is he that Talwar was nominated as one of the top 10 global future thinkers by The Independent newspaper in the UK.
Here, he share his thoughts on how Multi-National Corporations and big businesses can survive and thrive in our fast-changing world.
1. Make sure your business is focused. Be an expert in one or two areas.
2. Companies that find themselves transitioning from SME to large-scale need to look into professionalising the business. This means having a business plan and putting structure and processes into place to guide it towards achieving your vision.
3. Empower your key managers to delegate so they can focus on being forward-looking. Do not let them get so mired in the day-to-day operations that they get caught off-guard by changes that they did not see coming.
4. Always question what your business should start doing, and challenge what you should be doing and why. Does what you do serve the future? What assumptions are you making of your business? What if these assumptions are removed?
5. Anticipate what is coming next in the marketplace by doing scenario planning – both for good and bad – so you know how to deal with it. Have serious internal conversations about the impact of future trends on your business.
6. Leap onto the other side of the fence and think about what is it like to be a customer of your business. Do you have pain or pleasure? Do you treat everyone – from a celebrity to the man on the street – the same?
7. The attitude of your front-line staff is so important. People can tell how your business is doing just by how they behave. Treat them well by listening to them. Have empathy towards their challenges and show you get it by helping them overcome those obstacles.
8. Open your mind and allow your business to evolve. Be flexible. Your business moves at the slowest part of your organisation, so figure out how to lubricate that cog in the wheel.