In the past decade, the e-mobility industry across the Asia Pacific has undergone huge developments with the region accounting for the largest share of battery manufacturing and sales globally. Sales of e-mobility in APAC have increased dramatically since 2010 with China leading in the field of electric vehicles not only across the region but worldwide.

Today, we are faced with the serious challenge of climate change and ever-increasing pollution is one of the leading causes of this global catastrophe. Last year, at the onset of the pandemic, we saw pollution levels go down significantly amidst global lockdowns and movement restrictions. This further solidifies the need for greener and more sustainable travel options.

This is where startups like Tokyo-based RESC are stepping up. With a mission to work towards the realization of resilient smart cities with zero-emission, the RESC develops an IoT battery platform for e-mobility and smart grid enabling battery sharing among users.


Revolutionising the e-mobility sector with IoT

Currently, all e-mobility vehicles are charged by plugging into electric plugs. In particular, delivery drivers have to wait for hours while a battery being charged or swap spare batteries multiple times in a day with each battery lasting just 30 to 40 kilometres. Other challenges and risks include batteries running out mid-delivery, high cost due to battery degradations, and chances of the battery catching fire due to overheating during long charging hours. With eCommerce booming, logistics and deliveries need to evolve too.

To help address these challenges, the RESC offers battery sharing for e-mobility users. Through their app, drivers can check the travel distance accurately and find exact locations to swap batteries on their smartphones. Furthermore, these lithium-type, IoT-ready batteries are cassette-shaped, light and easily swapped at battery charging lockers that are automated and remote-controlled.

Also read: Why a robust digital insurance distribution system is the future in APAC

RESC has also developed an IoT battery platform that comprises an ICT system, app, and prediction algorithms. This holistic suite of tech-enabled solutions enables battery sharing services eliminating challenges like battery run-out, long hours to charge, and the risks of over-heating or fire.

One of the most unique features of the RESC platform is the battery management prediction algorithm that helps accomplish more efficient battery charging and usage. Compatible with most e-mobility services, the RESC platform is also applicable to Smart Grid — an electrical grid which includes a variety of operation and energy measures including smart meters, smart appliances, renewable energy resources, and energy-efficient resources.

A host of energy services with sustainability at the core

In addition to the core offerings, the RESC also provides a host of energy services. The charging locker can work as an emergency power supply during typhoons or blackouts. Furthermore, the IoT batteries come with an optional inverter attachment that can supply AC power and hence, be used to power equipment. With sustainability at the very core of their business model and operations, the RESC also appoints recycling agents who help renew used batteries, wherein degraded batteries are used for stationary energy storage systems.

Also read: How collaborations between these Facebook communities yield better impact

In addition, the networked charging stations and stationary energy storages systems can be combined together to provide a virtual power plant creating a smart grid.

“At the RESC Group, we aim to build a battery platform that helps us realise our vision of a smart city, which will be a city with resilience against natural disasters like earthquakes and typhoons, has smart grids for efficient use of energy, relies heavily on renewable energy, and promotes e-mobility,” says Founder Daisuke Suzuki who comes from a background in Mechanical Engineering from MIT & an MBA from the University of Michigan.

Working towards making carbon-free energy a reality

When RESC started ten years ago, the Japanese market was not necessarily ready for IoT battery platforms. So, it was difficult to position the company’s ethos and convince investors. However, as the markets matured, key stakeholders started to realise the importance and scope of IoT, Big Data, and machine learning, and RESC was able to cement its position.

The Japanese government’s push towards digital transformation also helped push the business model. Founder Daisuke started off alone with a small team of engineers. Today, he has managed to find partners in other markets like China but still has a tight team of around seven people. RESC is ready to expand its team and operations and with the emergent trends inclining towards renewable energy and a surge in sustainability, they definitely seem to be on the right track.

Also read: User acquisition strategies to grow your app from Adjust and ironSource

“Renewable and low-cost energy is what the world needed ten years ago and also needs today. When we were new and struggling to establish as a company, my passion for the environment and faith in sustainability kept me going and it continues to motivate me even now. If anything, I believe this is more pertinent today with health pandemics, global warming, and climate change plaguing the whole world. I want to make no-carbon energy a reality so we can have a better, cleaner, greener tomorrow,” says Daisuke.

The industry is ripe and ready for players like RESC. According to Statista, currently, the number of battery electric vehicles in use worldwide is 4.8 million, out of which 1.03 million were sold in the APAC region in 2019 alone. It would be interesting to see how this startup grows and expands across the region to make sustainability an everyday reality.

Find out more about RESC here: http://www.rescgroup.com/index.html

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This article is produced by the e27 team, sponsored by 
JETRO

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Cialfo, a Singapore-based startup in the international student mobility space, has raised US$15 million in an extension of its Series A round co-led by new investors SIG and Vulcan Capital

Backers also include January Capital, Bisk Ventures, Patrick Walujo and Teik Ngan Loy.

Cialfo will use the new capital for product innovation as well as expansion to India, China and Southeast Asia. It also plans on working with leading universities to help them provide open online courses and other blended learning solutions.

Launched in 2017, Cialfo’s goal is to make learning opportunities accessible to students by leveraging on data and technology to simplify college and career counselling workflows.

It does this through its AI-powered search application management tool, which allows students to apply directly to thousands of colleges across the globe.

On the other end, higher education institutions can leverage on Cialfo’s solutions to attract and recruit students through virtual college fairs, direct engagement opportunities and data analytics that give them a better understanding of the student.

Also Read: AppWorks joins Indonesian edutech startup InfraDigital’s Series A round

In 2020, the startup claims to have secured 650 partnerships with top institutions such as Cambridge, Oxford, Brown, University of Pennsylvania, University of Chicago as well as local universities like Singapore Management University and Yale-NUS.

Additionally, Cialfo is also working with more than 1,200 K-12 schools across 90 countries and claims to have grown its revenue by over 200 per cent year-on-year.

“Within a short span of time, Cialfo has made big waves in the global edutech industry,” said Tommy Teo, Managing Director of Southeast Asia, Vulcan Capital.

The company also announced that it is in talks to acquire similar firms that operate in the K-12 space, with the aim of establishing an even stronger position and greater market share in the region.

Besides Singapore, the startup also has offices in New Delhi, Shanghai and Washington DC.

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Image Credit: Cialfo

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Antler, a global early-stage VC firm, announced today it has invested in 12 new companies from its fifth Singapore cohort.

The new entrants operate in SaaS, fintech, healthtech, Artificial Intelligence, insurtech, art-tech, and more.

The list included Singapore-based Breathonix from Antler’s COVID-19 Initiative. Launched earlier in April 2020, the initiative aims to invest in startups that are working on ideas that respond to the impact of COVID-19.

The demo day was streamed virtually to a global audience of investors, VCs and entrepreneurs.

According to Antler, 70 individuals were selected out of the 3,100 applications it received for its latest batch. The firm disclosed that the founders came with an average of 11 years of working experience, with 83 per cent having worked in a startup before.

Also Read: Meet the 15 new startups that have received funding from Antler

“The latest additions to our portfolio have built their startups to meet the needs of consumers in an increasingly digital-first world — where remote work, fintech and automated business processes have become integral to everything we do,” said Jussi Salovaara, Co-founder and Managing Partner Asia at Antler.

Launched in 2018 in Singapore, Antler has since grown to be a global early-stage VC, running programmes across a range of cities including Stockholm, Nairobi and Sydney, and investing in over 250 early-stage companies.

Notable companies from previous Antler Singapore cohorts include proptech startup Cove, HRtech platform Sampingan and fintech platforms Sama and Xanpool. The VC firm noted its companies have raised more than US$34 million in follow-on funding since graduating from its programme.

A brief overview of the 12 ventures

ArtWallSt: An art-tech company that matches artworks to bistros, retail, and work-spaces where emerging artists can reach prospective art lovers.

Bver: A platform that utilises AI to analyse voice and transcribed text from sales calls to help improve the performance of sales teams.

Bluesheets: A bookkeeping automation platform that automates manual data entry and brings financial transparency to organisations.

Brick: A fintech startup providing financial data API for tech companies in Southeast Asia to enable in-app financial services.

DayOne: A HR SaaS platform that trains frontline workers via micro-learning and micro-tasking to boost their performance.

Fighealth: A healthcare company empowering women to proactively understand and manage their reproductive health.

Forma: A no-code platform to build customised workflows for business processes.

Surer: An insurtech platform to help intermediaries work with clients and insurers with greater speed and efficiency through automation.

Locad: A cloud-based plug-and-play solution for e-commerce fulfilment, providing flexible and on-demand warehousing from a global network of logistics partners.

PocketPet: A mobile app that connects pet owners to vets and other service providers.

EatMatch: A social app that helps young adults and millennials find new connections and activities to do together.

Breathonix: A platform that uses breath tests for diseases detection by analysing small molecules in exhaled breath.

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Image Credit: Antler

 

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Communities, just like the people they are made up with, are multifaceted. Despite having central goals and objectives that it seeks to pursue, a community is strongest when it is aided by meaningful partnerships outside its defined scope and purpose.

Through collaborations, communities are able to better address problems that intersect within the different demographics each community caters to. Moreover, they are able to help provide solutions not only for their specific audiences, but for adjacent communities that share similar challenges. As such, at the Facebook Community Accelerator, collaborations between different participating communities are encouraged and supported.

Community-building itself is a challenge. Thus, for many participating communities, becoming a part of an accelerator programme under the guidance of Facebook is beneficial to their cause. Furthermore, collaborations between communities help them widen their audiences and access more to people, and through partnerships, these communities are able to share their strengths and best practices with one another.

Challenges in community-building

While discussing their community-building efforts, Filipina Homebased Moms (FHMoms), a community that helps mothers obtain financial security and personal growth by helping women find home-based livelihood opportunities, explained that “during the start of the Facebook Accelerator programme, the Philippines was in the path of 4 typhoons, which affected the access to electricity and internet connectivity of everyone in the country. This slowed our progress for a month and a half.”

Despite this, the team behind FHMoms persevered. With the help of Facebook’s growth-related training, hands-on mentorship, and funding support, FHMoms aims to reach more Filipino stay-at-home mothers who need help or access to a source of livelihood and internet connectivity.

There are a variety of challenges that hinder communities from being able to flourish. Indonesian Babywearers (IBW) says that because of the nature of the community they are building, which is to provide consultations and education on baby-wearing — even at low cost — they still face the challenge of growing their community as people were “deterred by the price, which in turn has had an impact on our goal to improve the mental health of our community, especially mothers,” they explained.

Yohana Habsari, the chief proponent of the project, elaborated “we have had to find a balance in setting a price that is between the price of a professional consultation and what is acceptable by the community to enable mass education.”

Also read: Why a robust digital insurance distribution system is the future in APAC

Just like FHMoms and IBW, many other participating communities turned to the programme to help address challenges in their community-building efforts. Thailand-based community Local Alike which focuses on empowering and connecting Thai tourism to the world and Philippine-based #MentalHealthPH whose goal is to promote and protect mental health awareness, both cited the pandemic as a key hurdle in their initiatives. Meanwhile, fellow mental health advocate, Ooca, explained that finding the right team members has been their biggest challenge.

Mental health was a big topic at this year’s community accelerator. Joining #MentalHealthPH and Ooca is MotherHope Indonesia (MHI) seeks to create a safe place for moms and promotes perinatal mental health literacy to support mothers and families affected by perinatal mood and anxiety disorders. MHI cited stigma surrounding mental health, funding, unintegrated perinatal healthcare, and untrained health workers and volunteers as some of their key obstacles.

Addressing these different challenges can be tricky and requires careful guidance from various community experts. BEAGIVER, a community that focuses on helping people create social impact, argues that it is important to keep members engaged. With the help of Facebook’s community management resources, BEAGIVER is hoping to design a chapter’s journey and membership journey, among other strategies, designs, and process, that they are coming up with to ensure meaningful experiences.

Advancement for Rural Kids (ARK), on the other hand, said that in order to address their challenges, they leveraged Facebook’s unparalleled reach into the rural areas of the Philippines. “We used the ad credits and utilised the persona analysis and other marketing skills we learned in the community accelerator to ensure we understand our target and potential partners,” they said.

These are only some of the challenges faced by the participating communities. Thankfully for them, however, apart from the programme’s arsenal of support, they can readily rely on partnerships and collaborations with one another for stronger community efforts.

Partnerships and collaborations

In building communities that can grow together, one must examine where pain points intersect so that efforts to address them can become collaborative in nature. In the case of FHMoms and #MentalHealthPH, Maria Korina of FHMoms said, “many of our moms are suffering from postpartum depression and other mental health issues but they don’t know where to go or who to ask for help. We decided to partner with #MentalHealthPH to explore ways to help our moms achieve better mental health.”

#MentalHealthPH and FHMoms offer similar forms of support to a common demographic through their various programmes such as consultation and access to mental health resources, among others. On the flip side, #MentalHealthPH acknowledges the crucial role of mothers to promote and protect mental health not only for themselves but also for their households. This easily aligns with FHMoms’ goals of empowering stay-at-home moms.

Local Alike on the other hand has partnered with YOUNGHAPPY, a community that helps seniors maintain an active lifestyle that promotes their self-esteem, keeps them engaged with their peers, and supports their wellbeing. Because this community is mostly made up of people who love to share their daily routines and special events with families and friends on social media, they are the perfect community to collaborate with for Local Alike’s goal of promoting community-based tourism.

Meanwhile, IBW sought partnerships with two participating communities. The first partnership with Ooca mutually benefits the two communities because of their intersecting interests. Members of IBW that need to seek mental health services are unable to do so due to the pandemic. Thankfully, Ooca’s services — which are mainly offered online — have become relevant and useful for their community.

Also read: Why Taiwan Matters: local and international initiatives in Taiwan startup ecosystem

Moreover, while Ooca is a platform for online consultation, IBW has can provide specialists to perform the consultation. With their collaboration, IBW can reach more users both locally and internationally on the Ooca platform, while Ooca is able to enter the Indonesian market.

Their second collaboration supports a similar community while addressing similar pain points. MHI believes that social support requires an environment in which women can learn that they are not alone, they are not to be blamed, and that recovery is possible. This collaboration is fitting since IBW operates as a strong “virtual village” of women who can empower one another — which strengthens and supports MHI’s vision.

Lastly, ARK and BEAGIVER — both based in the Philippines — saw great potential in collaborating with each other. The team behind ARK explained that “BEAGIVER serves similar profile communities that we partner with. There is a potential that they have communities who want to solve hunger and food insecurity and want to be on a path to self-sufficiency.”

Meanwhile, BEAGIVER elaborated further that “both ARK and BEAGIVER are committed to uplift the economic condition of families in the community, and the community as a whole. While our entry point approaches are unique and different, the end goal is the same — no family should go hungry and communities must have economic opportunities or alternatives to better their lives.”

Moving forward to a more collaborative future

As these partnerships continue to evolve — forged by a burning passion to pursue common goals under the expert guidance of community-building juggernauts like Facebook, these communities are well on their way to creating meaningful impact. Having already mapped out future plans of launching online and offline events, establishing larger partnerships, raising public awareness, and amplifying causes, there is much to be expected from these budding community leaders.

Also read: Are cyber attacks more life-threatening than we think?

“The problems that we are solving are big and structural. It cannot be solved by any one organisation or any one solution. It can only be solved as a large partnership or coalition of similarly intentioned individuals, organisations (public and private, for-profit, and social profit), communities that bring diverse thought, talent, and experience,” said Ayesha of ARK.

Through the Facebook Community Accelerator, these communities do not only benefit from a slew of technical support, mentorship from a team of experts, and funding; more importantly, they get to form important networks and partnerships with other communities that can collectively impact the world in much bigger ways.

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This article is produced by the e27 team, sponsored by 
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Today, there are 2.2 million apps on iOS and 2.8 million on Google Play. As the app stores become oversaturated, this presents a significant challenge for app marketers: relying purely on organic installs and app store or search engine optimisation, is simply no longer enough to compete. In 2021 the key to growth, scale, and profit is building a solid user acquisition strategy to acquire users who go on to generate more revenue than they were brought in for.

With a specific focus on non-gaming apps such as travel, music, shopping, and news, mobile marketing leaders Adjust and app monetisation experts ironSource have teamed up to create a report that highlights app industry user acquisition trends and strategies for staying ahead of the curve. The “Growth Strategies for Mobile App User Acquisition” ebook gives you the tips and tools required to grow your app through user acquisition.

Exploring everything from the media sources that non-gaming apps currently rely on to best practices for designing creatives that convert, the latest ebook from Adjust and ironSource is a complete guide to help you navigate every step — whether you’re just starting out and building your strategy from the ground up, or looking to optimise and improve your current strategy.

Powered by data from Adjust and ironSource, the report also includes useful case studies and benchmarks for KPIs such as CTR (Click Through Rate) and CVR (Conversion Rate), so you can see how your performance currently fares against the rest.

As the pandemic accelerates us towards a more app-focused world, 2021 will likely see businesses everywhere investing in their apps and using them as a primary channel to interact with their users. Make sure you’re one step ahead when it comes to growing your business and proactively reaching out to valuable potential users — download the Growth Strategies for Mobile App User Acquisition ebook to learn more.

– –

This article is produced by the e27 team, sponsored by 
Adjust

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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You know its a great week when one of your contributors returns after nine months and three new contributors join the bandwagon.

Well, this week they are discussing the future of AI, cultural transformation and policy making in the digital world.

Happy reading! And if you have counter perspectives to share, earn a byline by submitting a post.

The world of AI

The social dilemma: How Feed Flow AI is shaping the future of app engagement by Peng T. Ong, Managing Partner at Monk’s Hill Ventures

“The Netflix documentary The Social Dilemma highlighted the fact that a number of Silicon Valley tech companies are using Feed Flow AIs to monetise attention with many users being unaware.

For some companies, it is for the sake of corporate interests. Take a look at the social media platforms from the US, which tend to optimise for engagement to drive ad revenues. Meanwhile, platforms in China tend to drive direct revenues through methods like virtual gifting.

Indeed, the Feed Flow AI is a powerful lever for user engagement but this brings up the question of transparency. Are companies respecting users’ attention, privacy, and most of all, their free will?”

The dawn of creative AI: How this BLOCK71 startup is revolutionising the creative industry by Deon Tan, outreach executive at Block71 Singapore

“Despite the diversity, one thing remains the same: humans are the sole source of creative work – or so we arrogantly believe. What if I told you that AI can also play a part in the creative world?

Data scientists and researchers have grappled with the problem of natural language processing (NLP) for the longest time. With the continuous development of machine learning algorithms, AI has become smarter and sharper at understanding and reproducing human language. However, is AI smart enough to write original pieces that reflect a brand’s persona? Is there a limit to its linguistic creativity?

To learn more about the relationship between AI and creative copywriting, I had a chat with Joshua Wong, co-founder and CEO of Hypotenuse AI – an AI startup that employs machine learning to generate written content for e-commerce companies. Read on to find out how Wong plans to harness the power of AI to revolutionise the creative industry.”

Policy matters

ASEAN policies and developments that encourage blockchain investments by Kay Banzon, fintech and security enthusiast

“Investor interest is an important factor, but it is not going to be enough without counterpart actions from governments or regulatory bodies. In the absence of legislation or regulations that clarify the treatment of digital assets and blockchain-based transactions, tech startups that pursue blockchain applications in their business models cannot attract investors.

Investors will likely find it too risky to extend financial backing to companies that operate in markets where their businesses can face legal challenges.

ASEAN as a whole does not have specific policies related to blockchain and digital asset adoption. However, some member countries have introduced legislation or changes in their policies over the years in support of blockchain-based business models and innovations.”

How important is regulation for digital banks in India? by Elizabeth Barry, Finders global fintech editor

“Data from Finder shows that one in five Indians (roughly 184 million people) hold a digital bank account. A further 12 per cent of Indians plan to open a digital bank account in the next year, which will bring the total up to nearly 296 million people.

But while the growth in markets such as Asia, the UK, Europe and Australia have been bolstered by regulatory efforts of their respective governments, India’s digital bank market has largely grown without government help. It’s still not possible to get a digital bank licence in India, but there are 17 neobanks gathering funding and customers.

So, is the Indian market unique? Or will it need regulatory assistance to properly establish its digital bank market?”

All about growth

What metrics to monitor as a B2B SaaS company? by Minh Vu Hong, Investor @ Qualgro

“What are the key metrics you should be tracking to ensure right understanding of your business and sustained longevity of your company?

The following are definitions of the main B2B SaaS metrics you should be monitoring for your company in the context given above. Note that all these metrics can, and should, be tracked across various different levels: company level, product level, cohort level, customer group level, etc.

The purpose of this short article is to provide a common ground of notions and knowledge on SaaS metrics, based on the hundreds of SaaS companies we see and evaluate on a yearly basis at Qualgro.”

How can companies drive growth in a recession? by Mike Flache, entrepreneur and angel investor

“The fact is, real growth is simply impossible in some industries during a recession. Demand is almost at zero and global sales markets have collapsed. And what is made even more difficult during this pandemic and completely independent of the sales market: the procurement market and supply chains were/are completely interrupted in some cases.

In view of these extremes and looking back on my conversations, the question asked at the beginning of this article should first be answered by another question: How can companies drive growth in a recession? And only then to ask whether digital transformation can actually enable growth in times of crisis and beyond.”

Cultural transformation and digital transformation go hand-in-hand. Here’s how to get it right by Crystal Faith Neri, Marketing Manager, 10X Innovation Lab

“We live in a world where we are constantly meeting new people and exchanging ideas. With this comes the necessity of accepting others’ cultures and opinions.

It is important because to maximise the value we bring to a community, we must recognise our piece as a part of the bigger pie. Cultural transformation is an essential tool for all businesses to move forward in the working world.

Recently, 10X Innovation Lab had the pleasure of sitting down with Max Shkud, Head of Learning at Microsoft Silicon Valley. He walked us through understanding the basics of cultural transformation within a workplace, how to set yourself up for success in HR, as well as some thoughts about the coronavirus and opportunities for people working towards creating cultural change in the workplace.

In this article, we share with you his tips and tricks and that will get you to think critically about your role in your organisation.”

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Can companies actually enable digital growth in times of crisis and beyond? My interlocutors have asked me this question again and again in countless phone calls and video conferences over the past months. One thing is clear: there is certainly no general answer to this question.

Because as diverse as the perspective on this topic is, as diverse were the people I spoke to. From sole proprietorships to startup founders to experienced entrepreneurs in medium-sized companies as well as board members of listed branded goods companies – across all industries.

To get one step closer to a substantive answer, we first need to dig a little deeper.

The fact is, real growth is simply impossible in some industries during a recession. Demand is almost at zero and global sales markets have collapsed. And what is made even more difficult during this pandemic and completely independent of the sales market: the procurement market and supply chains were/are completely interrupted in some cases.

One man’s suffering is another’s joy…

While many retailers and automotive suppliers are struggling to survive, on the other hand we are experiencing a boom in technology companies. For example at Zoom Video Communications. Over the past twelve months, the share price has increased 4.3 timesfrom around US$88.00 (early February 2020) to around US$382.00 (early February 2021).

In view of these extremes and looking back on my conversations, the question asked at the beginning of this article should first be answered by another question: How can companies drive growth in a recession? And only then to ask whether digital transformation can actually enable growth in times of crisis and beyond.

Also Read: How startups can tap community networks to pivot for growth amidst the pandemic

The example of Zoom Video Communications underpins one fact very clearly: growth in a recession is possible, but only if companies can solve the immediate problems of their customers.

And of course, technology as well as digital transformation can help to get a decisive step closer to this goal.

We have all experienced first-hand how technology can help fight the unexpected effects of COVID-19. Technology has not only helped us monitor the spread of the corona virus but has also enabled us to work productively from home. Technology has also ensured that our children can keep learning. And last but not least, that we can stay in touch with friends and family despite social distancing.

But back to the business area…

The pandemic has hit numerous businesses hard. So do numerous small and medium-sized companies. For many of them, the rapid transition from the analog to the digital world was of crucial importance. Offering and selling services and products directly online to their customers has not only ensured their survival but has even made some of them flourish.

And although there is no tried and tested playbook for our special crisis situation today, the above examples are more than illuminating. The ability to quickly adapt existing products, offers and services to new consumer needs is essential. Adaptability is the key!

Another key aspect is to prioritise the right customers and create an investment plan for the move to digital. See the crisis as an opportunity and sensitise your entire team to the “new normal”.

A look back at 2008 also makes it clear how much potential there is in the current situation. Back then, the financial crisis was the hour of birth for many technology companies worldwide that are successful today. This includes Slack or Cloudera, for example.

Also Read: Survival vs growth: ShopBack co-founder shares 3 golden rules to withstand the pandemic

TechCrunch’s comparison between Asia, North America, and Europe underlines that especially in Q3 2020 with 24 billion raised venture capital dollars in Asia is one of the most successful in recent years.

The future will belong to the prepared…

Lessons from the last two recessions suggest that companies that have balanced growth and cost management have outperformed their competitors in the aftermath.

According to McKinsey’s analysis, B2B companies embarking on digital transformation tend to generate 8 per cent more shareholder returns. And on top of that a five times higher sales growth than its competitors.

Another example is the e-Conomy SEA 2020 report “At full velocity: Resilient and racing ahead” published by Singapore-based investment company Temasek in collaboration with Google and Bain & Company. The report shows that Southeast Asia’s internet economy is on track to hit over US$300 billion by 2025.

Back to our initial question …

Companies can enable digital growth in times of crisis, even beyond. The prerequisite for this is to harmonise the framework conditions of the crisis, the needs of customers and the relevant levers for value creation. It is important to understand that there is a great opportunity in every crisis – for you and for your business.

–

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

Join our e27 Telegram group, FB community or like the e27 Facebook page

Image credit: Robert Metz on Unsplash

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In an era where technology dominates the workplace, you either culturally adapt to changing times or get left behind. Cultural transformation and digital transformation go hand-in-hand when developing a framework for advancing the productivity and reach of your business.

Too often, business leaders will push for digital growth without understanding the importance of backing it with cultural transformation. This can lead to frustration, lack of communication, and overall negative performance. Having a strong corporate culture helps retain employees, boost productivity, and attract top-tier talent.

The new digital revolution must first be led by cultural transformation with HR as a key facilitator.

The importance of cultural transformation

We live in a world where we are constantly meeting new people and exchanging ideas. With this comes the necessity of accepting others’ cultures and opinions.

It is important because to maximise the value we bring to a community, we must recognise our piece as a part of the bigger pie. Cultural transformation is an essential tool for all businesses to move forward in the working world.

Recently, 10X Innovation Lab had the pleasure of sitting down with Max Shkud, Head of Learning at Microsoft Silicon Valley. He walked us through understanding the basics of cultural transformation within a workplace, how to set yourself up for success in HR, as well as some thoughts about the coronavirus and opportunities for people working towards creating cultural change in the workplace.

In this article, we share with you his tips and tricks and that will get you to think critically about your role in your organisation.

The digital movement revolution

With the changing times, the majority of the emerging world is pushing to become more technologically literate. Technology is a tool that can be used to set up your business, making it adaptable, easier to communicate within, and even easier to participate in international exchanges.

The move to digital infrastructure is necessary to do business in the modern world. This need is rooted in human resources and stems up through the rest of the business.

Also Read: Values need to go beyond the company handbook, but should be embodied by everyone in the organisation

Understanding the bigger picture

One of the key components in working towards a better corporate culture is to understand the overall objective and mission of the company. When you can put the company’s needs above yours, you become a better team player. You and your peers can set aside personal objectives and focus on the bigger goal.

Max talks about how for years the “business side” and “HR side” of a company have been seen as two different sides. To move forward and be truly transformed, all aspects of a business must come together and understand their position in the bigger picture.

Examples of cultural shifts

Culture is dictated by a set strategic direction established by leadership within an organisation. This is why it is so important that every single tier of the corporate structure can understand their role within the business, as well as what the objectives or goals of the business at large are.

Max references the example of leadership at Microsoft where initially under Bill Gates and then later Steve Balmer, the culture of the company was completely different. He emphasises the importance of social awareness—what might have worked for businesses ten or even five years ago may no longer be relevant. It is important to stay informed about cultural norms and find ways to implement them into your organisation.

Strategies for transformation

The best way to integrate processes for cultural transformation within a workplace is by designing a specific strategy that is tailored to your business. Digital transformation and cultural transformation are by no means a “one size fits all.” Each company, and even divisions within an organisation, must develop its strategy for digital integration.

Sit down with your team and discuss what their priorities and objectives are

Follow this up by asking why these priorities mean so much to them. Are you able to find common ground between employees? Use this to structure how you want developmental digital change to be executed within your organisation.

Send out a survey

Include questions about the company, questions about what employees think their role within the company is, and potential places where employees think there can be an improvement. In the analysis of the survey, you will most likely find common trends or patterns due to miscommunication.

This can be a useful tool to refer to when assigning tasks. It can also help determine what values and culture the people within an organisation seek. Use this to evaluate strengths and weaknesses in your corporate culture.

Also Read: Digital Economy Forum 2020: Accelerating digital transformation for genuine innovation

Having a small focus group can be another way to evaluate the same metrics

Create a cross-functional task force that is assigned to facilitate cultural transformation. Include representatives from HR, leadership, and all parts of the organisation. Having a diverse group of people will help break out from the “one size fits all” model.

Cultural transformation occurs both in and outside the office. To effectively transform you not only have to re-educate your employees but also your partners and other stakeholders. While creating structures and processes is crucial, so is the people’s side. Get to know your organisation’s stakeholders, including employees and partners, on a deeper level. Getting their buy-in is an important step in reaching your cultural and digital transformation goals.

Get better insights into your organisation’s culture through the eyes of your customer

Customers want to buy from companies who they believe are innovators. Customers often will be able to provide an unbiased viewpoint on how your innovation efforts or lack thereof. The customer’s perception will help you not only improve your innovation and transformation processes but will help you better understand how to communicate your progress publicly.

In resolving cultural conflict 

Reconciling cultural differences is often about “ego” as Max puts it. Often, when there is a cultural conflict it has very little to do with the actual culture itself but rather a clash of people who want to be right.

In addressing how to move forward from situations like this, remember the bigger picture and the strategic direction of the company. When we learn to put our egos behind us, we face a more productive and reasonable conversation, which is beneficial to all parties involved.

To wrap it all up, whether an organisation is as large as Microsoft or as small as just a startup with a few people, cultural and digital transformation play an important role in achieving success.

Using strategies to digitise and culturally adapt to your business will help you move forward and outplay competitors. It all starts with being aware and understanding your core purpose within an organisation.

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Singapore-based OrderEZ, which provides a business management platform for F&B suppliers and venues, announced today it has raised over US$374,731 (S$500,000) in a seed funding round from undisclosed investors.

The fresh funds will be used to consolidate its operations locally as well as expand its solution to Australia and New Zealand.

“With our recent funding, our immediate goal is to expand our presence in Singapore and grow into Australia, helping more suppliers and venues minimise human error, grow their revenue, and use data to add value to whoever, wherever they are in the supply chain,” said co-founder Jeffrey Meese.

Founded in 2019, OrderEZ enables suppliers and outlets to centralise critical business processes related to their F&B business.

Also Read: Food Market Hub lands US$4M Series A to grow its cloud-based F&B management biz beyond Malaysia

Its key services include tracking of sales, deal pipelines and ROI, along with bookkeeping, inventory management, automated order tracking and a driver app to capture delivery data.

The company runs on a cloud-based system to keep track of sourcing, food procurement, costs, inventory and operational tasks.

OrderEZ has different pricing for both suppliers and outlets.

Suppliers can avail the lite service for US$150 while the premium service stands at US$224. While outlets can use the service for free , they need to pay US$74 for the premium version, according to the company’s website.

It claims to have onboarded over 500 F&B suppliers and venues in Singapore alone and aims to grow its user base 10x by year-end.

“As the adoption of digital-only solutions grows, there is a strong case to be made for holistic solutions in the F&B sector. Our platform is robust enough to be a standalone solution and yet flexible enough to complement existing ERP systems, allowing users of all sizes access to tools that are catered specifically to their industry,” said co-founder Andrew Creswick.

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Over the past two decades, firms across many industries have gone through digital transformation. This level of digitalisation has paved the way for small to medium enterprises (SMEs) to be able to utilise innovative solutions to gain a competitive edge in a cutthroat business world.

Now, technology-driven innovations have lowered the barriers to entry in the finance sector, one that has been long regarded as a traditional industry. These disruptive solutions have the capability to reshape the face of financing in a once-conservative sector, be it for traditional banks or fintech companies.

The love-hate relationship with fintech and traditional banks

With the entry of fintech firms into the market, retail banks are faced with a new and direct competition. Both function as a financing option for businesses. However, there is also a seemingly ideal allyship in this scenario. Retail banks have the capital and know-how to develop in-house operations to power their digitised processes.

Also, they have the resources and foundation that fintech companies can benefit from in a partnership between the two. Typically, digital banks can choose to outsource aspects of their business to fintechs, resulting in a dual-situation of competition and partnership.

As practical as it seems, it may not always be that easy. Traditional banks have access to multiple partners, potentially harbouring fierce competition among fintech companies. As banks start to embrace technology, these established ‘big fish’ can leverage cutting-edge solutions from fintechs of their choosing without the same level of reciprocity.

Discovering new models to combine their strengths

It goes without saying that in an era of digitisation, it is impractical to work solely on the traditional business model. Banks need help. Fintech companies have a narrower focus, which translates into expertise, on certain aspects that can power the processes of traditional-style banking.

Also Read: The SEA startup ecosystem kicks off the new year with a flood of fintech investment

A prime example is through open banking platforms. The integration of third-party services into digital banking platforms has given financial services a whole facelift, from improved customer experience to round-the-clock accessibility, among others.

Collaboration between fintechs and digital banks allows for a more flexible and holistic experience for the end-consumer. The use of technology can also accelerate financial decisions. To put it into perspective, this coexistence can be seen in origination and lending platforms, omnichannel merchant platforms, and cloud services with cybersecurity and IT infrastructure requirements.

Digital banks and fintech can collaborate to benefit each other

One obstacle that comes with this high-tech upgrade is an almost directly proportionate increase in regulation. The need for digitalisation is almost a necessity in current times, but in doing so can bring in its own host of challenges. Since traditional banks have built a rapport for secure and safe banking, the market may be wary of this shift to an all-online model. To gather the same amount of trust that traditional banks have fostered over its history may be a gruelling process for new market players.

As the Neobanking phenomenon continues to take over the world, these virtual-only banks move users from physical branches online, and in turn, raise the prominence of the issues.

To combat issues such as security risks and fraud in the acceleration of digital banking, governments have been pushed to develop new regulations. These legislation frameworks are put out to reassure and protect customers.

At the same time, smaller companies may be vulnerable to new regulations. For instance, digital banking licenses can put a dent in the financial plan for startups. Traditional banks looking to tap into digital banking will need to provide proof of expertise in several industries for an operating license.

These requirements also include a need for “further financial inclusion, technological innovation, customer analytics, and a solid understanding of banking risk management and compliance.”

Fintechs, however, are currently not grappled by the same rules and regulations that digital banks may face as they start to pivot. This gives them an edge since their growth is not constrained by the same decree.

Also Read: From professor to fintech entrepreneur: why David Chen of Atome decided to make the switch

Now is the time to break tradition and shape to future of banking

Fintech startup Jenfi, provides financing options in the same market share as many online banking providers. This, however, does not eradicate the possibility of a complementary partnership with digital banking services. The said partnership between Jenfi and digital banks could set a precedent for improved digital banking services – underwriting in specific market segments such as eCommerce and analysis of ROI of productive spending and investments.

Around the world, internet penetration rates is at an all-time high. In conjunction with digital transformation in organisations, this rise in online consumption from tech-savvy individuals drives the demand and need for innovative and digitised financial solutions. When it comes to the latest innovations in fintech, the generally positive media buzz and the fresh image seem to appeal to consumers.

Increasingly, consumers are realising that financial management and embracing technology is the way forward – a public sentiment that has evolved over the years. Technology-driven solutions, including digital banking apps and eWallets, are dominating the market right now, as a result of convenience.

In the last decade, the interaction between financial institutions and the market has evolved drastically as banking goes through transformations. Today, people demand control. Enter the partnership model for fintech and digital banking; they work together hand-in-hand to leverage on new technologies, in a win-win solution. With continuous disruptions and higher adoption, the alliance between banks and fintech will only grow to shape the future of banking in the years to come.

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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