The world is about to change even faster. To stay relevant and ahead of the curve, organizations and institutions have to constantly innovate and recognize its importance in driving long-term growth and success.
With the aim to bring fresh insights and stern principles on innovation — what moves it, who will likely move it, and what it will take to move it — the Financial Executives Institute of the Philippines (FINEX) will hold its annual conference today, Oct. 12, at the Grand Ballroom of Shangri-La at the Fort in Bonifacio Global City, Taguig City.
The 2018 FINEX Annual Conference follows the theme “Future-Proofing through Innovation.” The event serves as the highlight of FINEX’s 50th anniversary celebration, which will bring together the country’s top finance professionals.
The Republic of Singapore’s Ambassador to the Philippines H.E. Kok Li Peng, Institute of Management Accountants’ Global Board of Directors Chairman Emeritus Alex C. Eng, and APAC Microsoft Director of Business Development for Emerging Markets Digital Transformation Inam Hussain will deliver keynote address during the conference, sharing their ideas and knowledge on innovation.
The first session on “How Now Innovation Cow?” will explore the four fundamental concepts of innovation, developed by John Bessant and Joe Tidd, namely product innovation, process innovation, position innovation and paradigm innovation.
Sharing their thoughts on these concepts are Ayala Corp. Head of Innovation Vincent G. Tobias and Aboitiz Equity Ventures Chief Digital Officer Jojo Guingao. The session will be moderated by Ayala Corp. Managing Director and CFO Jose Teodoro K. Limcaoco.
The second session, “Learn to Rock,” will discuss the significance of education to spark innovation and creativity.
Mansmith & Fielders, Inc. Chairman Josiah Go, Asian Institute of Management President and Dean Jikyeong Kang, and De La Salle Philippines President Bro. Armin A. Luistro will share their insights about the topic. John Clements Consultants, Inc. Managing Director Alicia Morales will serve as the session’s moderator.
The third session of the conference, “To Tech or Not to Tech? That is the Question,” aims to answer the said question (which is really rhetorical in the first place) and discuss how organizations use technology to fuel innovation.
Speakers in this session will be Bank of the Philippine Islands’ Head of Enterprise Services Group Executive Vice-President Ramon L. Jocson, Thinking Machines Data Science, Inc. Founder and CEO Stephanie Sy, and McKinsey & Co. Philippines Associate Partner Boris Van. The session will be moderated by Hungry Workhorse President and CEO Reynaldo Lugtu, Jr.
The last session on “Shake Rattle and Roll: Innovations in Marketing and Media” will focus on media and marketing as vehicles of innovation.
To lead the discussion are Dentsu Aegis Network Philippines Country CEO Donald Lim, Google Philippines Country Head Kenneth Lingan, Sun Life Financial Philippines Chairperson Rizalina G. Mantaring, and McDonalds Philippines Managing Director Margot B. Torres. Ateneo Graduate School of Business Professor of Strategic and Marketing Management and Economics Wilfrido E.A. Arcilla will serve as the session’s moderator.
INNOVATION AND ITS CRUCIAL ROLE TO ORGANIZATIONS
Innovation, which is defined as the “process of translating an idea of invention into a good or service that creates value or for which customers will pay,” is one of the most significant and complex challenges each organization faces today.
By looking at history, one can clearly recognize its real value. For instance, in the United States, 85% of the companies included in the Fortune 500 list in 1955 are now replaced by new ones. Companies like GM, Ford, Kodak, IBM, ITT, Polaroid, Nokia, Blackberry, Sony and Atari are now a shadow of their former selves.
Similarly, this was observed in the local setting. Some of the largest companies in the country during 60’s and 70’s are now replaced by new players who bring innovations that customers find beneficial to their lives.
Moreover, many “in” products of the past years are nowhere in use or were doomed to go, such as videocassette recorder, digital optical disc, camera film, fax, beeper, landline, and typewriter. The list continues as the world spins at a much faster rate than it used to, or much faster than how people used to see it. This only means that the wunderkind of today will likely be an old man in no time.
To add to the challenge, it’s not as if one innovation will drive and keep the company up the ladder. A one-hit wonder can create some magic, but not for long, because innovation is a never-ending thing. And this is what FINEX aims to instill in the consciousness of the delegates to today’s conference — that we all need to Future-Proof ourselves and our organizations through Innovation.