ASIA BLOCKCHAIN REVIEW recently had the unique opportunity to catch up with George Koshy, of Ernst & Young, for his unique take on things in Malaysia. This is the third and final part of the interview series.
The EY report entitled “Economic impact of COVID-19, A Malaysian Context” believes in putting people first, protecting business continuity, building and securing liquidity and engaging stakeholders to respond to COVID-19. Do you share this paradigm?
Certainly, when there is a major crisis, all organizations will need to re-prioritize their strategies. In the short to medium term, we believe in saving lives and saving jobs. In the long term, our business model must evolve to ensure the sustainability of our business.
Moving on the blockchain ecosystem, fundraising and IEOs. We wanted to explore your thoughts on the marketplace in this area. What’s your take on things as far as 2020 goes?
We see blockchain as one of the emerging technologies, along with cloud computing, robotics, AI, and data analytics, that organizations are going to consider in their search for smart, resilient and cost-efficient solutions. We note that blockchain technology is considered one of the key pillars for Web 3.0, the next generation of the Internet in terms of back-end technology. A decentralized back-end will remove the current monopolies and may provide enhanced privacy features and security from cyber-criminals.
Finally, as all of us continue to trailblaze our own commercial pursuits in these uncertain times, are there any key insights, experiential learnings or recommendations that you can share with us regarding the journey ahead?
Moving forward, organizations need to always be prepared for an economic shock, so having a core “Resilience” strategy and constantly reviewing end-to-end performance, including the front-, mid- and back-end operations, can expedite the identification of underperforming areas and the acceleration of desired transformation upgrades.
That way, come rain or shine, organizations will be generally equipped with upgrades of new software and tools to achieve the seamless delivery of products and services anytime, anywhere. Any major organization transformation needs to have people at the center of its strategies and plans, innovation at scale and technology at speed.
Placing people at the center is about caring for employees’ well-being and productivity, which is important, as a significant cross-section of these employees will lead companies into the future and be part of the transformation to ensure resilience and competitiveness.
Innovation at scale is when companies are able to innovate, even during a crisis, and can rapidly seize market share when the crisis is over. Technologies at speed means companies are able to quickly transform and integrate new technologies into their operations, leading to the creation of a distinct market advantage.
In a related development, Ernst & Young Advisory Services Sdn Bhd (EY Malaysia) recently implemented an application developed by SAP for the Government-Linked Companies (“GLC”) and Government-Linked Investment Companies (“GLIC”) Disaster Response Network (“GDRN”) in support of the GDRN’s response to the COVID-19 pandemic.
The SAP Customer Experience solutions which include SAP Sales & Service Cloud (aka C4C) were implemented by EY Malaysia and delivered to GDRN within a week. They aim to provide optimum logistical support and response to organisations working to assist Malaysia’s Ministry of Health (MoH) supply ventilators and protective equipment to hospitals as well as other health-related organisations under its wings. The application will also be instrumental in channelling pledges from institutions and individuals looking to contribute hospital-related items via an integrated platform.
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Anil started his career in journalism all the way back in 2003. After traversing the sphere of editorial, corporate communications and advertising, he has now come full circle and is back in the world of journalism. He believes in the power of the written word, and its ability to enthrall, delight and inform the reader.
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