Times are changing fast and that means new risks on top of old risks. So how do you stay one step ahead when market disrupters are bowling through every industry?
When Fiat Chrysler chief executive Sergio Marchionne took over the American automotive giant at virtual bankruptcy, one of his first actions was to shut down the executive headquarters and move his desk down to middle-management level where he could find out what was really going on.
This, say specialists in business transformation, was a textbook move. First, it put the executives in the loop. Second, it improved the quality of decision-making. As a bonus, it was good for morale. And, most importantly, it helped management stay in touch with rapidly changing customer habits and tastes.
This is why StarHub, Singapore’s second-largest telco, spends much of its time, money and technology in learning how to keep its 2.5 million subscribers happy. As vice-president of M&A and corporate strategic planning Ryan Tan explains: “Singapore is a saturated market with more than 160% mobile phone penetration, so we not only look at defending our mobile market share but also the ARPU per user. Thus, while market share is always a concern, we also look to grow our share of their wallet and continue to enhance the stickiness of our services, thus reducing our churn rate. To do so, we are always exploring innovative services and off erings as part of our value proposition.”
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