Issue link: https://maltatoday.uberflip.com/i/1028264
maltatoday 14 | SUNDAY • 16 SEPTEMBER 2018 FILM BUSINESS INNOVATION Thriving in the transformative age THE world, not least Malta, is facing the fourth Indus- trial Revolution, aptly named Transformative Age, which is changing the way we work at an exponential rate. Tech- nological advances are re- shaping value chains, making people and information more accessible and redefining how work gets done. At the same time, changing workforce demographics and employees' shifting expecta- tions of the work experience are challenging the tradition- al model of what it means to 'go to work' or 'to have a job'. How is your company po- sitioned to respond to these trends? The transformative age lends itself to holistic, inte- grated solutions. Research shows that leading compa- nies are applying new cus- tomer insights into every- thing, from operating-model change to services-led prod- uct innovation that deliver customer-centric solutions. On a parallel but equally im- portant track, thriving busi- nesses create work environ- ments that make employees look forward to coming to work. These businesses generate a palpable buzz – a sense of en- ergy and vitality that is attrac- tive, enlivening, and stimulat- ing. This is the mind-set that Maltese businesses need to inculcate in their corporate culture, thereby positioning themselves to reap the full benefits of the fast-paced technological environment and to adopt approaches that set them apart from the crowd. The balancing act is at least as daunting as the challenges of the Transformative Age it- self. No matter where you fall on the laggard-to-leader spec- trum, you haven't completely missed the train. Every com- pany has its own distinctive circumstances and challeng- es. Every company has its own optimum strategy for mov- ing forward and engaging the digitally enabled future. But each company is obliged to rigorously assess its present status and the universe of change options to be enter- tained. Subsequently, each firm can piece together the most "bal- anced" package of change initiatives to enable it to get the most mileage out of its investments in the near-term and beyond. The European Commission describes Malta as 'the island known as a centre of techno- logical expertise.' On July 4, the Maltese par- liament made history by pass- ing three bills to set a regula- tory framework and drive innovation in blockchain-like technologies with the express intent of attracting foreign financial tech companies to establish themselves in the country. Malta became the first world jurisdiction to provide legal certainty in this space – a certificate to the is- land's adaptability to chang- ing times. The march in this Trans- formative Age continues. Ar- tificial intelligence, robotics, virtual reality, the Internet of Things and sharing economy platforms will create enor- mous displacements of la- bour. Not all jobs will be affected, and not all affected jobs will be eliminated. Automation will both substitute and en- hance human labour, but jobs that are truly unaffected will be the exception rather than the norm. How does one plan for fu- ture business growth in the transformative age? A healthy business environ- ment is already in place. The next step calls for the under- standing of what current in- vestors think about one key question - is Malta attractive? For the past fourteen years, EY's Malta attractiveness sur- vey has sought to answer this question by inviting existing foreign investors in Malta to provide their views. It forms part of EY's global series gauging the perceptions and realities in the different coun- tries and regions. The series is aimed at pro- viding guidance for invest- ment decisions and indica- tors to governments and policy makers on current and potential barriers to growth. Throughout the years, EY's survey results have indicated that Malta has consistently remained attractive as a des- tination for FDI, notwith- standing the turbulent global economic and political envi- ronment. Year on year, investors have highlighted the importance of protecting and retaining what already works in Malta, while keeping an eye on the opportunities and challenges that lie ahead. The 2018 attractiveness sur- vey results will be unveiled on 24 October at EY's Annual Attractiveness Event, this year aptly titled "Welcome to the Transformative Age". This year promises to de- liver yet another insight- ful, innovative and engaging experience both for the the 60 speakers and the close to 1000 participants. The event promises to take everyone on a journey transcending this Transformative Age, an age which we are collectively experiencing and living on a daily basis. The aim of the event is to spark ideas and discussions centering on the massive par- adigm shifts occurring across sectors and explore the po- tential to drive investment and shape the next wave of Malta's growth. For more information on EY's Annual Attractiveness Event and to register, visit www.ey.com/mt/attractive- ness Simon L. Barberi is Director, Advisory, at Ernst & Young Simon L. Barberi