Top CEO, the definitive platform for the recognition of exceptional business leadership of CEOs in the GCC, inaugurated its second edition on April 5 at the Westin Mina Seyahi Dubai.
During the “When Tech Kills Your Business” session, one of the thoughts expressed was that although the full digital infrastructure is not available, innovators should not stop turning new ideas into profitable businesses.
The session began with a presentation by Professor Peter Zemsky from INSEAD, who was also the moderator. The CEO of Omnicom Media Group, Elie Khouri, said the new technologies have disrupted marketing techniques in big way. “Publishers have become advertisers and advertisers have become publishers, while users have become media in their own right, through bloggers and influencers,” he said, adding that this is a positive trend, provided it is managed properly.
Marwan Iskander, managing director of M.I. Associates, focused the on the workforce aspect of the digital disruption. On competition, he indicated that the digital trend is generally positive, but the risk is that there are only five or six companies that are calling the shots at the global level and this has eliminated perfect competition among businesses. In the Arab world, “we are users of technology and not the innovators,” said Iskander.
Mudassir Sheikha, co-founder of Careem, was of the view that the availability of digital infrastructure is a challenge his organization felt when he and his team launched the Careem taxi service in the region. “We had to do our own road-mapping and figure out the payment systems,” said Sheikha. However, he added, the market is changing very fast and businesses are adapting to these changes.
Samer Bohsali, partner of digital business and technology at Strategy& Middle East, said that new technologies are calling for a redesign of business models to remain relevant. Government support on regulation and data protection will go a long way in ensuring the bright future of the businesses in the region, he said.
Talking about millennials, Bohsali said that today’s generation is very demanding as they are looking for immediate services and responses from both the government and the private sector.
On this, Khouri added that talent is very important and millennials are the new creators and buyers and they are looking for immediate gratification. So, the purpose of business is changing and new models are being created.
Panelists showed cautious optimism toward the tech disruption and concurred that adaptation is at the core of this change.
Samer Bohsali, Partner Digital Business and Technology, Strategy& Middle East
Marwan Iskander, Managing Director, MI Associates
Elie Khouri, CEO of OMG
Mudassir Sheikha, Co-founder, Careem
Moderator: Prof Peter B Zemsky, Deputy Dean, Dean of Strategic Initiatives and Innovation, the Eli Lilly Chaired Professor of Strategy and Innovation, INSEAD.
App analytics and market data company, App Annie, have released a new report that sheds light on Gen Z’s mobile behavior, in order to help marketers develop effective strategies to reach them. 98% of Gen Z report owning a smartphone, on average receiving their first at the age of 10. They are also part of […]
Experticity, the world’s largest community of influential category experts have released a new study that sheds new light on the importance of micro-influencers on the average consumer. The study was conducted with online interviews of more than 6,000 individuals from the United States drawn from Experticity’s micro-influencer network and the general population. In addition, more […]
Market research companies eMarketer and Global Web Index have collaborated together to release the 10th edition of the global media intelligence report. The report is a detailed compilation of data and insights about internet users’ traditional and digital media usage in 42 key markets worldwide. Communicate will be highlighting the key trends that are shaping the […]
Social Bakers, a global AI-powered social media marketing company has released the Q3 edition of their social media trends report. The report reveals where the industry is currently standing with regard to spending and engagement globally. Here are the key findings – ADVERTISING Worldwide ad spend increased by 56.4% in Q3 compared to where it […]