Session 6

Just a recap of the things when learn so far J

Technology is the way of applying knowledge.

Innovation: Deals with change and developing new ways of doing things

Sustainable development: Ability of meeting generation needs without compromising the needs of the future generations.

Bio-business is a very broad sector as it encompasses healthcare, agriculture and the biomedical areas. Just some facts about bio-business, it occupies 25% of GDP and employs some 40% of the population. The bio-business has a lot of potential to be further developed.

In this session, we focused on mainly the healthcare and biomedical sector. As the world becomes more globalised, the standard of living of people increases as well. Many people move from the rural areas to live in cities in search for better jobs. The increase in population living in the cities would cause the demand of healthcare would increase greatly over time.

There are different disease pattern throughout the years. In the past, where the lack of facilities saw people living with poor sanitation conditions which cause problems like respiratory infections, diarrhoeal diseases and perinatal conditions. However, as the infrastructure gets better over time, most people now have access to a clean supply of drinking water hence the number of such cases greatly decreases. People of today are plagued with health problems such as heart diseases and depression. This may be due to the type of food we consume. The increase in consumption of unhealthy fast food which is high in fat content causes problems like high cholesterol which in turn leads to heart diseases. Obesity is also another problem that is on the rise. This is due to people becoming more affluent causing them consume more. Moreover, the rise of technology (video games and television shows) results in people leading a more sedentary lifestyle. All these contribute to the worsening problem of obesity.

If this problem is not addressed, we will be the first generation where the next generation live shorter than their parents. Hence, this is actually an opportunity for companies to create weight loss solutions.  

There is a difference between infectious and chronic diseases. Infectious diseases are diseases that are transmittable through contact however; people usually get chronic diseases when they are older. It is astonishing that more than 60% of the world’s diseases were infectious diseases.

During the session we also discussed about how ICT (information and communication technologies) and healthcare are closely related. Robots are increasingly being used in hospitals to facilitate the provision of healthcare. An example would be robots being used to sanitise room in hospitals. The hospital has the presence of superbugs which are harmful to patients hence with this robot, the room can be better sanitised with the use of UV rays to kill bacteria that is unseen to the naked eye.

Prof also mentioned about the problems facing the pharmaceutical industry. The pharmaceutical industry is a very profitable sector. The challenge the sector faces is to decide which types of drugs to focus and make. There is a rise in preference for specialised drugs that is designed for each individual. In the past, the industry manufactures drugs for the mass public to use. However, that has changed. There is more specialisation in the types of drugs and research is done about nano-medicine.

Just a thought but with all these advancement in medicine and healthcare, is there still a place for traditional medicine?

I feel that the effects of the Chinese traditional medicine are only showed after a long time of using them. The western medicine is however is based on science. I have seen the Chinese physicians before and the medicines they give are usually bottles of black liquid. But it amazes me that it actually works but the effect is only shown after a long period of time. There has also been an increase in the number of people learning this traditional form of medicine. So, I do think that there is a place for traditional medicine in today’s world and also the future.    

Personal Rating: 7/10

Session 5

This week’s lesson was on Information and communications technology (ICT). Being connected to the Internet we are able to access information from a wide source and are no longer limited to the area we live in. A globalised community is also formed due to ICT as each one of us has the ability to use this knowledge to innovate and bring impact to the world.

In the past, news/information is usually disseminated through the word of mouth. This resulted in a one way of communication (usually from the government to the public). With the rise in ICT, people are becoming more informed and aware of issues. Hence, they give feedback by providing their perspective of the issue through the various platforms namely, blogs, online forums and social media. Companies captialise on ICT to and advertise to raise awareness of their brand. It has been found that consumers rather trust online reviews of previous customers rather than the company’s website. Hence, the consumers are now getting more weight and are able to influence companies to create better products by giving feedback on existing products.

The ICT also led to a situation where people are bombarded by wide range information.  Thus, we have to discerning and critical of the information we read. Since literally anyone who has access to the Internet can post their views, we should read the information and judge for ourselves whether the information is true.

I still remember when I was in primary school; my family was still using dial-up connection. In those days, the internet was not really advanced hence, the websites only disseminates information but there was no outlet for a feedback. Then things started to change when the websites became more interactive.

Prof introduced us the new future of Internet which is called Web 3.0. It’s being dubbed as the internet of things and services. Web 3.0 can help to customise your personal needs. For example, before travelling, Web 3.0 would help plan and suggest an itinerary.

However, being able to obtain information so easily, this would have an impact on our privacy. Hackers are able to get important information about you through your computer or hand phones.  No doubt that there are many benefits that ICT has brought but the advancement of technology like the GPS system allows people to track your location hence invading your privacy.

Social networking is the main reason there is a growing number of people using the internet. Sites like facebook, twitter and instagram allows users to share what’s happening in their life and there also can be immediate response to these posts. It helps one to keep in touch with their friends and there will not be a drift in friendship. Moreover, from the video Prof showed us, these sites helps one to connect to a network of people that was initially “invisible” to them.

Crowd sourcing is where companies do not patent/copyright their ideas and instead allow members of the public (the whole world) to comment and help solve problems associated with the idea. This way, the final product would be good as people from different parts of the world are able to share their ideas and give different perspectives to the idea.

Gaming is also another part of ICT that has grown tremendously. Gaming has totally changed the ball game. It is used in areas for education, helping soldiers to deal with post-traumatic stress and also in the healthcare industry. Children have been proven to learn better when a game is played and they retain more information too. Story telling has also changed. With ICT, storytelling can be done in 3D on computers. Gaming is also to help soldiers with psychological stress sustained during wars.

One aspect of ICT I like was the creation of cloud computing. Instead of storing data into hard drives of computers, we store data into a cloud system. This allows one to be able to access this information whenever we go as long as there is an internet connection.

 However, the ICT has not been used fully to help alleviate poverty. There is still a wide digital divide. ICT could be a medium where education can be brought to people living in the third world countries. By developing literacy programmes, people in less developed countries can also receive quality education.

In the past, people are valued by what they do with their hands (craftsmanship) however, in today’s society people are valued when they use their brains to come up with innovative ideas.

The rise in ICT has resulted in automation of systems and there may be problems arising because of this. The problem of unemployment would occur for people who do not have the skills and knowledge as their jobs are increasingly being taken over by technology.

There are also potential risks that ICT brings. There may be espionage if companies/countries use captured data to gain strategic benefits for themselves. 

Key takeaways:

1.   ICT can help bring education to the less developed countries and more should be done to facilitate this process.

2.Each individual should be discerning about the information they come across the Internet.

Personal Rating: 9/10

Session 4

This week’s session was on about drivers of change, change management and change leadership.

Prof shared with us that we should not alienate ourselves and put the blame on others and conveniently exclude our responsibility. We have to come together and recognize that there is indeed a problem and initiate change to solve the situation. The individuals make up the government and industries hence there should not be a clear distinction as to which group (Government, Individual and Industries) should take up responsibility and lead change. There is a misconception that Singapore is a small country and that our small population does not significantly contribute world problems such as depletion of natural resources like crude oil.

Charles Darwin studies about evolution by observing species around the world. He noted that the fittest animal is not the most adaptable to change. Surprisingly, the least fit animal is the most adaptable.    

Prof also shared with us a few quotes. The quote that caught my attention the most was the quote from George Benard Shaw. “The reasonable man adapts himself to the world; the unreasonable one persists to adapt the world to himself. Therefore all progress depends on the unreasonable man.” A reasonable man would only adjust himself to live with the conditions that he does not like. However, an unreasonable man is not satisfied to live with such conditions hence he will stand up and make the necessary changes. To be able to live in better conditions, one needs the courage to stand up and push for change and not wait for others to initiate changes.  

Prof introduced the different kinds of drivers in different arenas for example, economic growth, national security and climate change. A driver is one who changes the ball game.  These drivers can significantly change the way the world works. Countries that are previously closed and resistant to change (China and Vietnam) have realised that only by opening up and learning from other countries will they be able to improve and gain economic growth. Like what Prof emphasize greatly in previous lessons that “Change is the norm” and that it’s essential for us to embrace change and adapt to it to ensure that we remain as a dominant player or a rising star. In the case of China, once it started opening its doors to the outside world, they benefited greatly and grew exponentially.

A new concept was also introduced to us- the concept of being an eagle, an ostrich and a dodo bird. An eagle is proactive in searching for opportunities whereas an ostrich is one who pretends that he does not know anything going on around him and lastly, a dodo bird is one that did not adapt and move with change leading it to be extinct or a falling star.

People who are resistant to change find themselves unable to get better jobs. The economy does not always stay the same; it changes and evolves over time. Machines have been invented to take over repetitive jobs that previously were done by manual labour. Some jobs present today were not even present in the last decade. Hence, people have to retool and improve on their skill sets to ensure that they stay relevant.

As the world moves from an industrial age to a more knowledge based economy, workers have more power to decide for themselves if they would like to stay in the company or not. Workers now are equipped with different skill sets as compared to the past where an individual specializes in certain skills and are limited to that particular job. It is essential for companies to create incentive for workers to stay.

Next, we discussed on leadership and management. Prof showed us 2 videos of people leading change. The first video showed that a leader must be able to persist in what he believes in and if there are like-minded people, they will start to follow the leader and slowly, a whole crowd forms and a movement is created. One thing that I learnt was that a follower is as important as a leader. Without followers, there will be no leader. The difference between a leader and a manager is that the leader creates the paradigm and helps to give the organisation a good vision. However, the manager is someone who works well in a paradigm and facilitates the implementation on this vision. Both roles are equally crucial for a company to function well.

To respond to changes, one is being reactive. When we are leading change, we are being pro-active. We give ourselves the chance to explore the unknown and be a fore frontier. 

In one the readings of week 4, it emphasizes that gone are the days where companies stick to their 5 year plans rigorously. The “freeze, refreeze and freeze” method cannot be used as the world is evolving so quickly that the company need to be on their feet and respond to market changes quickly.

Another idea that Prof brought in is the Pessimism Time Curve. At first, people would be very excited and eager to embark on this new idea that they thought of. However, as more in depth research is done, the excitement starts to die down and some give up halfway. Through the process of researching, many obstacles start to surface out and one gets dejected. If there’s great persistence, there will be a time where the curve would drop and that’s the time where the idea is on the way to become a successful innovation.

Key takeaway messages:

·         Change before its necessary.

·         Be open minded and be willing to learn new skills

Personal Rating: 7.5/10

Individual Paper Outline

How has technology changed the hospitality industry and how will it continue to shape the industry?

 Executive Summary

This paper will explore about how technology has evolved hospitality industries (mainly hotels and restaurants) through improving efficiency, service for guests and allow the companies to gain more consumers. The introduction of technology has impacted the hospitality industry both positively and negatively. Furthermore, the report will delve into the possibilities of how technology will continue to shape the industry. 

Background/Introduction

In the past, the hospitality industry relied heavily on manpower to ensure the operations of companies. There was also a great reliance on paper work. For example, service staff in restaurants would need to take down your order with a pen and paper. This resulted in a longer time needed to serve the patrons their food. Moreover in the past, hotel guests needed to fill up manually personal particulars on paper before check in.

However, the rise of technology has helped to improve these processes and there is a shift from labour intensive towards technology based systems. The benefits reaped from these are that more emphasis can now place on customer experience instead.

With the proliferation of the internet, a whole new consumer market is now being opened up. Through websites, hotels and restaurants have created a platform for potential customers to get to know their products and service better. Online reservations and booking can also be done in the click of the button. Better systems have also been created to help facilitate the process of companies. Securities have also increased in the hotel industry.  

 Current situation

Currently, the introduction of technology has resulted in an increased competition in the industry. Hence, it is imperative that companies create a distinct edge for themselves that allow consumers to identify them from the majority.

Positive impacts that technology brings are:

·         Variety of Choices

The Internet allows consumers to able to compare prices of different hotels before making a choice. Informed choices can be made as consumers are able to access the vast amount of information. Reviews of past customers can act as a reference to potential customers.

Hotel aspect: Pictures of the hotel rooms and the available facilities can be included in the hotel websites to allow guests to have a look of the ambience of the place.

Restaurants: Mobile applications can be downloaded and recommendations can be made as to where can good food be found.

 

 ·         Convenience

Hotel aspect: Online booking is fast and efficient. Guests are able to select dates and see if there are available rooms for that period of time. Computerised systems allow guests to spend lesser time to check in. Systems would reflect the available rooms that are ready for guests. 

Restaurants: Kiosk that has systems where consumers can use to order food (yoshinoya) and the food will be delivered to their doorstep.

 ·         Greater security of hotel doors

The use of card scanner replaces the use of keys and locks. This increases security as keys cannot be duplicated.

·         Improved efficiency

Hotel aspect: Better management systems. Computerised system allows front service staff to know what which room is available and has been cleaned.

Restaurants: PDA phones are used to take down orders and system would send them to the kitchen. This saves time and the food can be prepared faster. Marche- Customers are issued cards when they enter. The price of food that the customer eats gets credited into the card. At the end, the consumers then head to cashier with the card to pay for their meal. Customers can enjoy their meal and do not go through the hassle of having to pay multiple times at the different stalls.

Negative Impacts

 Data security compromised :Hotel provides guests with free wifi service. Tapping into the internet through the wifi, hackers can hack into phones and obtain private and vital information.

Restaurants that rely too much on technology (self-service) may lose the personal touch and customers may not feel that they have good service. 

Future considerations

Hotel industry:

Personal touch can be given. Hotel guests are able to set the conditions (air conditioner and water heater) of their hotel room even before they step in the hotel. (Similar to smart homes)

Perhaps phones can instead be used as the hotel keys instead of the card system that is currently in use.

Improve security of networks

Restaurants:

Menus in restaurants need not be hard copy instead it can come in the form of a tablet. For people who are travelling to places where English is not used as the main language of communication, the tablet can also translate the whole menu to a language of their choice. 

Conclusion

Use technology to improve hospitality, in turn boost economy through tourism. 

Session 3

First half of the lesson

The Prof started off with giving examples as of why sustainable development is so important. It is a key factor that determines if a country can continue staying as a dominant player or a rising star. For example, the Philippines are facing the problem of brain drain due to stagnant economy and jobs are not adequately created for its people. Hence, it is essential that there should be sustainable development as in the long run the country can still stay competitive.

What is sustainable development? Sustainable development is about meeting the needs of this generation but not compromising on the needs of future generations. To do so, we need to change the process of businesses.

The situation now is that processes are done in a linear cycle as what Prof mentioned it. There is no consideration about the impact on the environment. The strains on the finite resources are starting to show. Natural endowment like forest has been chopped down to made way for urbanisation. Crude oil resources have been depleting hence many researches are done to look for alternative energy sources.

As the number of people moving from the rural areas to cities is increasing exponentially, there is great importance to maximise available resources to full use. Companies are now moving on to a more cyclical approach. Prof has also mentioned that in an effort to move to more sustainable methods, opportunities are being created for innovation, growth and value creation.

For the past decade, recycling have been a trend and showed that the recycling business is a good investment towards creating a sustainable world.

The problem is that due to the increasing number of people entering the middle class income due to economic growth in countries such as China and India, it causes an increase in the consumption of goods and services. Hence, more waste is generated. Businesses started to see waste as a valuable resource. See the article

Prof also mentioned that countries are unwilling to invest heavily in new technologies for the fear that it would fail and would have no economic benefit to the country.  Nations (China, India) who came in later found to have benefited greatly as all they have to do was to purchase the technology and use them to create new products. There is no need for them to pay large sums of money for research and development of the product.

However, this trend is slowly changing as now there are laws like patent rights. People who invest heavily in research and development (R&D) can have the confidence to be a leader in R&D as the law will protect their innovation.     

There may be problems arising when developing countries rely on investments from developed countries. Developed countries may exploit these developing countries and strip them of their natural resources and leave behind pollution. For example, in Bangladesh, workers are paid poorly and made to work in precarious environment to produce cheap clothing for exports. If the country does not move up the value chain and produce higher valued products, the living standard of its people would not improve. Hence, developing countries need to be focus on what they want to achieve.

Presentations

The presentations this week were really interesting. One of the presentations is about how the fashion industry is making changes to their processes to contribute to creating a more sustainable world. I feel that there are many benefits for companies to do so as they can attract a new group of consumers- mainly those who care for the environment. Moreover, they can brand themselves as a company who is passionate about the environment and this can help distinguish them from the numerous companies. However to ensure that this is successful, education of the consumers is very important. The consumers need to know why is it so essential that they need to support “green” companies. Since demand of a good reflected by consumers, there needs to be a substantial number of consumers who are willing to purchase such goods before the companies are willing to invest in them.

Second Half of the lesson

Prof also introduced us the innovative creative pipeline. Although there is high risk involved, there are also huge benefits to be reaped if the innovation is successful. The Silicon Valley in California houses tech giants like Google and Facebook. Why is it that the Silicon Valley still remains as a dominant player and despite countries trying to replicate such success in places elsewhere it’s not as successful as the Silicon Valley?

 Singapore is trying hard to do so by encouraging entrepreneurship. I read this article where the author feels that the success of Silicon Valley is largely due to the “magic ingredient” which is smart people.

The diversity where people from all around the world come together and brainstorm together about ideas helped boost innovation. “The understanding of global markets that immigrants bring with them, the knowledge they have of different disciplines, and the links that they provide to their home countries have given the Valley an unassailable competitive advantage as it has evolved from making radios and computer chips to producing search engine, social media, medical devices, and clean energy technology.” (Quoted from the author) If that’s the case, why is it that Singapore has not seen much success in trying to promote innovation?

The last question of the question posted to us in class was “How innovative is Singapore’s population?” Personally, I feel that the education system limits innovation. Students are awarded based on merits hence they are afraid to take risks for fear of compromising on their grades. This fear of taking risks prevents them from developing an idea that may have the potential to be the next big thing.

Prof also talked about the diagram consisting of valleys, summits and clouds. Companies should focus on the summit opportunities. By bringing together development, resources, people and idea, the company is able to reaped the benefits and become a dominant player.  

A question raised in class was “Should technology driven or market driven?” Market driven innovation refers to the development of vaccines for example to treat dengue, HIV. There is already an available market for such goods if they are produced. Technology driven innovation is where a product is created but there might not be a market for it and companies have to invest and convince people that this product is what people need. Prof gave an example which is the Sony Walkman and the iPhone. This is usually more a more difficult proposition as companies need to invest heavily in the production and may break even after a long time.  

    

Key takeaways

1.       Companies/Countries need to ensure that the processes they adopt are sustainable in the long run to allow them to stay dominant.

2.       The 4 key factors to ensure successful innovation: People, idea, money and partnerships.

Personal Ratings

8/10. Really interesting discussion and I learnt more about innovation management and sustainability. J