Forecast 2024: Worth the Risk, Part 2

LUKE GUANLAO
Group Chief Executive Officer, Inspire Brands Asia

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
We will likely see a consolidation of the larger footprint gym facilities. With such large real estate footprint, it was difficult for industry players to remain agile with cost management both during and post-pandemic. 

However, consumers of health and fitness services will benefit further due to a broader selection of offerings, particularly within the functional boutique and personal training space. We also anticipate a heightened focus on incorporating mental wellness into the physical fitness arena, be it through joint venture activities or grassroots collaborations.

What risks are you willing to take to meet your professional goals for the coming year?
A core professional goal of mine in 2024 and beyond is to be an advocate of both physical fitness and mental wellness. Personally, I plan to contribute to the de-stigmatization of mental illness by building a deeper awareness of its importance within the fitness industry, and by way of implementing certain tools to improve management of the mental challenges faced by many.

To start, Inspire Brands Asia has access to over 250,000 members across its Anytime Fitness portfolio, along with the upcoming introduction of SUMHIIT Fitness bringing its own wider following and member base. I will leverage that and continue to play a more active role within the fitness industry to raise awareness, and to remind everyone that physical and mental wellness are symbiotic.

WAN MAY ANG
Partner and Singapore Office Leader, Egon Zehnder

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
The types of questions that leaders of organizations need to ask themselves and put their minds to solving needs to change. Leadership is about solving problems, the right ones and bringing others along on it. It is a hard ask. In our Egon Zehnder CEO survey of over 1000 global CEOs, only 44% say they are aligned with their teams, even fewer with their boards. About 40% of companies over a nine-year period have had emergency departures at the top. It’s also going to get tougher with AI and geopolitical developments.  

 What risks are you willing to take to meet your professional goals for the coming year? 
The risk I take is for me to seriously fulfil my purpose of driving leadership for a better world. My way in is to have ears all over me to listen with my whole being, having my full measure of intellect turned on and constantly learning, staying open and responding to needs where I can be of help. How is this a risk? Living in this way can be tiring. What helps me is gaining awareness on what is driving me in the moment – fear or purpose? May it be the latter, and to have the wherewithal and good counsellors around me to recognize when I slide into the former.  

PHILIP MADGWICK
Senior Director Asia, Alteryx

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
As business leaders strive to fully exploit the era of intelligence to find a competitive advantage, the search for accessible AI-driven decision-making technology will reach a fever pitch in 2024. But, with over 80% of employers in Singapore facing a talent shortage, the tipping point to success will require bridging technology and skills gap. Empowering talent through access to data and self-service, low-code/no-code technology removes the complexity of data science to make AI accessible to all. Only by empowering non-technical users to build and automate processes without needing to write code will everyone be able to start using AI for business value.

What risks are you willing to take to meet your professional goals for the coming year?
As leaders, taking risks is a state of mind we are always operating within. While every opportunity can come with some form of risk, it is better to face them head-on with the understanding that success is just a risk away. That’s why, in the new year, I will focus more on exploring new challenges associated with the internationalization across Asia and on strategies that will nurture upcoming growth markets for Alteryx as organizations increase their investments in data-driven technologies, such as generative AI, AI/ML, and analytics platforms.

NICOLE BATCHELOR
General Manager, Raffles Place Alliance

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Placemaking inspires us to reimagine public spaces and great places are often the result of close collaboration and partnerships. At Raffles Place Alliance, we’ve actively worked on this as a pilot Business Improvement District (BID), through a collaborative process with our stakeholders to shape Raffles Place and maximize shared value, while creating vibrancy.

In 2024, we anticipate that a strong focus on data gathered from communities will help better ascertain preferences and enhance a sense of belonging. This could result in more ownership over the public places used, creating solutions while injecting even more vibrancy in the physical place.

What risks are you willing to take to meet your professional goals for the coming year?
As a placemaker, our expertise must constantly evolve. Each project or initiative always has to be approached with an open mind and viewed through many lenses, particularly when you have different audiences and stakeholders to serve. I would like to keep looking for innovative ideas and meaningful partnerships that will help us engage and grow our community. There will always be uncertainty, but I hope to plan not only for what our community in Raffles Place needs now, but also what it will likely need at a later time. 

NARISSA CHEN
Partner, Technical Training & Talent; Head of Audit & Assurance, Singapore, Mazars

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
The dwindling pool of accounting talents remains an industry concern amidst the increasing demand for accounting expertise and audit quality. To address this, organisations will likely invest in and leverage on IT tools to optimise efficiency and effectiveness and provide clients with better experiences and insights. The coming year also brings new ESG reporting and disclosure requirements for preparers and professionals. Professional standard setters and regulators will continue scrutinising the relevance and sufficiency of the existing requirements in the evolving landscape. 2024 will be yet another exciting and challenging year.

What risks are you willing to take to meet your professional goals for the coming year?
Despite the uncertainties ahead, I think we should persevere in talent investment to pave our way for sustainable growth. In this process, we will also actively and consciously pursue diversity. There will be a kaleidoscope of ideas from a diverse talent pool, and I am receptive to exploring, identifying and investing in new initiatives. Such commitments during adversity may entail financial uncertainties and short-term setbacks. However, such investments are instrumental in fostering long-term resilience, innovation, and adaptability. They align with our strategic approach toward a more inclusive, resilient, and successful organisational future.

LIEW WEI CHEE
South & SEA Managing Partner, Environmental Resources Management (ERM)

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
We expect to witness several key developments in 2024. With growing ESG awareness, there will be tighter regulatory frameworks, an increased emphasis by the private sector on decarbonisation, circular economy and investment in low carbon solutions. Additionally, we anticipate a surge in innovative technologies, such as carbon capture and utilization, and a greater focus on ESG disclosure on emission and sustainable supply chains.

Collaboration among businesses, governments, and consumers will be essential for achieving ambitious sustainability goals. Overall, 2024 is poised to be a pivotal year for the industry, marked by a concerted effort to address pressing global challenges.

What risks are you willing to take to meet your professional goals for the coming year?
As the Managing Partner for ERM SEA, I am proud of our unwavering commitment over the past 50 years to support clients towards a sustainable future. Embracing technologies, expanding our talents, and providing innovative solutions are at the core of our approach to achieving climate objectives. In navigating the complexities of a low-carbon transition, we prioritize fostering sustainability discussions. A testament to this is the Asian Sustainability Movers, an ERM initiative to facilitate crucial dialogue with industry leaders. Moreover, I champion diversity and inclusion within our teams to cultivate a growth-oriented culture, ensuring we make a tangible impact on our clients.

KELLYJO CONEY-KHAN
Founder & Psychotherapist, tidylodge Pte. Ltd.

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
The wellness industry will pivot towards fast, impactful therapies, such as EMDR Intensives, fulfilling the strive for equilibrium and performance demands of high-achieving professionals. A significant shift towards personalized, neuroscience-based preventative care is anticipated, as individuals actively seek to enhance their mental well-being and life quality. I predict 2024 trends will address advocacy and the personalization gap in programs that create an ROI for individuals and corporates. Real-time benefits, companies leveraging AI for healthcare, and the prioritization of wellness for improved quality of life are among the rising trends for 2024.

What risks are you willing to take to meet your professional goals for the coming year?
In 2024, I will strategically escalate our EMDR Intensives and harness pioneering research to elevate the discourse around change-driven therapies. My focus will be on nurturing community pillars through discreet, transformative wellness programs, thereby fostering broader societal growth. Amidst a proactive shift in seeking pre-emptive and rapid post-event healing, my 2024 initiatives will tap into the $1.5 trillion wellness industry highlighted by McKinsey & Co. I'm also crafting a visionary book, set to challenge and change the global conversation on wellness. By intertwining calculated risks with innovation, I aim to redefine the contours of personal development and mental health care for men and women aged 25-65 and onwards in Singapore, who are in pivotal corporate roles, harnessing their influence and capacity to generate widespread positive change for future generations.

JEFFREY KWEK
CEO, Moove Media

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
OOH Medium will Bounce Back and Forward. We will see a bounce back in Out-of-home (OOH) advertising to pre-pandemic range. As marketers demand more accountability, we need to understand the type of audiences reached; not just how many were reached.

Tech-enabled media buying will rise. Programmatic technology enables Digital Out-Of-Home (DOOH) advertising to be purchased via similar channels as online. Hyper-targeted locations and dayparts, makes OOH a powerful contextual medium. Like placing a McDonald's breakfast ad, near a branch, targeting young business executives.

Size Matters. OOH advertising through its sheer size provides the most impactful experiences to the public. No other medium comes close. Coupled with 3D anamorphic activations, this medium is by far the best way to wow and woo your audiences. Brand awareness is where the sales funnel begins.

What risks are you willing to take to meet your professional goals for the coming year?
Nothing ventured, nothing gained. I am willing to make mistakes, but not make the same mistake twice. We learn more from a “defeat” than from a “victory”.

We invested in a data dashboard to sell audience personas; but market-wide adoption will take time. There is also a risk in how far marketers will take it, so the jury is still out.

I would also take a chance on our people. We all need opportunities, responsibilities and autonomy to grow. Some will disappoint but it’s all part and parcel of life.

Over the long term, our team will be better and stronger.

HON MUN YIP
Singapore Chair, TIGER 21

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Climate change, the "known unknown," has become a priority for investors, companies, and nations in managing risks and seizing opportunities. McKinsey highlighted 25 new “green” unicorns in the past three years, collectively valued at over US$70 billion. This growth is fuelled by shifting public sentiment and evolving demographics, including the 78% of millennials who view investing as a means to make a positive impact and understand the urgency of climate change. As a sustainability investor and Singapore Chair of TIGER 21, a global peer membership network for wealth creators, the optimization of impact with financial returns will be an increasing trend in 2024 and a focal point of exploration during our monthly meetings.

What risks are you willing to take to meet your professional goals for the coming year?
Engaging in sustainability investments involves accepting and addressing risks related to market regulations, technological shifts, execution challenges, supply chain complexities, and financial performance uncertainties. To address these risks, I adopt a strategic approach focused on risk mitigation, incorporating structured processes, including due diligence. I am prepared to take calculated risks, even if yielding longer payback periods or lower financial returns. The true rewards lie in the profound impact created and the positive changes in lives, extending beyond financial metrics. As a TIGER 21 Chair, I will lead conversations about risk and impact with extraordinarily successful entrepreneurs and investors in Singapore.

BERNIE POH
CEO, Allium Healthcare

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Historically, Singapore has grappled with the nuances of subsidies, insurance, and mandatory savings in healthcare financing, necessitating co-payment. Given the burgeoning elderly population, out-of-pocket expenses are anticipated to rise, underscoring the importance of offering diverse healthcare options tailored to individual needs.

A pivotal trend in healthcare is empowerment. Consumers must have the autonomy to articulate their preferences and share feedback regarding care standards. Providers need the tools to fulfil the expectations of consumers, particularly the baby-boomer generation. Additionally, staff empowerment is vital for customizing service delivery. In this dynamic landscape, fostering a sense of empowerment for all stakeholders becomes paramount.

What risks are you willing to take to meet your professional goals for the coming year?
Amid high levels of scrutiny and increasing regulation, stakeholders in the community care sector need to embrace the risks associated with new innovations to meet consumer demands, maintain quality and remain viable. As the ageing population grows in Singapore and the region over the coming years, Allium Healthcare is committed to participate in long-lasting changes to underpin the long-term sustainability of the industry and improve the lives of older persons.

EDMUND CHONG
Founder, HustleVenture

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
In 2024, I anticipate the continued growth of online accessibility and its pivotal role in various industries. The lessons from the pandemic emphasized the importance of integrating online elements into businesses, leading to thriving adaptations.

With 68% of Baby Boomers, 72% of Millennials, and nearly 100% of Gen Z are active users of social media, online platforms are rapidly emerging as the go-to sources for reliable information. This shift signifies that individuals with a solid reputation and expertise online can leverage their credentials to establish robust online businesses.

What risks are you willing to take to meet your professional goals for the coming year?
The relentless quest to deliver top-notch content is an ongoing challenge. As the competition for securing a prime spot on the coveted page one of Google intensifies, the costs associated with SEO marketing are on the rise. It's safe to anticipate that AI will play a pivotal role in driving down these expenses and enhancing overall efficiency in this domain.

For newsletter businesses to maintain their competitive edge, it's crucial to be responsive to readers' evolving needs and produce content swiftly. To achieve this, integrating AI into our operations is imperative.