Go for tech-oriented business landscape
Corporate leaders have to embrace the new business landscape shaped by technology-oriented developments to expedite their journeys, given the ever-changing realities of the evolving pandemic, believe senior private sector executives in Bangladesh.
Ensuring corporate governance is essential to make business sustainable, they told CXO Summit 2021 at Radisson Blu Dhaka Water Garden organised by the Valor of Bangladesh, a platform to facilitate constructive dialogue amongst industry leaders, corporates and academia.
New scenarios require new leadership as business can change the world, said Ali Reza Iftekhar, managing director of Eastern Bank Ltd (EBL), in his opening speech.
Considering the new phenomenon, the EBL has set up different digital platforms to provide better services to clients and that has also helped it strengthen bonding with clients, he said.
The world is now very different from what it was before the pandemic, said Raihan Shamsi, chairman of technology ecosystem enabler DevoTech.
"We have learned very costly lessons…There is no scope to go back to the previous atmosphere. Adopting new technology has become a strong requirement in keeping pace with the time as lots of people now work from home," he said.
The economy is beyond doubt now going from strength to strength, said Syed Mahbubur Rahman, managing director of Mutual Trust Bank.
But there is room for improvements in corporate governance along with in strengthening the country's education system given that of peer economies, he said.
Corporate leaders should also be able to empathise with colleagues as it helps run an organisation in an efficient manner, Rahman said.
This includes taking responsibility of office and staff to sustain the business, said Shwapna Bhowmick, Bangladesh country manager for Marks & Spencer.
They have to try to think differently as well as being aware of the ins and outs, she said, adding, "The leaders try to add value to what she/he does every day."
Being in leadership is not about position rather it is an action, said Yasir Azman, chief executive officer of Grameenphone.
"You have to dream and learn more and more. These help you do more. Giving reward and feedback to colleagues are important to motivate their works," he said.
No corporate house will be successful without practicing the right culture, he said.
Syed Moinuddin Ahmed, additional managing director of Green Delta Insurance, stressed on practicing telling the truth, saying it eventually helps a person become a trustworthy leader.
Being disciplined is an important tool as it emanates the characteristics of a leader, he said.
Corporate leaders should maintain a vibrant relationship with vendors for expansion of their businesses, said Malik Talha Ismail Bari, a director of United Group.
Teamwork, encompassing all from manufacturing to distribution, helps make business sustainable, which subsequently yields a satisfactory outcome, said Asadul Haque Sufyani, chief operating officer of Bengal Cement.
The pandemic taught a lesson, that every company should keep some funds in reserve to make it through tough times, said Ihtesham Shahjahan, managing director of Quality Feeds.
They have to also try to reduce operational costs, he said.
He also underscored the importance of networking among stakeholders, especially companies and customers, saying it could help realise demand for products.
Najmus Ahmed and Anis A Khan, executive director and chairman respectively of the Valor of Bangladesh, also delivered opening speeches.
Presented by the EBL and powered by Btrac Technologies, the summit comprised six sessions which were addressed by over 36 senior executives of various companies.
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