CIMA Business Leaders Summit to challenge change

By Cassandra Mascarenhas

Adopting the innovative theme of ‘Changing Challenge – Challenging Change,’ the CIMA Business Leaders Summit commenced yesterday and will kick off its conference today at the Cinnamon Grand, which is expected to attract over 500 diverse professionals and business leaders.

The two-day flagship event in the CIMA calendar the event will draw focus on the new challenges faced by individuals, businesses and nations, which will push these entities to collectively challenge a rapid speed of change underway, in order to survive.

CIMA has therefore sought international and local speakers to share their thoughts on how survival is possible by challenging changes in a changing, challenge environment.

Following an address by the Secretary to the Ministry of Finance and Planning, Dr. P.B. Jayasundera, the keynote address was delivered by Director of Corporate Social Responsibility and Sustainability, Shangri-La International Hotel Management, Hong Kong, Patricia Gallardo, who emphasised on the importance of adapting to change.

She highlighted the necessity of businesses adapting to change, in particular climate change, and discussed the challenges that businesses would have to face, stating that if businesses refused to recognise the speed of change, they would sink.

“Change happens at the speed of light and it dictates how countries are run now. Social media in this aspect has really changed how businesses are run in the present context and the real time business decisions that organisations have to now make,” she said.

Challenging change in the business space, Gallardo added, is vital, noting that it must be understood that change occurs when seeking improvement and looking for solutions to do better. Climate change she admitted is something that most have failed to respond to properly.

“The sustainability landscape is changing and the way we cope spells the difference for business success and failure. Big names such as Wal-Mart, Vodafone, Starbucks Coffee, Puma and Intel have understood this and have in turn taken measures to adapt to this environment,” the Director of CSR explained.

Wal-Mart for instance after making its supply chain green has recorded a 20% decrease in CO2 emissions and also changed the mindset of its customers, who in turn have become more sustainably responsible by shopping at Wal-Mart.

Earlier this year, Puma became the first company to put out an environmental profit and loss, which put a financial value to its sustainable practices and has in turn shown that it makes sense to go green.

Gallardo also pointed out that brand trust and recognition is a big drive to go green and an even bigger driver is the potential for revenue growth in terms of savings. Another factor is consumer choice, as they become more environmentally aware and in terms of hiring the best people as Generation Y no longer looks for just pay and benefits when looking for a job but instead look to work with the best brands. “A total of 91% of CEOs think that clean technology is leading the way forward. As for places like Sri Lanka, harnessing solar and wind power is the way to go. China is really the next big thing and with plans such as building 97 airports within the country by 2015, the question we must ask ourselves is, are we prepared for them?” she questioned.

The full-day CIMA conference today boasts an impressive line-up of speakers, including Minister of Power and Energy Patali Champika Ranawaka, who will deliver the keynote address and many speakers from different industries and organisations.