Chen Chunhua: Paradigm Shift

May 17-2019   

Don't apply the logic of the industrial age to the digital age because paradigm shift has taken hold, cautions Prof. Chen Chunhua at the recent National Digital Competitiveness Forum at NSD. She's the Dean of BiMBA Business School and a highly acclaimed scholar in corporate management and governance. To make the digital transition, she says, companies in traditional industries should first and foremost embrace six cognitive changes: First, all becomes data;

Second, connection trumps possession; Third, credibility and open collaboration hold the key; Fourth, the competition logic has given way to the symbiotic one; Fifth, clientism; and sixth, long-termism. According to her observations, companies haven’t acted fast enough to re-calibrate their thinking, which has seriously hampered the implementation of many well-intended policies. Believing that data is insight, she is partnering with a Chinese company to encourage companies to include a strategic report – alongside balance sheet and other reports – to record and gauge investment for digitization.