How did the 12th World Chambers Conference (12WCC) explore ways to turn digital disruption into opportunities?
There were various fascinating ways in which the 12WCC examined this crucial topic during a very useful exchange of ideas and meeting of minds.
Held under the theme ‘Generation Next: Chambers 4.0 – Transforming Disruption into Opportunity for Global Business’, the Congress provided a tremendous opportunity to share valuable insights and unique perspectives on what Chambers 4.0 means to chambers of commerce from around the world, offering a glimpse into what the chambers of the future will look like.
One of the true highlights of the Congress was a new white paper released by Dubai Chamber, which noted that governments need to enact reforms that incorporate digital requirements in trade agreements, with digitally-enabled trade shown to provide significant economic benefits, efficiency gains and environmental rewards.
Digitalisation – alongside automation and data intelligence chains – was also highlighted as being essential to modernise and boost the efficiency of supply chains, the vulnerabilities of which were exposed during the Covid-19 pandemic.
Meanwhile, the Digital Fitness Test – a new and innovative tool designed to test the digital fitness of chambers of commerce – was launched at the 12WCC to great acclaim from everyone who attended.
The hugely effective tool, developed by PwC in collaboration with Dubai Chamber, evaluates chambers’ digital capabilities and readiness, as well as their ability to use technology to meet new business requirements.
During a very fun and interactive session at the Congress, titled ‘Fit For Digital: Know Thyself’, participants took the Digital Fitness Test comprising a 12-question self-assessment via a QR code, meaning that virtual attendees at the congress could also participate.
Test criteria for chambers included the presence of unified and comprehensive digital strategies; organisational cultures with digital mindsets; disaster-recovery plans; and documented programmes to identify security breaches.
What compelling objectives were discussed to maintain chambers’ roles as trusted and relevant leaders in the 21st century?
Among the key ones were that chambers must work to cultivate an entrepreneurial ecosystem to support small and medium-sized companies that will continue to play a vital role in the global economy; environmental, social and governance principles will be key drivers of business in the future; and businesses must orientate themselves towards the challenge of achieving net-zero carbon emissions.
In 2021, it is obvious that the world is at a crossroads.
We strongly advise, therefore, that governments and businesses must adapt to the new normal and learn to navigate a world in which workplace habits have been completely upended.
The climate crisis has become more pressing than ever, too, as the United Nations’ 26th Climate Change Conference (COP26) recently showed, and threats to international trade and global cooperation still persist.
As such, we firmly believe it is the responsibility of chambers of commerce to navigate trade in a world of disruption and innovate in order to remain relevant to their members.
Otherwise, a panel discussion at the 12WCC revealed that chambers of commerce around the world are looking to younger generations for inspiration as they adopt new innovation-focused strategies.
I would stress that it is imperative that business leaders pay serious attention to major trends and defining traits of the young generation, and how their voice can enable chambers to stay relevant. After all, young people are the lifeblood of any successful organisation with their abundant energy and ideas.
How do you think technology can help in terms of boosting collaboration and strengthening connections?
Well, it is obvious that technology is already revolutionising the global trading system and reshaping the way we do business. Collaboration and open, constructive dialogue are essential to ensure the success and prosperity of future generations.
I think that has become abundantly clear during the Covid-19 pandemic when people rallied together in the face of adversity and discovered that communication has become more important than ever.
As new technologies emerge, so do new challenges and opportunities.
I was delighted that a report launched at the 12WCC explored how the next generation of chambers of commerce can help businesses harness new technologies to continue the digital transformations that were accelerated during the Covid-19 pandemic.
The report examines how small and medium-sized enterprises have had to adapt since the onset of the pandemic, and how ‘Generation Next: Chambers 4.0’ can continue supporting this core pillar of the global economy.
The Covid-led digital shift led chambers to reinvent themselves during unprecedented times. If there are any positives to be derived from the pandemic, that is certainly one of the biggest.
How can chambers promote innovation within their strategies to enhance their competitiveness and preparedness in the post-Covid era?
Among the key recommendations of the whitepaper on Chambers 4.0 released during the Congress was the need for chambers of commerce to realign the services they provide their members to remain effective advocates of businesses in the post-pandemic era.
Examining the state of innovation in cities around the world during a time of unprecedented turmoil and change, the latest edition of the Dubai Innovation Index states that at the start of a new era, the global exchange of knowledge and learning is more important than ever.
Key takeaways from this year’s index are that digitalisation underpins the transformation and success of the most innovative cities; governments in top innovative cities do more to promote innovation than just set policies, oversee regulations and provide incentives; and the collaboration that has resulted from the pandemic has accelerated innovation by offering innovators enhanced opportunities for knowledge sharing, market access and funding.
Chamber Model Innovation was one of the most important initiatives launched at this edition of the World Chambers Congress, it was universally agreed. CMI was designed to fast-track chamber-led innovation around the world and guide chambers as they adopt a more customer-centric approach.
This model has been piloted by several chambers from around the world, which saw promising results and major benefits. I am confident that many more chambers will adopt it with the end goal of fostering a culture of innovation within the global chambers community.
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