During the ‘Re-Engineering your way to success’ event organised by The Malta Chamber as part of SME week, a number of business leaders shared their views in a panel discussion titled ‘The Road to Innovation’. The discussion which was moderated by Malta Chamber Head of Policy Mr Andre’ Fenech focused on the challenges of redefining ones’ business model.
The Malta Chamber Deputy President Ms Marisa Xuereb, noted how The Chamber was proactive in its approach to embark on two major processes before the Covid pandemic became a reality.
“Our Economic Vision which focuses on sustainable growth, and the Think Tank served to inspire recommendations and proposals for the 2021 budget. This pushed The Chamber to become a thought leader were members were regarded as the main source of inspiration to drive the economy forward.”
The Deputy President stressed the importance of upskilling employees as they are the key enablers and drivers for economic growth.
Francois Grech, Deputy Chairman at Tech.MT, said that although a number of businesses are aware of the need to re-invent themselves, they are unsure as to how to go about it.
“The first step in digitalising a business model is to analyse one’s current situation; how is one’s product positioning augmented, is one’s service delivery evolving?” noted Grech. Moreover, he underlined the importance of prioritising digitalisation according to the needs of the particular business, in order to ensure that the three main pillars of every business – namely technology, management and employees - are all pulling the same rope towards sustainability.
“Examine your surroundings and the key players within your industry. Ask clients and reach out to experienced employees about the way forward” said Anthony David Gatt, Head of External Communications at Malta Enterprise. He said that the road to innovation should not be a complicated one if done correctly. Highlighting the ‘Business Re-engineering and Transformation Scheme’ which was launched during the same event, Gatt said that now that the incentive is available, there has never been a better time for SMEs to invest in themselves to move forward.
Emanuele Vignoli, Head of GLCM for UK and EU International markets at HSBC, shone a spotlight on the importance of prioritising employees’ wellbeing, especially during a pandemic. He said that their efforts shifted to ensure that every employee could work efficiently from home.
“Making sure that all efforts and employees were fully operational to all customers was our main goal. That was followed by assuring ease of mind to all customers, hence live chats were set up for clients to contact us whenever needs be” concluded Vignoli.