Top 10 Leaders Shaping the Future of Finance Industry

06. Cover Story

ZaidAlYaeesh

Pioneering Financial Growth with Purpose

e n t s :

Igning Vision, Inspiring Acon

Thefinanceindustryoftengetsoverlookedand deemeddull,challenging,anduninspiring. Interestingly,themoreit'sneglectedandnot prioritized,themorebenefitsitcontinuestooffer.Inthe constantlychangingworldoffinance,leadersplayacrucial roleinguidingtheindustrytowardinnovation,inclusivity, andsustainablegrowth.Financingcompanies,atthecoreof thisdynamicsector,serveavitalfunctionbylinking aspirationswiththecapitalneededtoachievethem.

Financingcompaniesserveastheenginesdrivingeconomic progress.Theirprimaryfunctionistoprovideindividuals, businesses,andorganizationswiththefinancialresources theyneedtopursuetheirgoals.Whetherthroughloans, creditfacilities,orinvestmentvehicles,thesecompanies formthebackboneofthefinancialecosystem,facilitating theflowofcapitalthatfuelsentrepreneurialventures, corporateexpansions,andpersonalaspirations.

Theneedforfinancingispervasive,encompassingadiverse arrayofindividualsandentities.Entrepreneurslaunching startups,establishedbusinessesseekingexpansion,and individualsnavigatinglife'ssignificantmilestones,suchas homepurchases,education,ormedicalexpenses,allturnto financetobridgethegapbetweenvisionandreality.In essence,financingbecomesacatalystforprogress, empoweringthosewithambitionsthatrequirefinancial support.

Financeleadersplayacrucialroleinshapingthelandscape ofaccessibilityandresponsiblefinancialpractices.Through strategicvision,ethicalgovernance,andinnovative solutions,theseleadersensurethatfinancingisnotjusta transactionbutapathwaytoempowerment.Theydesign frameworksthatpromotefinancialinclusivity,spearhead initiativestosupportunderrepresentedsectors,anddrivethe industrytowardssustainability.Indoingso,financeleaders becomearchitectsofafuturewherefinancialassistanceis notonlyaccessiblebutalsoaforceforpositivechange, creatingamoreresilientandequitablefinancialecosystem.

Highlightingsuchfinanceenthusiasts,ourlatesteditionof TheCIOWorld,"Top10LeadersShapingtheFutureof theFinanceIndustry,"showcasesleaderswhoexemplify andpossessthesevalues.Theseindividualsnotonly achieveextraordinarysuccess,buttheyalsoserveasflames ofinspiration,inspiringotherstodreamandlearn.Through exclusivestories,wedelveintothejourneysofthese visionaryleaders,demonstratingtheirdevotionto cultivatingprogress,growth,andasharedvisionfora greatertomorrow

Haveagreatreadahead!

Z A I D Al-Yaeesh

Pioneering Financial Growth with Purpose

Prioritize gaining experience in the nance industry before aiming for a CEO position. This can involve working in various roles in nance companies, such as accounting, risk management, or investment banking. C

Zaid Abdullah Al-Yaeesh CEO Tayseer Arabian Financing Company

Balancing Personal Passion, Professional Opportunity, and Societal Impact!

Anewparadigmthatprioritizespurposeover financialdevelopmentisemerginginthedynamic worldofbusinessandfinance.Today’svisionary leadersareprovingthatachievingfinancialgrowthcango handinhandwithabiggergoalthathelpssociety,the planet,andthebottomline.Gonearethedayswhenprofit wastheonlymetricofsuccess.

MeetZaidAbdullahAl-Yaeesh,thevisionaryCEOatthe helmofTayseerArabianFinancingCompany Witha journeyinspiredbymultifacetedmotivations,hehas becomeadrivingforceinthefinancesector,propellingnot onlyhissuccessbutalsocontributingtotheprosperityof hiscommunity.

Zaid’sforayintothefinanceworldwasn’tjustcoincidental; itwasfueledbyhisintrinsicinterestintheintricaciesof finance.Armedwitharobustbackgroundinthefield,he embarkedonacareerthatallowedhimtomergehispassion withhisexpertise.Theresult?Aformidableleaderwho understandsthenuancesoffinanceinsideout.

ButZaid’smotivationsgobeyondpersonalinterest.Witha keeneyeforopportunity,herecognizedthefinancesector asaburgeoningdomainripeforprofessionalgrowthand financialachievement.Hisjourneyisn’tjustaboutcarvinga pathforhimself;it’saboutunlockingdoorsofsuccessfor otherswhoseektoexcelinthisdynamicfield.

YetZaid’saspirationsextendevenfurther.Heviewsthe financesectornotonlyasaplatformforindividualsuccess butalsoasavehicleforpositivesocietalimpact.Forhim, financeisn’tjustaboutnumbers;it’saboutfostering economicgrowth,fortifyingfinancialstability,and generatingemploymentprospects.Heunderstandsthatby drivingfinancialprogress,he’scontributingtoathriving societythatbenefitseveryone.

Below are the highlights of the interview:

PioneeringShariah-compliantFinancialSolutions

TayseerFinance,aprominentfinancecompany headquarteredintheKingdomofSaudiArabia(KSA),has carvedasignificantnicheinthefinancialsector.Established in2015anddulylicensedbytheCentralBankofSaudi Arabia,thecompanyisdedicatedtoofferingadiversearray

offinancialproductsandservicesthatalignwithShariah principles.

TayseerFinancestandsoutbyprovidinganextensiverange offinancialsolutions,encompassingconsumerfinancing, personalfinancing,autofinancing,andSME’sfinancing. Whatsetstheseofferingsapartistheirunwavering adherencetoShariah-compliantprinciples,ensuringthatall transactionsarestructuredbyIslamicvaluesanddonot involveinterest-baseddealings.

Thecompany’scoremissionistodeliverinnovativeand ethicalfinancialsolutionsthatcatertotheuniqueneedsof itsvaluedcustomers.TayseerFinance’scommitmentto upholdingthehigheststandardsofShariahcomplianceis unwavering,demonstratingitsdedicationtoethical financialpractices.Theyprioritizeexceptionalcustomer serviceandthecultivationofenduringrelationshipswith theirclients,settingthestageforlong-termsuccess.

UnderZaid’sleadership,whoassumedtheroleofCEOin August2018,TayseerFinancehasundergonearemarkable transformation.Hisrelentlesseffortshavepropelledthe companyfromachallengingfinancialstate,nearing bankruptcy,tobecomingahighlyprofitablefinance powerhousethatstandsattheforefrontofthesector.His strategicapproach,implementedfromdayone,hasbeen instrumentalinthistransformation,leadingthewayin variousaspectsofthefinanceindustry

TayseerFinanceisnotonlyasymbolofstabilityand reliabilitybutalsoabeaconofinnovation,leadingthe digitaltransformationwithinthefinancesectorofKSA. TheircommitmenttobothShariahcomplianceandfinancial excellencemakesthematrustedpartnerforindividualsand businessesseekingethicalfinancialsolutions.

• Shariah-compliantfocus:Zaidimplementedtheroleof aShariacommitteetocarefullyreviewallfinance programsandmakenecessaryadjustmentstooffer Shariah-compliantfinancialproductsandservices.This strategicmovehasgainedpopularityintheKSA, attractingalargecustomerbaseandfosteringtrustwith clients.

• Customer-centricapproach:Heinstructedteamleaders toprioritizeexceptionalcustomerserviceandcultivate long-termrelationshipswithclients.Thisapproachhas resultedinaloyalcustomerbaseandpositiveword-ofmouthreferrals.

• Embracinginnovation:TayseerFinancehas demonstratedacommitmenttoinnovationby

CEOs need strong leadership skills, including the ability to motivate teams, manage change, and communicate effectively. Develop these skills through leadership training, mentorship, and hands-on experience.

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• developingnewfinancialproductsand servicesthatcatertothechangingneeds ofitscustomers.Zaidhasledworkshops andmind-mappingsessionswithtalented stafftosparkinnovativeideasthathave provensuccessful.

• Buildingstrongpartnerships:Hehas placedgreatemphasisonestablishing strongpartnershipswithvendors, enablingthecompanytoexpanditsreach andaccessadditionalresourcesand support.

• Seasonedleadership:Hehasrecognized thevalueofretainingexperienced leaderswhopossessadeep understandingofthefinanceindustryand thelocalmarket.Thisdecisionhas playedapivotalroleinguidingthe company’sgrowthandongoingsuccess.

Zaid identies the most critical tasks and responsibilities that require immediate attention and focuses on those rst. This includes tasks that are time-sensitive, strategic, or have a signicant impact on the business.

ExpertiseandLeadershipPropelSuccess

Zaid’spreviousexperienceasaCEOofaljabr financecompanyandSamnanhasbeenhighly beneficialinhiscurrentroleinseveralways:

• Industryknowledge:Zaidhasprovided himwithadeepunderstandingofthe industry,includingitstrends,challenges, andopportunities.Thisknowledge enableshimtomakeinformeddecisions anddevelopeffectivestrategiesinhis currentrole.

• Leadershipskills:Zaidpossessesstrong leadershipskills.Hehastheabilityto motivateandinspireteams,manage change,andcommunicateeffectively. Theseskillsareinstrumentalinleading teamsanddrivingresultsinhiscurrent role.

• Riskmanagement:Hehashonedhisskillsinrisk management.Heisadeptatidentifyingandmitigating riskstothebusiness,ensuringthatitoperatesinasafe andsustainablemanner

• Financialacumen:Zaidhasacquiredastrong understandingoffinancialmanagement.Thisincludes skillsinbudgeting,forecasting,andfinancialanalysis. Heeffectivelyappliesthisknowledgetomanage budgetsandmakeinformedfinancialdecisionsinhis currentrole.

• Network:Zaidhasallowedhimtodeveloparobust networkofindustrycontacts.Heleveragesthis networkinhiscurrentroletobuildrelationships,create partnerships,anddrivegrowth.

TaskPrioritizationandManagement

Zaid follows these tips to prioritize and manage different tasks and responsibilities:

• Identifyingandprioritizingcriticaltasks:Zaid identifiesthemostcriticaltasksandresponsibilities thatrequireimmediateattentionandfocusesonthose first.Thisincludestasksthataretime-sensitive, strategic,orhaveasignificantimpactonthebusiness.

• Delegatingtasks:Hedelegatestasksand responsibilitiestoteammemberstoensureefficientand effectivecompletionofalltasks.Thisfreesuptimefor Zaidtofocusoncriticaltasksthatrequirepersonal attention.

• Usingtechnologyandtools:Heutilizestechnologyand toolstomanageandprioritizetasksand responsibilities.Thisincludesprojectmanagement software,schedulingtools,andcommunicationtoolsto streamlineworkflowandmaintainorganization.

• Implementingtimemanagementstrategies:He prioritizestimemanagementtoensureeffectiveuseof time.Thisinvolvessettingdedicatedtimeslotsfor specifictasks,minimizingdistractions,andtaking breakstoavoidburnout.

• Regularlyreviewingandadjustingpriorities:Zaid regularlyreviewsandadjustsprioritiesbasedon changingbusinessneedsandcircumstances.This ensuresthatfocusismaintainedonthemostcritical tasksandresponsibilitiesatalltimes.

ProvenStrategiesforEffectiveCollaboration

AsaCEO,Zaidimplementsthefollowingstrategiesto ensureeffectivecollaborationandcommunication:

• Clearlydefinerolesandresponsibilitiestoprevent confusionandduplicationofeffortsamongteam members.

• Fosteracultureofopencommunication,encouraging teammemberstosharetheirideas,concerns,and feedback.

• Utilizetechnologysuchasvideoconferencing,instant messaging,andprojectmanagementsoftwareto facilitatecommunicationandkeepeveryoneonthe samepage.

• Setcleargoalsandexpectationssothateveryone understandstheteam’sobjectivesandwhatsuccess lookslike.

• Celebratesuccessestoboostmoraleandmotivation whileusingfailuresasopportunitiestolearnand improveprocesses.

• In terms of problem-solving and decision-making, Zaid employs the following techniques:

• Gatherallrelevantinformationandperspectivesbefore makingadecision.

• Weightheprosandconsofeachoption,considering thepotentialimpactonthecompanyandits stakeholders.

• Makesdecisionsbasedonwhatisbestforthecompany anditsstakeholders.

• Communicatesdecisionsclearlyandeffectivelytothe CEOteamandotherstakeholders.

TayseerFinanceAchievmentsDuringZaid’sLeadership

• TransformTayseerFinancefromsuffering67MSAR lossesin2017tobecomeaprofitablecompanyin2021, achievingaprofitof54MSARthroughacomplete restructuringofcompanyoperations.

• GrowthofTayseerfinanceportfoliofrom800MSAR in2018to2.4BSARin2022.

StrategiestoDriveExplosiveGrowth

Zaid shares some general insights on the strategies he used to achieve effective results:

• Marketanalysis:Conductedmarketanalysisby analyzingmarkettrends,customerneedsand preferences,andcompetitoractivity Thishelped identifyareasofopportunityforgrowthandinformed thedevelopmentofastrategy.

• Productdevelopment:Workedondevelopingnewor improvedproductsthatmeettheneedsandpreferences ofcustomers.Thiscontributiondrovesalesgrowth.

• Salesandmarketing:Developedastrongsalesand marketingstrategythatincreasedbrandawarenessand drovesalesgrowth.Thisincludedlaunchingtargeted marketingcampaigns,leveragingsocialmediaand otherdigitalchannels,developingpartnershipswith otherbusinesses,andapplyingmarketing4P’snew approach.

• Customerexperience:Ensuredtheprovisionofan exceptionalcustomerexperiencetobuildloyaltyand drivesalesgrowth.Thiswasachievedbymaintaining excellentcustomerservice,developingauser-friendly websiteandmobileapp,andofferingflexiblepayment options.

• Talentmanagement:Recognizedtheimportanceof recruitingandretainingtoptalenttodrivebusiness growth.Thisensuresthatthebusinesshasthe necessaryskillsandexpertiseneededtosucceed.

ExpertAdvice

Zaid advises individuals aspiring to be successful CEOs in the finance industry to follow these steps:

• Gainexperience:Prioritizegainingexperienceinthe financeindustrybeforeaimingforaCEOposition. Thiscaninvolveworkinginvariousrolesinfinance companies,suchasaccounting,riskmanagement,or investmentbanking.

• Developleadershipskills:CEOsneedstrongleadership skills,includingtheabilitytomotivateteams,manage change,andcommunicateeffectively.Developthese skillsthroughleadershiptraining,mentorship,and hands-onexperience.

• Buildastrongnetwork:Establishingastrongnetwork ofcontactsinthefinanceindustryishighlybeneficial. Attendindustryevents,joinprofessionalorganizations, andconnectwithotherfinanceprofessionalsonsocial mediaplatforms.

• Stayupdatedonindustrytrends:Thefinanceindustryis ever-evolving,soit’scrucialtostayinformedaboutthe latesttrendsanddevelopments.Readindustry publications,attendconferencesandseminars,and networkwithotherfinanceprofessionals.

• Haveastrongworkethic:SuccessfulCEOshavea strongworkethic,includingawillingnesstowork

hard,takerisks,andmakechallengingdecisions.Be dedicated,persistent,andfocusedonachievinglongtermgoals.

• Beethicalandtransparent:CEOsinthefinance industrymustprioritizeethicalbehaviorand transparency Thisbuildstrustwithcustomers, employees,andshareholdersandensureslong-term businesssuccess.

Overall,aspiringCEOsinthefinanceindustryshouldfocus ongainingexperience,developingleadershipskills, networking,stayingupdatedonindustrytrends,maintaining astrongworkethic,anddisplayingethicalbehavior.By focusingontheseareas,individualscanpositionthemselves forsuccessinthischallengingandrewardingfield.

RavingRewards

• Establishmentofhigh-profitfinancingcompanies

• Layingthefoundationsandsystemsforfinancing companiescapableofobtaininghighgrowthinthe financingportfoliowithlowarrears

• Restructuringagroupofcompaniesandconverting themfromlossesintoprofitability.

By Vineesha Satwani

Governmentsaroundtheworldareconstantly lookingforwaystoimprovethequalityoflifefor theircitizensandresidents.Onewaytoachieve thisisbycreatingcitizen-centricservicesthataretailoredto theneedsandpreferencesofthepeopletheyserve.Withthe adventofemergingtechnologiessuchasartificial intelligence,digitaltwin,dataanalytics,andmetaverse, governmentshavemoretoolsattheirdisposalthanever beforetoimprovecitizen-centricservices.

The Importance of Citizen-Centric Services

Citizen-centricservicesareservicesthataredesignedwith theneedsandpreferencesofcitizensinmind.Theyare designedtobeaccessible,user-friendly,andefficientandto provideahighlevelofcustomersatisfaction.Citizencentricservicesarecriticaltothesuccessofany government,astheyhelptobuildtrustbetweencitizensand thegovernment,andtheyalsohelptoimprovethequality oflifeforcitizens.

EmergingTechnologiesthatImproveCitizen-Centric Services

Artificial

Intelligence(AI)

Artificialintelligenceisoneofthemostpowerfulemerging technologiesthatgovernmentscanusetoimprovecitizencentricservices.AIcanbeusedtoautomaterepetitivetasks,

analyzedata,andmakepredictionsaboutcitizenneedsand preferences.Forexample,AIcanbeusedtoanalyzecitizen dataandmakepredictionsaboutwhichserviceswillbein highdemand,allowinggovernmentstoallocateresources moreefficiently.AIcanalsobeusedtopersonalizeservices basedoncitizenpreferences,providingabettercustomer experience.

DigitalTwin

Digitaltwintechnologyinvolvescreatingadigitalreplica ofaphysicalsystem,suchasacityorabuilding.Digital twintechnologycanbeusedbygovernmentstosimulate theimpactofdifferentpoliciesandinitiativesoncitizens. Forexample,governmentscanusedigitaltwintechnology tosimulatetheimpactofanewpublictransportation systemontrafficcongestion,airpollution,andcitizen satisfaction.Thiscanhelpgovernmentstomakebetter decisionsabouthowtoallocateresourcesanddesign services.

DataAnalytics

Dataanalyticsinvolvesusingstatisticalandcomputational methodstoanalyzelargedatasets.Governmentscanuse dataanalyticstoidentifytrendsandpatternsincitizen behaviorandtomakepredictionsaboutfuturecitizenneeds andpreferences.Forexample,governmentscanusedata analyticstoanalyzesocialmediadatatoidentifywhich

Vineesha Satwani Advisor – Digital Transformaon & Strategy

issuesaremostimportanttocitizens.Theycanthenusethis informationtodesignservicesthataretailoredtocitizen needs.

Metaverse

Themetaverseisavirtualworldthatiscreatedbythe convergenceofvirtualreality,augmentedreality,andother emergingtechnologies.Themetaversehasthepotentialto transformcitizen-centricservicesbyprovidingamore immersiveandengagingcustomerexperience.Forexample, governmentscanusethemetaversetocreatevirtualcitizen servicecenters,wherecitizenscaninteractwithgovernment employeesinavirtualenvironment.Thiscanprovidea moreefficientandconvenientwayforcitizenstoaccess governmentservices.

ExamplesofGovernmentsUsingEmerging TechnologiestoImproveCitizen-CentricServices

Onegovernmenthasusedconsumerbehavioranalyticsto improvecitizen-centricservices.Thegovernmentanalyzed citizendatatoidentifywhichservicesweremostindemand andthenusedthisinformationtodesignservicesthatwere tailoredtocitizenneeds.Thegovernmentalsoused machinelearningalgorithmstopredictwhichservices wouldbeinhighdemandinthefuture,allowingthemto allocateresourcesmoreefficiently

Anothergovernmenthasuseddigitaltwintechnologyto simulatetheimpactofanewpublictransportationsystem oncitizensatisfaction.Thegovernmentusedthedigital twintosimulatedifferentscenariosandthenusedcitizen feedbacktorefinethedesignofthenewsystem.This helpedtoensurethatthenewsystemwasoptimizedtomeet citizenneedsandpreferences.

GovernmentscanutilizeDigitalImmuneSystemstoprotect theirnetworksandsensitivedatafromcyberthreats,while IndustryCloudPlatformscanhelpthemefficientlymanage anddelivercitizen-centricservices.PlatformEngineering canenablegovernmentstobuildandoperatescalable digitalplatforms,whileWireless-ValueRealizationcanhelp themleveragewirelesstechnologyforimproved connectivityandcommunication.Superappscanoffera centralizedhubforcitizenstoaccessmultiplegovernment services,whileAdaptiveAIcanhelpautomateandoptimize variousprocesses.SustainableTechnologycanhelp governmentsreducetheircarbonfootprintandpromote environmentally-friendlypracticesintheiroperations.

UseofAIinGovernmentServicesandPavingtheWay foranEfficientFuture

TheuseofAIingovernmentservicescansignificantly improveefficiency,reducecosts,andprovidebetter servicestothepublic.TheintegrationofAIin variousgovernmentservicescanassistpublic organizationsinmakingdata-drivendecisions, analyzingandevaluatingpublicfeedback,and providingpersonalizedservicestocitizens. AI-poweredchatbotscanhelpin answeringcitizens'queries,provide accurateinformation,andreducewait times.Thisisparticularlyimportantin situationswherecitizensneedurgent assistance,suchasinemergencies ornaturaldisasters.

AIcanalsohelpgovernmentsin decision-makingprocesses.The analysisoflargedatasetsusing AIalgorithmscanprovide

governmentswithvaluableinsightsintovarious issues,suchaseconomicdevelopment, healthcare,andenvironmentalconcerns.WithAI, governmentscanidentifypatternsandtrendsin datathathumansmaynotbeabletospot,leading tomoreinformeddecisions.Forinstance,AIcan beusedtoanalyzetrafficpatternsandoptimize trafficmanagementsystems,resultinginreduced congestionandimprovedtrafficflow

NLP,ornaturallanguage processing,isavitalaspect ofAIthatcanhelp governmentswith languagetranslation andsentiment analysis. Governmentscan useNLPtoprocess vastamountsof publicfeedbackin realtime,enabling themtorespond proactivelytopublic concerns.Sentiment analysiscanalsobeused togaugethepublic's perceptionofvarious governmentinitiatives,allowing publicorganizationstomodifytheir programsaccordingly

theirAIsystemsaretransparentand unbiasedandthattheydonotunfairly discriminateagainstanygroupofpeople.

MachinelearningisanotherAItechnologythatcanhelp governmentsbypredictingfuturetrendsandidentifying patternsindata.Forexample,machinelearningcanbeused topredictwhichareasaremorepronetofloodingornatural disasters,allowinggovernmentstotakepreemptive measuresandprepareforsuchsituations.

However,theuseofAIingovernmentservicesalsocomes withrisks.OneofthesignificantconcernssurroundingAI inpublicservicesisprivacy.Governmentsmustensurethat citizens'dataissecureandprotectedfrommisuseor unauthorizedaccess.Transparencyisalsocrucial,and governmentsmustbetransparentaboutthedatatheycollect andhowtheyuseit.

AnotherconcernisthepotentialbiasinAIalgorithms.AI modelsareonlyasgoodasthedatatheyaretrainedon,and ifthedataisbiased,themodelwillproducebiasedresults. Therefore,itisessentialforgovernmentstoensurethat

Inconclusion,emergingtechnologiessuchas artificialintelligence,digitaltwins,data analytics,andthemetaversehavethepotentialto revolutionizecitizen-centricgovernmentservices.By harnessingthepowerofthesetechnologies,governments canimprovetheirservices,increaseefficiency,andenhance thequalityoflifeforcitizensandresidents.However,as withanynewtechnology,risks,andchallengesmustalsobe considered,suchasprivacyconcernsandtheneedfor propertrainingandoversight.Itisimportantfor governmentstotakeathoughtfulandstrategicapproachto implementemergingtechnologiesintheirservicestoensure thebestpossibleoutcomesforallstakeholders.Ultimately, thefutureofcitizen-centricgovernmentserviceslooks brightwiththeincorporationofemergingtechnologies. CIO

The Impacts of Economic Trends on small Businesses

Ascatalystsforinnovation,jobcreation,and communitydevelopment,smallbusinessesare essentialtotheglobaleconomy.Butcomparedto theirlargercounterparts,theyarefrequentlymore vulnerabletotheeffectsofeconomicmovements.The performanceandlong-termviabilityofsmallbusinesses canbestronglyimpactedbyeconomicshifts,including recessions,changesinconsumerbehavior,and technologicalbreakthroughs.

In this article, we'll explore the various ways economic trends impact small businesses and provide strategies to help them not only survive but thrive in dynamic economic environments.

TheRippleEffectofEconomicCycles:

Startupsareparticularlysensitivetoeconomiccycles. Duringeconomicdownturns,consumersmaycutbackon discretionaryspending,leadingtodecreaseddemandfor non-essentialgoodsandservices.Thiscandirectlyimpact smallbusinesses,especiallythoseoperatinginsectors closelytiedtoconsumerspending,suchasretail, hospitality,andentertainment.Ontheflipside,economic upswingscanpresentopportunitiesforgrowthasconsumer confidenceandspendingincrease.Tostayahead,smaller enterprisesmustbeattunedtoeconomicindicatorsand adjusttheirstrategiesaccordingly.

Strategy:Diversifyyourproductorserviceofferingsto catertoabroadermarket.Additionally,maintainafinancial cushionduringprosperoustimestoweatherpotential downturns.

TechnologyTransformations:

Therapidpaceoftechnologicaladvancementshas revolutionizedthebusinesslandscape.Whiletechnology presentsopportunitiesforefficiencyandinnovation,italso poseschallengesforbusinessesthatstruggletokeepup. Smallbusinessesthatfailtoembracedigitaltransformation mayfindthemselvesatadisadvantage,facingincreased competitionanddifficultiesinreachingtech-savvy consumers.

Strategy:Embracetechnologytostreamlineoperations, enhancecustomerexperiences,andstaycompetitive.Invest indigitalmarketing,e-commerceplatforms,andautomation toolstooptimizeprocesses.

ChangingConsumerBehavior:

Consumerpreferencesaredynamicandshapedbysocietal, cultural,andeconomicfactors.Smallfirmsmustadaptto shiftsinconsumerbehaviortoremainrelevant.For example,theriseofonlineshoppinghastransformedretail, andbusinessesthatfailtoestablishanonlinepresencemay losecustomerstocompetitorswhohaveembracedecommerce.

Strategy:Conductregularmarketresearchtounderstand evolvingconsumerpreferences.Investinonlineplatforms, socialmediamarketing,andcustomerengagement strategiestostayconnectedwithyourtargetaudience.

AccesstoCapital:

Smallbusinessesoftenfacechallengesinsecuringfunding, andeconomicdevelopmentscanexacerbatethese difficulties.Duringeconomicdownturns,banksmaytighten lendingcriteria,makingitharderforsmallcompaniesto accesscapitalforexpansionortocoveroperatingcosts.

Strategy:Diversifyfundingsources.Explorealternative financingoptionssuchascrowdfunding,venturecapital,or governmentgrants.Maintainastrongcreditprofileand transparentfinancialrecordstoenhanceyoureligibilityfor traditionalloans.

RegulatoryChanges:

Changesingovernmentpoliciesandregulationscanhavea profoundimpactonsmallfirms.Thesechangesmayinclude alterationsintaxlaws,laborregulations,orindustryspecificrequirements.Stayinginformedaboutregulatory developmentsiscrucialtoensuringcomplianceand avoidingpotentiallegalchallenges.

Strategy:Establishasystemformonitoringregulatory changesrelevanttoyourindustry.Consultlegaland financialprofessionalstonavigatethecomplexitiesof compliance.Proactivelyadaptyourbusinesspracticesto alignwithnewregulations.

GlobalEconomicTrends:

Inaninterconnectedworld,globaleconomicconditionscan haveacascadingeffectonfirmsofsmallsizes,eventhose operatingatalocallevel.Factorssuchasinternationaltrade tensions,currencyfluctuations,andgeopoliticaleventscan influencethecostofinputs,marketdemand,andsupply chaindynamics.

Strategy:Diversifyyoursupplychaintoreduce vulnerabilitytogeopoliticaloreconomicdisruptions.Stay informedaboutglobaleconomicindicatoresandtheir potentialimpactonyourindustry.Exploreopportunitiesfor internationalexpansioniffeasible.

TalentAcquisitionandRetention:

Economicpatternscanalsoaffectthejobmarket, influencingtheavailabilityofskilledtalentandwage expectations.Duringperiodsofeconomicgrowth,attracting andretainingqualifiedemployeesmaybecomemore challenging,leadingtoincreasedcompetitionfortoptalent.

Strategy:Prioritizeapositiveworkplacecultureand employeedevelopmentinitiativestoattractandretain skilledprofessionals.Staycompetitiveincompensationand benefitstoensureyourbusinessremainsanemployerof choice.

Conclusion:

Ittakesstrategicvision,flexibility,andacommitmentto continuousdevelopmentforsmallbusinessesto successfullynavigatethecomplexworldofeconomic trends.Bybeingawareoftheeffectsofglobaleconomic trends,technologicaladvancements,changingconsumer behavior,accesstocapital,regulatorychanges,andtalent dynamics,smallcompaniescanproactivelyposition themselvesforsuccess.

Morethanjustsurviving,stayingaheaddemandsa proactive,calculatedapproachtoseizeopportunitiesand reducerisks.Smallfirmscanweathereconomicstormsand thriveinadynamicbusinessenvironmentbyembracing innovation,buildingresilience,andkeepingacloseeyeon theeconomy.

- Alaya Brown

- By Joyce Hunter

Let'sexplorewhatdesignsystemsthinkingasa leadershipskillmeansandhowtoequipleaders withtopskills.

"Designthinkingisahuman-centeredapproachto innovationthatdrawsfromthedesigner'stoolkitto integratetheneedsofpeople,thepossibilitiesof technology,andtherequirementsforbusinesssuccess."–TimBrown,ExecutiveChairofIdeo.

Accordingto designthinkingisthenumberone Gartner, emergingsoftskill(cognitiveandsocialskills)forC-Suite executives.Asorganizationsbecomeincreasinglyflatand agile,leadersneedtounderstandhowtocultivatea psychologicallysafeenvironment,leadwithempathy,and thinkinauser-centeredway.Designthinkingallowsusto viewleadershipinnewways.Itoffersagoodrangeof practicaltoolsaswellasanideologythatlinksupwellwith otherleadershipdevelopmentapproaches.

Systemsthinkingisadisciplinedapproachtoexamining problemsmorecompletelyandaccuratelybeforeacting.It allowsustoaskbetterquestionsbeforejumpingto conclusions.

Accordingtothe ,'Systems WorldEconomicForum thinking'doesnothaveonesettoolkitbutcanvaryacross differentdisciplines;forexample,inservicedesign,some mayconsidera'blueprint'ahigh-levelwaytoinvestigate one's'systemsofinterest.'Crucially,thisschoolofthought

isevenmorepowerfulwhencombinedwithmorecommon approaches,suchashuman-centereddesign(HCD) IbelievethatSystemsThinkingandDesignThinking complementoneanother.SystemsThinkingaimsatbeing holisticbyfollowingamethodwherebytheunderstanding ofasystemstartsfromtheapparentissueandwidensthe system'sboundarybyexpandingthecircletoincludethose otherfactorsthatmaynotbesoapparentbuthavean influenceonandareconnectedtoitemphasizingthe connectionsandsynergy.DesignThinking,ontheother hand,ismoreempatheticandhuman-centeredandrequires themodelertobeinsidetheproblemanddesignthe solutionafterhavingwalkedintheshoesoftheaffected. ThisempatheticangleinDesignThinkingwillimproveon thethoughtthatSystemsThinkingemphasizesandseeks.It willgivestakeholdersachancetowalkintheshoesof othersandincreasestheirunderstandingoftheproblem fromvariousangles,andpotentiallyincreasesthe 'innovativeness'ofthesolutionsreached.

CombiningSystemsThinkingandDesignThinkinghasthe potentialtoimproveontheholisticunderstandingofthe currentsystem,asstakeholderscanviewthesystemfrom differentangles.Thishasthepotentialtogeneratemore informedideastotransformthesystemwithamoreholistic view Theabductivereasoning-basedDesignThinking emphasizestheneedtobeempatheticandcreativeto produceanoutcomethatmeetstheneed(solution-based approach).Anapproachthatcombinesthetwoshould thereforebemoreholistic,empathetic,andinnovative.

Joyce Hunter is the Execuve Director at the Instute for Crical Infrastructure Technology (ICIT), a nonprofit think tank providing educaon, outreach, and research at the nexus of cybersecurity, naonal security, and crical infrastructure. Prior to her engagement with ICIT, she was the Deputy CIO for Policy and Planning and the Acng CIO at the U.S. Department of Agriculture (USDA). Joyce is also the creator and President of Data Science Camp Inc. (DSCI) and Science Technology Engineering Agriculture and Math (STEAM), an intensive, design thinking, project-based effort teaching underserved and underrepresented youth 14 to 18 years old how to use data to address important issues of public policy related to agriculture.

Theforegoingaccountofhowleadershiphasdevelopedand someofthedesirablequalitiesofsuccessfulleadersshow thatthefieldstandstobenefitfromthedevelopmentstaking placeelsewhere.Ithasbeensuggestedthattherequirements oftheindustrialrevolutioneracalledforandwerebest servedbyatransactionaltypeofmanagementasitrequired efficiencyinthemassproductionofindustrialization.The interconnectednatureoftheSystemsThinkingageand beyond,however,rendersthislinearapproachtoosimplistic forthenewenvironment.Havingatransactional-oriented typeofleaderleadinginthenewenvironmentwillfulfill Bennis'(2003)quotethat'Failingorganizationsareusually over-managedand'underled.’

Itshouldbenoted,however,thatwhilebothtransactional andtransformationalleadershiproleshavetheirplaceinan organization,thedangeriswhenthetransactionalorientatedpeopleareplacedinthewrongpositionsatthe wrongtime.Withinoneorganization,differentstylesmay bemostsuitedfordifferentstagesofinnovation.Atthe exploratorystage,whennewideasandorproductsare beingsoughtandexperimentedupon,therisk-taking requiresatransformationaltypeofleadership.However, afternewinnovationsareimplemented,andvalueaddition totheexistinginnovationsisrequired,transactional leadershipmaybemoresuitable.

Adesignattitudeandcreativeconfidencehavebecome imperativefortoday'sorganization,especiallyintheeverchangingworldofcybersecurity,nationalsecurity,and criticalinfrastructure.Thisisnotlimitedtoproductdesign buteventhedesignofmanagementandoperationalsystems toenabletheorganizationtoberelevantandviable.Hence, inadditiontoasystemicunderstandingoftheorganization withclarityoninterconnectionswithintheorganizationand itsconnectiontoitsenvironmentandtheemergencethat arises,thereisaneedforadesignattitudeandcreative confidencetoenableorganizationstocomeupwith innovativeproducts,workingsystems,andservicesthatare holisticbutalsoempathetictoandmeettheneedsofthe stakeholdersinthesystemsofwhichtheirorganizationis part.

Aleadershipthatcombinessystemicanddesignqualities wouldbewellequippedtooperateintoday'senvironments thatrequiretheadoptionofaholisticstanceandtakesall stakeholdersandtheirinterestsintoaccount,avoiding unintendedconsequencesaswellasthecreativeconfidence

toenablethemtocontinuouslyconceivecreativeideasand actuponthoseideas.

Acontinuousabilitytoinnovateandcomeupwithnew ideasandwaysofworkinghasbecomeimperativeto remaincompetitiveandviable.Thisgoesbeyondmere adaptationtochangebutshapingthatchangewhilemeeting andexceedingtheneedsandexpectationsofstakeholders andtakingadvantageofthelessonslearnedfromthe previousparadigms.Itisinthiscontextthatthenotionof managerialleadershipcomestothefore.Thereisincreasing evidencethattransactionalleadershiptraitsarebecoming lessappropriatefor21st-centuryorganizations.

Thereisroomtofurtherdevelopandbetterequipleadersof todaybytakingadvantageofdevelopmentstakingplacein allthedisciplines;SystemsThinking,DesignThinking,and Leadership.Aleadershipthatmakesuseofallthreewillbe betterequippedtodeveloporganizationsthatarerobust, moreabletocopewithcontinuouschange,and,aboveall areeasilyadaptabletochangingsocio-politicalandrapid technologicalchanges.

Let’s walk through the interview between The CIO World and Amina H. Haji to learn about how she leads women’s empowerment globally.

The Tech-Driven Path toPovertyAlleviation

Technologyisbecominganunmatchedforcefor goodinthetwenty-firstcentury,particularlywhen itcomestoreducingpoverty.Thehumblecell phonehasproventobeoneofthemostrevolutionary instrumentsinthisregard.Theextensiveuseofmobile technologyindevelopingcountrieshassparkedatechdriven,non-communication-focusedapproachtoreducing poverty

This article explores the multifaceted impact of cell phones and other emerging technologies in lifting individuals and communities out of poverty

ConnectivityastheCatalyst:

Theproliferationofcellphonesindevelopingcountrieshas effectivelybridgedthedigitaldivide,connectingremote andunderservedcommunitiestotheglobalinformation grid.Thisnewfoundconnectivityservesasacatalystfor changebyopeningupavenuesforeducation,healthcare, andeconomicopportunities.Inregionswheretraditional infrastructureislacking,mobilephoneshavebecomethe lifelineforaccessingessentialservicesandinformation.

EconomicEmpowermentthroughMobileBanking:

Oneofthemostrevolutionaryaspectsofmobiletechnology inpovertyalleviationistheriseofmobilebanking.For manyindevelopingnations,accesstotraditionalbanking servicesisachallenge.Mobilebankinghasdemocratized

financialinclusion,allowingindividualstoengagein bankingactivitiesthroughtheirphones.Thishasaprofound impactoneconomicempowerment,asitenablespeopleto save,invest,andconducttransactionssecurely,thereby fosteringfinancialstabilityandindependence.

AgriculturalAdvancements:

Agricultureisacornerstoneofmanyeconomiesinthe developingworld,andtechnologyhasbeguntoplaya pivotalroleintransformingthesector.Mobileapplications providefarmerswithreal-timeinformationonweather patterns,marketprices,andagriculturalbestpractices.This knowledgeempowersfarmerstomakeinformeddecisions, optimizetheiryields,andconnectdirectlywithbuyers, reducingdependenceonmiddlemenandincreasingprofits.

HealthcareatYourFingertips:

Accesstoqualityhealthcareisapersistentchallengein manydevelopingnations.However,theadventofmobile health(mHealth)applicationsischangingthelandscape. Fromtelemedicineconsultationstohealthtrackingapps, mobiletechnologyisprovidingindividualsinremoteareas withunprecedentedaccesstohealthcareservices.Thisnot onlyimproveshealthoutcomesbutalsocontributesto economicproductivitybyensuringahealthierworkforce.

EducationBeyondBorders:

Educationisapowerfultoolforbreakingthecycleof poverty,andtechnologyhasbecomeakeyenablerof educationbeyondtraditionalborders.Mobilephonesare increasinglybeingusedtodelivereducationalcontent, providingindividualsinremoteareaswithaccessto learningresources.Fromlanguageappstoonlinecourses, mobiletechnologyhasthepotentialtobridgeeducational gapsandempowerindividualswiththeknowledgeand skillsneededtoescapepoverty

EntrepreneurshipandE-Commerce:

Theriseofe-commerceplatformsanddigitalmarketplaces hascreatednewopportunitiesforentrepreneursin developingnations.Withjustasmartphone,individualscan setuponlinebusinesses,reachingaglobalaudiencewithout theneedforaphysicalstorefront.Thisdemocratizationof entrepreneurshipnotonlycreatesincome-generating opportunitiesbutalsofostersinnovationandeconomic growthwithincommunities.

ChallengesandConsiderations:

Thetech-drivenapproachtoreducingpovertyis encouraging,butitisnotwithoutdifficulties.Consideration shouldbegiventoinfrastructureconstraints,digitalliteracy, andthepossibilityofescalatingalready-existingdisparities. Itisimperativetomakeendeavorstoguaranteethatthe advantagesoftechnologyareattainableforall,andthat marginalizedcommunitiesarenotexcludedfromthe rapidlyevolvingrealmoftechnologicalprogress.

EmergingTechnologiesinPovertyAlleviation:

Theimpactoftechnologyonpovertyalleviationgoes beyondcellphones.Emergingtechnologiessuchas artificialintelligence(AI),blockchain,andtheInternetof Things(IoT)holdimmensepotential.AI-poweredsolutions canoptimizeresourceallocationinsectorslikehealthcare andagriculture,whileblockchaintechnologycanenhance transparencyandsecurityinfinancialtransactions.TheIoT canenablesmartsolutionsforwaterandenergy management,furthercontributingtosustainable development.

Conclusion:

Theuseoftechnologyhasmadepovertyamuchmore formidableopponent.Atech-drivenroutetopoverty

alleviationhasbeeninitiatedbythewidespreaduseofcell phonesindevelopingcountries,openingupnew opportunitiesandprospectsformillionsofpeople. Technologyhasaprofoundandwide-rangingimpacton society,rangingfromrevolutionarydevelopmentsin healthcare,education,andagriculturetoeconomic empowermentthroughmobilebanking.

Aswenavigatethecomplexitiesofharnessingtechnology forpovertyalleviation,itiscrucialtoapproachthese advancementswithamindsetofinclusivityand sustainability.Byleveragingnotonlycellphonesbutalso emergingtechnologies,wecanbuildafuturewherethe benefitsoftechnologyaresharedbyall,ensuringthatno oneisleftbehindonthepathtoprosperity Thetech-driven futureholdsthepromiseofaworldwhereconnectivity, knowledge,andopportunityconvergetoupliftcommunities andindividualsfromtheshacklesofpoverty.

- Alaya Brown

Subscription CIO

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