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Thorburn: There’s an unprecedented level of change occurring right now: usually that’s something we need to defend against but actually it’s a real opportunity for us to shape the industries and economies in which we operate. Technological change, venture capital, growth opportunities, the ability to invest in ideas and have a sustainability agenda that doesn’t just focus on profit but social causes – these are big trends changing our industries.

The cohesiveness of the team is important. gas after eating dairy Detracting comments or a lack of tolerance for failure can be hugely challenging. For public companies, the risk tolerance required in innovative businesses will be higher than in businesses in other settings. It’s critically important to select people who are comfortable in that environment. What have you learned from your transformation program?

Sindel: CSR sold a sugar business and wanted to transform into a bigger building business, so we so bought Pilkington Glass, spending $1.1 billion. gas prices going up to 5 dollars But in 2007 the world changed: the Aussie currency ran up, investment in China in glass was ramping up. This wasn’t a turnaround, it was a transformation and I didn’t recognise that early enough.

Fairley: Culture is by far and away the hardest thing to deal with because it’s about the hearts and minds of people. Starpharma has its origins in CSIRO – promising technology with huge potential application across a range of areas. But it’s origins and nature meant it was more of a technology-focused than market-focused organisation. r gasquet There wasn’t much focus on commercial applicability. We needed to build a portfolio of products with commercial application and therefore make a substantial cultural change.

We’re also investing in long-term technology. We’re creating a counter culture through initiatives like NAB Ventures, where we invest in small payments companies we can lean from and in NAB Labs, our R&D capability that sits right in the middle of the bank building. We ask them to come up with an idea and get it to market in 90 days: if it works we scale quickly, if not we stop it quickly. electricity drinking game Where do you find the insight and inspiration for change?

But you also need to look around the world. Silicon Valley is still a huge source of inspiration, as is New York, Israel and London. The most important thing is ambition ­– because complacency sets in and then you don’t want to take risks because the company feels safe. Every leader has to have a high bar and say, I want to be the best in the world.

Thorburn: You need a clear strategy that is measurable and defendable; then you deliver. electricity and magnetism study guide 5th grade You must stay aligned around that strategy and keep going back with the same measure to demonstrate if you’ve achieved it or not. Trust is built through reliable performance and authenticity; you’re not spinning things, you need to be prepared to face into the truth.

Sindel: The way we build is changing and it needs to change; a house that takes 12-18 months is too long. The other key thing for our industry is digital transformation. The way people buy plasterboard or bricks is like ordering a pizza. Dominos manages that experience through technology and giving people the information they need upfront and as they go through the process keeping them informed. That’s a big opportunity for us too. Other key issues will be how can we build faster, make houses better in terms of energy efficiency and how do we explain the future to customers.

Thorburn: To get ahead of change we need to make our current business better all the time. gas tax in new jersey We also need to spend more time on the things that are important for the future, not just urgent today. That takes time. I’d also say meet interesting people that stimulate your mind, keep your own mind open, stay fit and healthy, read well and have great friends and hobbies.