Almost 40% world’s fortune 500 companies and family businesses mostly based in Asia have folded up in recent times since they have not adhered to change and adopted new technology.
More and more family businesses especially in Middle East, South Asia including Sri Lanka are facing this gloomy scenario since the companies have a lot of tradition which they want to maintain giving less emphasis to change.
Today it’s identified that both Artificial Intelligence (AI) and Internet of Things (IOT) are the key factors driving future business and all companies too have to fall in line, said Managing Director, Middle East, Africa and South Asia, (MEASA region) Industrial and Financial Systems (IFS), Sweden, Luis Ortega.
 Luis Ortega
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He said that some of the fortune 500 companies saw this coming and adopted to change while others who did not, perished and in the families businesses too this trend was observed.
“However in recent times, due to most of the third generation involved in family businesses having their education overseas they are tech savvy and are looking at introducing AI and IOT to strengthen their family businesses. This is happening in both India and Sri Lanka with their children convincing their fathers to adopt to change.”
He said that moving to both AI and IOT means sharing a lot of information and the Middle Eastern companies are very sensitive in sharing data. “Hence we observe that in the Middle Eastern region there is very slow adaptation to embrace new technology.”
Commenting on the African region he said that the companies are very keen to move with new technology and there is great commitment by them towards IOT and AI based solutions.
He however said that the Sri Lanka private sector specially involved in apparels, tea, retail sectors (Singer Sri Lanka) are moving with the world’s technological advances and reaping benefits by way of more efficiency and reduction in costs. Similar feedback is there from Bangladesh as well.
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He however said that in contrast public sector enterprises’ commitment towards new technology is very slow. “We had made many representations to then SriLankan Airline management and also the Ceylon Electricity Board four years ago but their response was very poor.”
Only Minister of Mahaweli Development has adopted Industrial and Financial Systems to maintain and monitor nine of their reservoirs and this is continuing.
In Indian there is a vast difference with several State owned entities in railway. Highway and power generation sectors adopting new technical advances joining with Industrial and fnancial Systems.
He said that MEASA region has being growing steadily and they have maintained a double digit growth in the last few years. “With more companies joining us we see this growth being maintained in the next three years as well. However political issues in some countries, elections put a check on our growth but Sri Lanka is an exception.”
Commenting on their global operations he said that Scandinavia is one of their biggest markets.
He said that IFS has been in Sri Lanka for the past 20 years and it was the high skilled work force that attracted them to come to Sri Lanka and since then have employeed over 1,000. “We have also invested and set up an IFS LAB and to date it’s one of the biggest for us.”
He said that the talent pool from Sri Lanka is very impressive and the education level at Universities is of high standard.
Luis Ortega counts more than 20 years’ experience in the IT sector in the Middle East, Luis joined IFS in 2012 as regional sales manager. Luis has spent most of his professional career helping asset-intensive businesses in Europe, Middle East and Africa improve their asset lifecycle management.
He holds a Masters in Telecommunication Engineering, and brings extensive experience in the engineering, consulting and outsourcing services with a primary focus on the energy, utility and telecommunications industry.
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