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CO-WRITTEN / PARTNER | Staff Reporter, Singapore

Tech luminary Darwin Thio talks about how companies can boost cost and time efficiency through technology

Thio has a knack to identify key risks and integrate the necessary controls into easy-to-understand workflows for business.

Backed by 20 years of working experience in the area of legal, compliance, risk management, fraud investigation and processes review, Nexia TS’ director of forensic & litigation support services and cybersecurity & technology advisory Darwin Thio has has witnessed the metamorphic transition in the E2E supply chain operations from paper to screen.

Technology, according to Thio, allows a company to be aware of key developments. He encourages businessmen to read widely and to look out for updates regarding companies innovating technology.

However, this would also attract certain risks. As more data is being gathered, there would be greater data that need to be protected from data breaches or cyber-attacks.

“Achieving excellence in this area means preventing breaches/attacks before they occur; knowing what to do during a breach/attack and rectifying the issue,” Thio added.

Thio has worked in Singapore Ministry of Home Affairs, US listed IT MNCs, reputable FMCG retail and the banking sector. Leveraging on his knowledge on legal, compliance and processes, he has investigated into many multi-millions fraud cases occurring both internally and externally. Through these investigations and processes review, he has developed a knack to identify key risks and integrate the necessary controls into easy to understand/manage workflows for the business.

Know more about Thio here:

What are your key business philosophies?

It is absolutely necessary for businesses to be dynamic. The world is changing at a rapid rate hence businesses need to be able to respond quickly to external changes in order to keep up; otherwise businesses will risk losing their competitive advantage.

As each client faces a unique set of challenges, businesses today must possess the ability to listen actively and understand each client’s needs, problems and challenges to resolve their issues amidst these changes. Since there is no one-size-fit-all solution, flexibility is necessary. In a nutshell, it is to be dynamic and fluid in terms of listening and thinking for clients.

What are the key challenges to businesses today, and what role does technology excellence play in addressing these challenges?

Businesses do not have to rebuild but rather to understand how technology works in their favour, and apply these advancements in order to play them to their advantage. Technology is a wave – you can either ride or wipe out.

Data security is more important than ever. As businesses increasingly digitalise its processes/operations, the importance of data security also grows as more data are being collected. Therefore, there is a pressing need for businesses to protect the huge volumes of data that they possess by having the right data protection expertise, policies and systems in place. Should a data breach or cyber-attack occur, businesses not only have to endure financial damages but also untold reputational damages. Achieving excellence in this area means preventing breaches/attacks before they occur; knowing what to do during a breach/attack and rectifying the issue.

How can companies leverage from technology to maximise their business gains?

As technology advances, innovation is vital in the workplace to give companies the sustainable competitive edge to penetrate into new markets which can lead to bigger opportunities. Companies have to stay on the forefront of technology and be aware of the key developments. One of the best ways to learn is to read widely and pay attention to the people and companies that are innovating and covering technology. Implementing relevant technologies in their day to day business operations will help companies gain cost efficiencies, time efficiencies as well as make sound business decisions.

Darwin Thio is one of the esteemed panel of judges at the inaugural Singapore Business Review Technology Excellence Awards. 

The Awards programme aims to recognise the most innovative companies in Singapore with ground-breaking IT products and solutions that have successfully served to address changing needs of the customers and internal processes.

Winners will be lauded in an awards ceremony to be held in Singapore on 30 May 2019.

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