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Driving innovation for business resilience and faster economic recovery: Microsoft

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Hasitha Abeywardena · Country Manager, Microsoft Sri Lanka and Maldives

 

As Sri Lanka continues to deal with the recent surge of COVID-19 infections, 74% of organizations in Asia Pacific say that innovation is now a ‘must’ for them to respond quickly to market challenges and opportunities, and ensure business resilience.

Leveraging their ability to innovate, leaders proved to be more resilient and able to recover faster. Almost half of them believe that they will recover from the pandemic in six months or less. In fact, 50% more leaders, as compared with the rest of the organizations surveyed, expect an increase in their revenue, and one in three of them expect to increase their market share despite the crisis.

These findings were released by Microsoft in its latest study with IDC Asia Pacific, which surveyed 3,312 business decision-makers and 3,495 workers across 15 markets in Asia Pacific within a six-month period, before and since COVID-19. Titled “Culture of Innovation: Foundation for business resilience and economic recovery in Asia Pacific”, it uncovered how organizations can successfully fuel business resilience and performance through innovation.

The study also introduced the culture of innovation framework, which spans the dimensions of people, process, data, and technology, to assess organizations’ approach to innovation. It also provides guidance to help organizations progress to the mature stage and respond to challenges and recover faster, to improve their performance.

The culture of innovation maturity framework captures organizations’ approach to innovation. Through the research, organizations’ performance was mapped against four dimensions (people, processes, data, and technology), with organizations grouped in four stages – traditionalist (stage 1), novice (stage 2), adaptor (stage 3), and leaders (stage 4). Leaders comprise of organizations that are the most mature in building a culture of innovation.

The study found that in the span of six months, organizations in Asia Pacific have matured in the culture of innovation by 11%, an indication that they have increased their ability to innovate. Since COVID-19, the study also found a drop in leaders (68% to 36%) and other organizations (74% to 54%) that find innovation to be hard.

The faster pace of digitization is also key to building stronger organizations. The study found that 87% of leaders will speed up digitization by launching initiatives including digital products, payments, and e-commerce, as compared to 67% of other organizations, in response to the new reality.

Amidst the pandemic, ride-hailing company PickMe experienced a surge in business and app users which led to server downtime and extended passenger wait times. By tapping into Microsoft Azure, the company gained real-time intelligence across its operations allowing them to maximize driver benefits, minimize passenger wait times, and improve the PickMe experience for customers.

The Colombo Tea e-Auction platform developed by CICRA Solutions also leverages Microsoft Azure. The platform was built to safeguard a 150-year-old industry and protect the livelihoods of almost two million people. The platform was recently selected as Sri Lanka’s Best National Digital Solution for the World Summit Awards 2020 under Business and Commerce (Innovative Services) category.

Following the recent surge in positive COVID-19 infections in Sri Lanka, Arimac Digital and ZILLIONe developed contact-tracing apps for organizations to improve business resilience and economic recovery. Both apps leverage Microsoft Azure.

Azure is the cloud platform that underpins all of Microsoft’s cloud services, including Microsoft Teams. Before COVID-19, insurance company AIA Sri Lanka deployed Microsoft Teams to enable seamless engagement and operational efficiency. The company experienced little to no disruption during the pandemic because they had the systems in place to ensure business continuity and workplace preparedness. Microsoft Teams is also helping the governing body of the Maldives conduct virtual online parliamentary sessions thanks to Tech One Sanje as the country battles the COVID-19 outbreak.

These companies followed a process Microsoft calls tech intensity, where tools and technologies are utilized to invent unique digital solutions that would solve complex business and market issues. This would not only empower the business to be more agile in facing new market challenges but also move faster than their competitors.



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ComBank tops banking sector in LMD’s first Corporate Happiness Index

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A group of Commercial Bank staff in animated problem-solving mode

The Commercial Bank of Ceylon has been ranked No 1 among Sri Lankan banks in the inaugural Corporate Happiness Index (CHI) just released by LMD magazine.The Bank has also been ranked one of Sri Lanka’s “happiest second homes” taking fifth place overall in the ranking, following the high positions it achieved in the 16 attributes that made up the survey conducted by PepperCube Consultants for this pioneering initiative.

Remarkably, Commercial Bank was the highest-ranked bank in 14 of the 16 attributes, leading the banking sector in several fundamentally-important aspects related to employees, such as ‘Remuneration scales,’ ‘Rewards & Perks,’ ‘Career progression,’ ‘Work environment,’ ‘Gender balance,’ ‘Health & wellbeing,’ ‘Work-life balance,’ ‘Workplace diversity,’ and ‘Workplace flexibility.’

Commercial Bank was also ranked No 1 in the banking sector for ‘Financial stability,’ ‘Corporate leadership,’ ‘Workplace camaraderie,’ ‘Open culture’ and ‘Recreational facilities.’

Besides its emphatic leadership in the banking sector, the LMD Corporate Happiness Index ranked Commercial Bank among the top five corporate entities in Sri Lanka across all sectors, in 10 of the 16 attribute rankings, and among the top ten overall, in 15 of the attribute rankings.

The Bank was ranked second overall for the attributes of ‘Financial stability’ and ‘Workplace camaraderie,’ third for ‘Career progression’ and fourth in Sri Lanka for ‘Workplace diversity’as well as ‘Workplace flexibility.’

“The importance of workplace happiness cannot be over-emphasised in today’s fast-paced corporate environments, and we welcome this groundbreaking effort by LMD magazine to redefine understanding of workplace wellbeing and to rank companies on their progress in this sphere,” Commercial Bank Managing Director/CEO Sanath Manatunge said. “At Commercial Bank, a lot of attention is devoted to creating a workplace culture that ensures that employees can achieve their full potential as they build their careers. Our biggest strength is our people, and there is intense focus on their wellbeing, including minimising work-related stress which can negatively affect the health of employees as well as the productivity of the organisation.”

Commercial Bank also has the distinction of being in the Top 10 of the LMD 100 ranking of Sri Lanka’s leading listed companies, which is primarily based on turnover, every year since the ranking was first published 31 years ago.

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Ceylinco Life closes 2024 with 13 awards for financial reporting and brand excellence

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Senior representatives of Ceylinco Life accepting the CA Sri Lanka TAGS Silver award (above) and the SLIM Local Brand of the Year Silver award.

Sri Lanka’s life insurance market leader Ceylinco Life has brought 2024 to a close on a victorious note, winning a total of 13 awards, 11 for distinction in financial reporting and two for brand excellence.

The company’s annual report for 2023 received accolades from four prestigious local and international bodies – CMA Sri Lanka, CA Sri Lanka, the South Asian Federation of Accountants (SAFA) and MerComm Inc., the presenter of the prized ARC Awards.

Titled ‘The Core of Trust,’ Ceylinco Life’s integrated annual report for 2023 was recognised as one of the ‘Top 10 Excellent Integrated Reports’ in Sri Lanka at the CMA Excellence in Integrated Reporting Awards 2024, and was adjudged the first runner-up in the Insurance category. CMA Sri Lanka is the national professional management accounting body.

The Annual Report also won the Silver award in the Insurance sector, the Bronze for Corporate Governance Disclosure, and three Certificates of Recognition for Sustainability Reporting, Integrated Reporting and Digitally Transformative Reporting respectively, at the 2024 edition of the CA Sri Lanka Annual Report Awards, now branded the ‘TAGS’ Awards.

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Queen’s Hospital Medical Centre Opens in Ratmalana, Offering Affordable and Advanced Healthcare

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The staff members at Queen Hospital

The newly opened Queen’s Hospital Medical Centre in Ratmalana is revolutionizing private healthcare with state-of-the-art facilities and compassionate services. Equipped with advanced medical technologies, including ultrasound, echo, and X-ray machines, the hospital ensures accurate and timely diagnoses for patients. A team of experienced medical officers, nurses, and healthcare professionals is dedicated to providing exceptional care, said a release.

Patients can access OPD treatments for just Rs. 550, and until 31 January 2025, enjoy a 50% discount on X-rays and hospital charges for ultrasound or echo tests. On 29 January, the hospital will host a special medical camp offering free screenings for cholesterol, diabetes, and heart conditions. Pre-registration is required to secure a spot.

Queen’s Hospital also introduces a daycare service for elderly parents, allowing families to attend to their commitments while ensuring their loved ones are cared for in a safe, professional environment. Serving Ratmalana and surrounding areas like Kalutara, Dehiwala-Mount Lavinia, Moratuwa, and Maharagama, the hospital eliminates the need to travel to Colombo for quality care. Convenient e-channeling services enable patients to choose their preferred doctor and save time and money.

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