Mena family businesses discuss impact of digitisation

Representatives of family businesses in Mena discuss digital transformation and disruption at the Tharawat Family Business Summit.

Leading family businesses from Middle East and North Africa (Mena) assembled in Dubai recently to discuss digital transformation and disruption at the Tharawat Family Business Summit.

The Tharawat Family Business Summit 2018 was attended by members from over 30 regional family-owned businesses, from the UAE, Saudi Arabia, Oman, Bahrain, Kuwait, Egypt, Lebanon, Algeria and more countries.

The summit titled 'Leading your family business into the future' was a 2-day programme that covered 2 main areas: the impact of digitisation in traditional industries, and the importance of tackling disruptive forces through strategic decision making.

The Tharawat Family Business Forum is an independent private network dedicated to the sustainability, innovation and growth of Mena family businesses.

Facing increasing and significant shifts in market dynamics and competitive environments, family businesses are eyeing innovative ways to grow using the opportunities that present themselves at the dawn of the 4th industrial revolution. The summit gave business owners the opportunity to hold systematic conversations on the operational, financial and strategic decisions that have to be taken during the next decade, as well as learn from experts and peers through workgroups and dialogues.

On the first day of the summit, members from family enterprises explored how to navigate the digital transformation journey. The workshop and study visit were held in partnership with GE Digital and Obeikan Digital Solutions, and aimed at introducing the concept of digitisation, as well as the opportunities presented by digital technologies and advanced data analytics across a variety of industries.

A key concern for family businesses is sustainability and continuity throughout periods of disruptive change. While disruption is a reality and business models, products and consumer behaviour are drastically changing, boards of directors need to find the right tools and processes to recognise and address the impact of disruption on their business.

The second day of the summit was dedicated to 'Family business boards in times of disruption'. Experts shared approaches on how boards of directors can ensure future-oriented decision makingand can take swift corrective action in times of need.

- business@khaleejtimes.com