Page 14 - DCICAI SOUVENIR 2018

MESSAGE FROM

CHIEF GUEST

Mr. Ashraf A.R. Abu Issa
Chairman, Abu Issa Holding

SUSTAINABILITY AND GROWTH IN THE DIGITAL ERA
“Change is the only constant in life.” - Heraclitus, a Greek philosopher

It gives an immense pleasure to perceive that Institute of Chartered Accountants of India (“ICAI”) –
Doha Chapter has organized the Fifth International Conference with the gist of “Sustainability and
Growth in the Digital Era”. In my opinion, the two concepts i.e. sustainability and digital era, properly
combined, can bring myriad benefits.

As an entrepreneur, this question always bewilders how the technological innovation can sustain my
Group’s business models to the changing market behavior. Sustenance would be people thinking
differently, if you want to do things digitally it would not work if you don’t disrupt. The change brought
in by innovation must be adapted and used in a way that benefits/shape the future of country,
organizations, society and individuals.

We have an example which shows that any resistance to adopt the change brought by Digital Era
has led to bankruptcy of popular retail chain. Recently, the once-dominant retail chain that changed
how Americans shopped and lived, has filed for bankruptcy. The retail chain fell out of shoppers›
favor over the past decades as online stores and big box rivals, beat their on price and convenience.
The Company problems were mainly self-inflicted. Its management tried to compete by closing
stores and cutting costs. It slashed spending on advertising and it failed to invest in the upkeep and
modernization of its outlets.

In the past, it was not uncommon for companies to know little about their assets or products after
they were made and sold. So a great deal of waste has unwittingly been built into manufacturing and
consumption cycle. But by using digital technology such as electronic tagging, companies can start
to harvest data about demand, usage, and the quality of products.

A number of programs are using digital technology to deliver social benefits. The M-Pesa mobile
phone banking and money transfer application, developed in Kenya, has empowered people across
Africa to make financial transactions without a bank.

To conclude, in my opinion the companies must establish board level digital and sustainability
advisory units to ensure that board understands digital technologies, including safety, ethics, values
and governance.

My Prayers and best wishes to ICAI executive members for a successful event.

14 | DCICAI - 5th INTERNATIONAL CONFERENCE