- If companies do not transform with clear strategies, they will be left behind, just like many companies that have failed
RIYADH: Company chief executives must embrace the technological revolution, delegates to the Future Investment Initiative conference were told.
Leaders need to come out of their traditional offices and engage with the community, said Yousef Al-Benyan, vice chairman and chief executive of Saudi Basic Industries Corp. (SABIC), the Saudi petrochemicals giant.
鈥淚 don鈥檛 look at it wholly from a regional point of view, but I look at it globally,鈥� he said. 鈥淭ransformation and the technology evolution are going to be very crucial. At the same time, it is going to create challenges for business.鈥�
Companies should keep in mind that if they do not transform themselves with different platforms and clear strategies, they will be left behind, like many companies that had failed, Al-Benyan said.
鈥淚鈥檓 not looking at incremental transformation but it has to be a complete transformation otherwise the companies will not be able to truly satisfy their shareholders.鈥�
Al-Benayan also discussed the digital transformation that is changing the petrochemical industry, and how it will drive future growth.
The petrochemical industry is important for the growth of prosperity, Al-Benayan said. 鈥淭he petrochemical industry is now everywhere in every individual鈥檚 life,鈥� he said.
SABIC is competitive, he said. 鈥淲e have more than 21 centers globally, supported by more than 2,000 scientists and researchers to make sure that we have up-to- speed positions in our competitive environment.鈥�
Al-Benayan expressed concern about the future of job creation. The speed of technological innovation was greater than the speed of the transformation of 抖阴短视频鈥檚 education system, he said, which would create challenges for Saudi youth.