Business Chief UK & Europe - Dec2023 by Business Chief Europe

December 2023 | businesschief.eu

UK & EUROPE

Building trust through clear communication

Female CEOs in Europe

The growing influence of green finance

Developing the leaders of tomorrow

The timeless appeal of the luxury watch

Digital ecosystems take centre stage

SHARING

SUCCESS EXCLUSIVE

EDUARDO DÁVILA, Senior Advisor to the CEO at Aon, outlines the importance of taking an empathetic approach to leadership

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The Business Chief Team EDITOR-IN-CHIEF

SCOTT BIRCH

EDITORS TOM CHAPMAN KATE BIRCH CHEIF DESIGN OFFICER

MATT JOHNSON

HEAD OF DESIGN

ANDY WOOLLACOTT LEAD DESIGNER

EMMA WALLER

SENIOR DESIGNERS

SAM HUBBARD REBEKAH BIRLESON

4 December 2023

FEATURE DESIGNERS

EMMA WALLER JULIA WAINWRIGHT VICTORIA CASEY ADVERT DESIGNERS

DANILO CARDOSO CALLUM HOOD ADRIAN SERBAN

VIDEO PRODUCTION MANAGER

KIERAN WAITE DIGITAL VIDEO PRODUCERS

ERNEST DE NEVE THOMAS EASTERFORD DREW HARDMAN SALLY MOUSTAFA

PRODUCTION DIRECTORS

GEORGIA ALLEN DANIELA KIANICKOVÁ PRODUCTION MANAGERS

JANE ARNETA MARIA GONZALEZ YEVHENIIA SUBBOTINA KENDRA LAU PROJECT DIRECTORS

RYAN HALL TOM VENTURO STUART IRVING

MEDIA SALES DIRECTOR

JAMES WHITE JASON WESTGATE

MANAGING DIRECTOR

LEWIS VAUGHAN CEO

GLEN WHITE

FOREWORD

A NEW HOPE The future is there for the making

As 2023 draws to a close, we inevitably hope for a brighter new year. The pace of change in recent years has been dizzying. So while it is hard to imagine what 2024 may hold, how can we even begin to look further into the future? A century ago, journalists were doing just that – speculating about the world we may inhabit. Those predictions, in hindsight, were not all bad. One anticipated a day when “watch-size radio telephones will keep everybody in communication with the ends of the earth", while another hailed the four-hour working day. They also thought we would live to the ripe old age of 300. It is essential that we, as a race, continue this fascination with the future. From climate change to machines taking over the world, fears abound – but nothing is written. The future is there for the making.

SCOTT BIRCH

Chief Content Officer, BizClik scott.birch@bizclikmedia.com

BUSINESS CHIEF MAGAZINE IS PUBLISHED BY

businesschief.eu

CONTENTS UP FRONT 08 BIG PICTURE

Bayer: Developing the next generation of chemicals

10 P EOPLE MOVES A look at the C-suite executives on the move

12 L IFETIME OF ACHIEVEMENT

Roland Busch, CEO at Siemens

16 M ONTH IN REVIEW

Highlights from November

18 B USINESS CHIEF INTERVIEW Eduardo Dávila, Senior Advisor to the CEO at Aon

24 TOP 10

Female CEOs leading Fortune 500 Europe companies 6

December 2023

12 18

DECEMBER 2023

FEATURES 38 MICROSOFT

Driving AI transformation in the public sector

54 LEADERSHIP

Communicating with the board is all about balance

62 ESG

Why sustainability and economic viability go hand in hand

70 TECHNOLOGY

Transforming the world of business with digital ecosystems

78 PEOPLE

Leadership development remains critical to success

86 SIEMENS

Driving sustainability with digitalisation

102 LIFESTYLE How the luxury watch stood the test of time

businesschief.eu

BIG PICTURE

Bayer: Developing the next generation of chemicals for a sustainable future Monheim am Rhein, Germany

Bayer, the chemical manufacturing giant, is strengthening its commitment to regenerative agriculture by pumping US$230 million into R&D at its Campus Monheim. It marks the company’s largest single investment in its Crop Protection business in Germany since the site opened in 1979. A new product safety complex with labs, offices and a greenhouse area is set to offer space for approximately 200 employees, whose primary focus will be the development of the next generation of chemicals for a sustainable future, as well as enhancing the environmental and human safety of crop protection. 8 December 2023

businesschief.eu

PEOPLE MOVES Plenty of big-name companies have been busy reshuffling their leadership teams. Business Chief takes a look at some of the most significant recent movers

I’VE ALWAYS ADMIRED THE UNIQUE HERITAGE AND STRONG VALUES OF CARLSBERG AND LOOK FORWARD TO BUILDING FURTHER ON THAT GREAT FOUNDATION

PEOPLE | MOVES

Fernando Fernandez

Guillaume Halleux

JOB FROM: PRESIDENT – BEAUTY & WELLBEING, UNILEVER JOB TO: CFO, UNILEVER

JOB FROM: CHIEF CARGO OFFICER, QATAR AIRWAYS JOB TO: CCO, SWISSPORT

Unilever has announced the appointment of Fernando Fernandez as its new CFO following a thorough search process. Fernandez, who is currently President of Unilever’s Beauty & Wellbeing Business Group, will replace the retiring Graeme Pitkethly from 1 January, 2024. Before running one of Unilever’s fastest-growing divisions, Fernandez was responsible for Unilever’s business in Latin America. This followed a successful period leading Unilever Brazil.

Swissport has a new Chief Commercial Officer in the form of Guillaume Halleux. He joins from Qatar Airways where he served as Chief Cargo Officer for almost six years. Halleux will work in close collaboration with regional leaders and maintain an open dialogue with airline clients, ensuring their high expectations are met.

Jacob Aarup-Andersen

Julie Kitcher

JOB FROM: CEO, ISS JOB TO: CEO, CARLSBERG GROUP

JOB FROM: EVP – COMMUNICATIONS, CORPORATE AFFAIRS & SUSTAINABILITY, AIRBUS JOB TO: CHIEF SUSTAINABILITY OFFICER, AIRBUS

Jacob Aarup-Andersen has taken the reins as CEO at the Carlsberg Group following the retirement of Cees ’t Hart. He joins from ISS A/S, a global leader in facility management with 360,000 employees across 60 countries, where he has served as Chief Executive since 2020.Earlier in his career, Aarup-Andersen held senior leadership roles at Danske Bank and Danica Pension.

Airbus has appointed Julie Kitcher as its first-ever Chief Sustainability Officer. Kitcher joined the organisation back in 2000 and has progressed through the ranks to take up various senior positions including Head of Investor Relations and Financial Communication. Airbus announced recently it was making a raft of changes to its leadership team. businesschief.eu

LIFETIME OF ACHIEVEMENT

ROLAND BUSCH

PRESIDENT AND CEO AT SIEMENS A near-30-year company veteran, Roland Busch is ensuring Siemens stays at the forefront of digital transformation while creating a sustainable future WRITTEN BY: TOM CHAPMAN

iemens is nothing less than a technology heavyweight across a range of industries and has, in recent years, reached new heights thanks to the tireless efforts of Roland Busch. This model leader has been in charge since the early part of 2021, when he stepped up from the role of Deputy CEO. By this stage, Busch had already sealed his status as a company legend having worked his way up the corporate ladder over the course of three decades. Without his countless contributions, Siemens may never have grown to become the European and worldwide giant it is today. 12

December 2023

Erlangen born and bred Roland Busch was born and grew up in the West German city of Erlangen, which he has previously described as having “a lot of advantages” and an “extremely high” quality of life. His father was a primary school principal and his mother worked at a local bank prior to becoming a stay-at-home mum to look after young Roland and his elder brother, who also works at Siemens. Busch went to school in Erlangen and quickly developed a passion for mathematics and science. He chose to pursue physics at Friedrich Alexander University (FAU),

LIFETIME OF ACHIEVEMENT

Roland Busch

E XE CUTIV E BI O

TITLE: PRESIDENT AND CEO COMPANY: SIEMENS INDUSTRY: TECHNOLOGY/ MANUFACTURING/HEALTHCARE LOCATION: MUNICH, GERMANY Roland Busch has been at Siemens for almost three decades having joined in 1994. Over the years, he has risen through the ranks to assume a host of leadership positions, and eventually became CEO in 2021.

Video:

Siemens: Transform the everyday

otherwise known as the University of Erlangen-Nuremberg, where he also received his doctorate, and went on to continue his studies in Grenoble, France. Erlangen is a place that remains dear to Busch’s heart. To this day he still lives there with his wife, although he now has a second home in close proximity to the Siemens headquarters in Munich. A Siemens legend A look at Busch’s CV suggests he was destined to work for Siemens, the company he joined as

years Roland Busch has spent at Siemens

US$700M

amount Siemens is investing in its own decarbonisation by 2030

92%

percentage of Fortune 500 industry companies using Siemens software

a Project Head for the Corporate Research and Development department back in 1994. In the ensuing years he progressed rapidly through the ranks to assume senior roles in automotive strategy and process management, before being promoted to CEO of Business Unit Infotainment Solutions in 2005. With leadership clearly in his DNA, Busch went on to head up numerous divisions of the business, including in the Asia-Pacific region, but was ultimately destined for the very top. After impressing in various C-level positions – CTO, COO and Chief Sustainability Officer (CSO) among them – his ascension was almost complete when he was appointed Deputy CEO in 2019. Then, following an 18-month leadership succession process, Busch eventually replaced fellow Siemens veteran Joe Kaeser as CEO. He is ably supported by CFO Ralf Thomas, another senior leader to join the business in the mid-90s. Speaking after his appointment was officially announced in February 2021, Busch spoke of having a “great sense of responsibility and humility”, while also looking ahead to a “decade of opportunities” where Siemens leads industry, infrastructure, transportation and healthcare into the digital age.

LIFETIME OF ACHIEVEMENT

WE FIRMLY BELIEVE THAT TECHNOLOGY IS THE ANSWER TO CREATING A SUSTAINABLE FUTURE The one-company man has been lauded by colleagues for – among other things – his profound grasp of technology, entrepreneurial successes and teamoriented approach to leadership. In the 2020 book, Beyond Great, which offers strategies designed to help leaders thrive in a post-COVID world, Busch says: “The leader has to define what the company stands for, which goes above and beyond the latest and greatest technology, and [he or she has] to give something meaningful to the company.” Creating a sustainable future Busch has made it his mission to ensure Siemens remains positioned at the forefront of technology and digital transformation. This is perhaps best demonstrated by the fact a staggering 92% of Fortune 500 industry companies use its software. What’s more, in the last decade, the firm has invested no less than US$15.4bn in digital companies. Busch says himself that Siemens’ commitment to creating technologies with purpose across infrastructure, transportation and healthcare is what attracted him to the company – and also explains why he never left.

However, as is customary at Siemens, virtually all its digital transformation activities are aligned with efforts to preserve the future of the planet. Sustainability is deeply embedded across all functions and influences almost every decision. In recent times, Busch has helped push the company’s ESG commitment to the next level with the DEGREE framework, a 360-degree approach aimed at catering for all stakeholders including customers, suppliers, investors, employees, society and the planet. Co-writing the foreword of Siemens’ 2022 sustainability report alongside CSO Judith Wiese, he said: “We firmly believe that technology is the answer to creating a sustainable future. By combining the real and the digital worlds, we can solve the challenges of our times and meet the needs of our customers.” Roland Busch is a leader masterfully striking the right balance between advancing his organisation from a technological perspective and staying sensitive to environmental issues. After almost 30 years of exemplary service, few would be surprised if he managed 30 more. businesschief.eu 15

MONTH IN REVI

MONTH IN REVIEW

Which nations in Europe are best when it comes to championing women in STEM? Plus, Siemens and Microsoft expand their already-burgeoning partnership

Which European nations have the most successful companies? Even those with relatively scant knowledge of the business landscape could probably reel off many of the biggest businesses in Europe. But which European nations are home to the companies that make the most profit per employee?

Which nations are best for championing women in STEM? Across the globe, women account for a relatively small proportion of the STEM workforce. It begs the question as to which European countries are leading the way when it comes to closing that gap and championing women in the field.

OMV Group: On the path to net zero thanks to AspenTech OMV Group and Aspen Technology can already boast a strong relationship dating back more than two decades. And now, the pair look set to benefit from a newly-expanded partnership aimed at accelerating OMV’s energy transition initiatives and overall journey to reaching net zero. 16 December 2023

IEW

MONTH IN REVIEW

Siemens and Microsoft: Driving cross-industry AI adoption Siemens and Microsoft are, without doubt, leaders in their fields when it comes to technological innovation. In an attempt to help businesses achieve increased productivity, the pair are deepening their already-thriving partnership by showcasing the benefits of generative AI to various industries on a global scale.

How SAP is facilitating continuous business transformation SAP is on a mission to ensure businesses have the best-possible tools available during their transformation journeys. That explains why the tech giant has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software.

Cloud is driving IT spending through the roof across Europe Despite testing economic circumstances, IT spending across Europe is apparently “recession-proof”. Gartner has predicted US$1.1 trillion will be spent in 2024, a 9.3% increase on this year’s projected total of US$1tn.

businesschief.eu

THE BUSINESS CHIEF INTERVIEW

EDUARDO FROM SEVE’S GOLF CADDY TO GIFTED LEADER Eduardo Dávila, Senior Advisor to the CEO at Aon, can draw plenty of parallels between his time as a caddie for Seve Ballesteros and his tenure as a business leader WRITTEN BY: TOM CHAPMAN

18 December 2023

O DÁVILA

THE BUSINESS CHIEF INTERVIEW

ot many leaders can say they’ve caddied for one of the greatest golfers of all time. Eduardo Dávila has not only enjoyed the immense pleasure of accompanying Severiano Ballesteros around many of Spain’s stunning courses, but also succeeded in transferring practical experience from the professional golfing world to his career in business. Dávila recently stepped up to become Senior Advisor to Aon CEO Greg Case having previously served as a CEO himself, looking after the EMEA region. He is a firm believer that achieving business success goes hand in hand with prioritising loved ones. “Without my family’s support, I wouldn’t be where I am today,” says Dávila. “While my children won’t remember quarterly reports or business achievements, they will remember their dad being there on special days. “It’s always worth reminding oneself to be present during those precious moments that shape our family bonds.”

Progressing through the ranks Dávila spent four years in banking as an Investment Advisor with BBVA before joining Aon in 2002 to become Director of Corporate Business in Spain. Over the years he progressed through the ranks to lead the company in Portugal, Iberia and the Middle East, before taking the reins for the EMEA region in 2021 and becoming Senior Advisor to Case in November of this year. These days, the organisation’s core activities are focused on the two primary categories of client need: risk capital, including commercial risk and reinsurance, and human capital, encompassing health, wealth and talent. “We help our clients shape business decisions for the better,” explains Dávila. “We work with our clients, providing them with the advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their businesses. “Our collaborative approach ensures every Aon client is better informed, better advised and able to make better decisions on a global and local level.”

OUR COLLABORATIVE APPROACH ENSURES EVERY AON CLIENT IS BETTER INFORMED, BETTER ADVISED AND ABLE TO MAKE BETTER DECISIONS 20

December 2023

THE BUSINESS CHIEF INTERVIEW

A B O UT A ON Aon was created in Chicago back in 1982 following the merger of the Ryan Insurance Group and the Combined Insurance Company of America. The company exists to shape decisions for the better, protecting and enriching the lives of people around the world as a result. Around 50,000 Aon employees based across the globe provide clients in more than 120 territories advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business. Today, the organisation is headquartered in London, with its North America operations based in Chicago at the Aon Center.

THE BUSINESS CHIEF INTERVIEW

LISTENING IS THE ULTIMATE LEADERSHIP SKILL. IT HELPS YOU NAVIGATE DIFFICULT SITUATIONS, FIND SOLUTIONS AND PROVIDE SUPPORT WHEN IT’S MOST NEEDED Dávila makes no bones about the various obstacles he encountered in his last job as CEO for EMEA. Simply being in charge of such a diverse region, with countless geographies, cultures and markets, was a trial in itself, but one he viewed in a positive light. “The greatest challenge for me is building something that is greater than the sum of its parts,” he continues. “EMEA is a very heterogeneous region and finding a way to work as one united team, to explore the

Eduardo Dávila

E XE CUTIV E BI O

TITLE: SENIOR ADVISOR TO THE CEO COMPANY: AON INDUSTRY: PROFESSIONAL SERVICES LOCATION: MADRID

Eduardo Dávila joined Aon in 2002 and has worked with a wide range of clients across different geographies, segments and industry verticals, providing solutions that address both opportunities and risks. After leading the EMEA region, he recently became Senior Advisor to Aon CEO Greg Case.

December 2023

synergies between geographies, solution lines and client segments, is equally a challenge as it is an opportunity. “The opportunity lies in getting the team to a common mindset – where the ‘we’ is more important than the ‘me’ – with real belief and determination.” Leading from the front While plenty has changed at Aon since Dávila joined more than two decades ago, much has stayed the same Its overarching strategy, for example, remains underpinned by the Aon United Blueprint, which guides company culture and values. Ultimately, Aon United informs the way colleagues work together and scale more specific strategies across the firm to deliver value to clients. However, Dávila adds: “The way in which we have helped them [clients] has evolved over time, as their needs regarding both risk and human capital have changed. We’re on a constant evolution to meet the changing needs of our clients to best serve them.” In ensuring employees stay true to Aon’s all-important values, Dávila chooses to adopt an empathetic leadership style, assuming a role which is more akin to teammate or mentor than boss – fostering a culture of learning in the process.

THE BUSINESS CHIEF INTERVIEW

15,000 number of employees across the EMEA region

1982

the year Aon was created following the merger of Ryan Insurance Group and the Combined Insurance Company of America

“Our team is more than a group of co-workers; it’s like a family,” he goes on. “Within our family, we talk openly and have created a sense of shared success. “I ensure I make time to foster relationships with my colleagues, supporting them to deliver their best work and motivating them through the good and the bad. I firmly believe we can all learn from each other.” Another quality Dávila looks to maintain is consistency, which begins with simply showing up every day in an effort to build meaningful relationships with peers and allowing his strengths and weaknesses to be known by his team. “Other qualities that I believe are critical to leadership include being respectful, proactive, having patience and being a good listener,” he asserts. “As a leader, it’s important to know when to share advice and to have the courage to do so. “Listening is the ultimate leadership skill. It helps you navigate difficult situations, find solutions and provide support when it’s most needed.”

A ‘dream come true’ Dávila looks back with fondness at his golf-oriented upbringing. Influenced by his father – “a skilled golfer and a true mentor to me” – he first picked up a club at the age of six and is still playing to this day. Over the years, Dávila was fortunate enough to get to know some of the tour professionals, Seve Ballesteros being one of them. “In 1996, I started following him [Ballesteros] around the course at 6am, five or six days a week, just to watch him play,” he explains. “He didn’t utter a single word to me until one day, when we got to the final green, he asked me why I’d been watching him. “It was this interaction that led to him inviting me to play with him the next day. It was a dream come true and we met at the sixth hole of the Pedreña golf course in Cantabria, Spain.” READ THE FULL STORY businesschief.eu

FEMALE C LEADING EUROPE C

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CEOs FORTUNE 500 COMPANIES

Following the release of the first-ever Fortune 500 Europe, Business Chief celebrates the minority of women leading some of the region’s biggest companies WRITTEN BY: TOM CHAPMAN

f ever you needed a demonstration of the existence of corporate gender disparity, look no further than the newly-released Fortune 500 Europe. The first-ever European instalment of the iconic list shows women lead 35 of the region’s 500 biggest companies – which translates as just 7%. For context, that figure stands at 10.4% in the US and 5.8% globally. Clearly, there is still plenty of work to be done when it comes to achieving gender equality in the upper echelons of European business. businesschief.eu

TOP 1O

ANNA BORG CEO: Vattenfall

Credit: Vattenfall

Anna Borg is a results-oriented leader with extensive experience in driving change. The CEO of Swedish energy giant Vattenfall can boast a strong track record of growing, consolidating and turning around businesses by improving the rate of customer and employee satisfaction. Borg has spent the vast majority of her working career at Vattenfall, aside from a two-year stint at Klarna from 2015 to 2017 when she was SVP for activities in the Nordic region.

December 2023

ISABELLE FERRAND

CEO: Crédit Mutuel Group Isabelle Ferrand is one of very few women heading up banks in Europe and across the world, having been promoted to CEO of French cooperative Crédit Mutuel in May 2023. Ferrand’s appointment was recognition of not only her immense capabilities, but also her outstanding loyalty to the group following four decades of service. Crédit Mutuel’s central objective is to provide a quality service at the fairest-possible cost to all its members. businesschief.eu

Credit: GasTerra

ANNIE KRIST CEO: GasTerra

Annie Krist has been working in the energy sector for the best part of four decades, starting out in the marketing department at N.V. Nederlandse Gasunie in 1987. She subsequently held various posts in the sales division and looked after numerous account management teams. In 2008, Krist progressed to become Director Corporate Strategy, before being appointed as CEO at Gasunie Transport Services. She has been leading Dutch natural gas wholesaler GasTerra since 2017. 28

December 2023

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EMMA WALMSLEY CEO: GSK

Emma Walmsley is one of the most influential figures in British business and has been a member of the GSK leadership team since 2011, eventually becoming CEO in 2017. Prior to joining GSK in 2010, she worked at L’Oreal for 17 years in global and local marketing and general management roles across locations including Paris, London, New York and Shanghai. Walmsley was appointed a Dame for her services to the pharmaceutical industry and business in 2020.

businesschief.com

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ESTELLE BRACHLIANOFF CEO: Veolia Environnement

Estelle Brachlianoff is CEO at Veolia Environnement, known for its management services across the areas of water, energy and waste recycling. She originally joined the business in 2005 as special advisor to the CEO, before stepping up to lead Veolia Environmental Services Cleaning and Multiservices. After impressing in various leadership roles, Brachlianoff’s ascent to the top was completed in 2022 when she was appointed as Group CEO. Brachlianoff has spoken of her desire and determination to “turn the tide” in the face of mounting environmental challenges.

September 2023

Credit: Orange

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CHRISTEL HEYDEMANN CEO: Orange

Over the course of her 25-year career, Christel Heydemann has worked for some of the biggest and best-known organisations in the world including Boston Consulting Group, Alcatel and Schneider Electric. At the latter she progressed through the ranks to lead the firm’s operations in France and then Europe as a whole, before moving to Orange in 2022 to become CEO. Heydemann is recognised by industry peers for her significant telecoms experience and capabilities in managing business transformations. businesschief.eu

Credit: Vodafone

MARGHERITA DELLA VALLE CEO: Vodafone Group

Margherita Della Valle stepped up to officially become CEO at Vodafone in April 2023 having impressed during a short period as interim CEO. Upon her appointment, which followed a rigorous internal and external search, she was lauded for her “pace and decisiveness” in beginning the “necessary” transformation of Vodafone. Over the course of three decades with the telco powerhouse, Della Valle has built up a strong track record in various marketing, operational, commercial and financial positions, most recently as Group CFO. 32

December 2023

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LOUISE HAHN CEO: Energi Danmark Group

Credit: Energi Danmark

Louise Hahn is one of the newer CEOs in the top 10 having assumed her position at Energi Danmark Group in August 2023. Over the course of her 25-year career, she has built up a raft of experience in energy, utilities, IT services and management consulting across nations including Denmark, Germany and the Netherlands. In the past, Hahn has worked alongside anthropologists and architects to understand consumer interactions with energy, electrification and the green transformation as well as brand identity and storytelling.

businesschief.com

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JULIE SWEET CEO: Accenture

Julie Sweet is one of the best-known CEOs in Europe and across the world. As leader of professional services giant Accenture, she is instilling a company culture that prioritises inclusivity and equality and sustainability. Sweet became CEO in 2019 having previously served as Chief Executive of Accenture’s business in North America, its largest geographic market. Prior to that, she was General Counsel, Secretary and Chief Compliance Officer for five years. Before joining Accenture in 2010, Sweet was a partner for 10 years at Cravath, Swaine & Moore LLP, the law firm she joined at the beginning of her career in 1992. Away from Accenture, Sweet serves on the World Economic Forum Board of Trustees, and has repeatedly been recognised as one of the most powerful women in business, including by Fortune and Forbes.

Accenture CEO Julie Sweet Talks About A Culture of Equality

December 2023

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Mon Programme p

December 2023

pour Agir d’ENGIE

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CATHERINE MACGREGOR CEO: Engie

At the helm of Engie, the highestranked female-led company in the Fortune 500 Europe, is Catherine MacGregor, who joined the group as CEO at the beginning of 2021. MacGregor has spent her entire career in the energy sector, starting out at Schlumberger to which she dedicated 23 years of loyal service. She took up various positions of international responsibility, notably as group HR director and President of the Europe and Africa region. MacGregor’s final promotion saw her become President of the organisation's Drilling Group. Before joining Engie, this leadership trailblazer worked as President of Technip Energies, a role which saw her lead the engineering division and prepare for the firm’s public offering. In recent months, MacGregor has regularly called for a more decisive EU policy to support the ongoing energy transition, taking lessons from the USA. businesschief.eu

December 2023

MICROSOFT

Microsoft driving AI transformation in the public sector WRITTEN BY: MARCUS LAW PRODUCED BY: TOM LIVERMORE

businesschief.eu

MICROSOFT

Microsoft Government CTO, Greg Wilson, on the company’s expansive role in AI adoption, ethical governance, and cybersecurity within the public sector

hen one thinks of ‘Technology Leaders,’ Microsoft is likely the first company that comes to mind. A globally recognised brand offering a wide portfolio of products and services across industries, central to Microsoft’s message is its mission of empowering every person and every organisation and on the planet to achieve more. “For me, we’re so much more than a large technology company,” describes Greg Wilson, Government CTO at Microsoft’s Worldwide Public Sector team. “There’s a responsibility on us as a strategic partner to nations, and as a partner to governments. We’re thought leaders in terms of Cloud technology. Although we also have a responsibility for helping governments understand how things like AI should be governed, or how to help reduce the digital divide, or how to support sustainability commitments and how to work with our big partner ecosystem.” Microsoft is truly leading the AI revolution, from its Copilot products to Azure OpenAI Service and Cloud adoption, which helps improve productivity, insights and driving automation. The use cases in the public sector, as well as other areas, are endless. “There’s one word that’s driving this change and that’s AI,” Wilson describes. 40

December 2023

MICROSOFT

businesschief.eu

MICROSOFT

“ For me, we’re so much more than a large technology company. There’s a responsibility on us as a strategic partner to nations, and as a partner to governments” GREG WILSON

CHIEF TECHNOLOGY OFFICER, MICROSOFT

December 2023

“The other word that’s completely underpinning that, of course, is data. The AI revolution of Microsoft, particularly over the last few months, has built up on all the work that’s been done over the last 10 years and how we’re going forward. Today, we’ve restructured our Government Industry focus to be more about empowering governments with technology to help solve society’s biggest challenges with AI in the Cloud. “I think it’s beholden to us as we bring all this new tech to the market space to

GREG WILSON TITLE: CHIEF TECHNOLOGY OFFICER COMPANY: MICROSOFT INDUSTRY: SOFTWARE DEVELOPMENT Greg Wilson is Microsoft Worldwide Public Sector’s Chief Technology Officer for Government. His role is to help global Public Sector Government clients and partners to work with Microsoft technologies to achieve more by empowering growth, innovation, and digital transformation. He oversees support around the globe to Government Public Finance, Public Safety and Justice, Government Operations & Infrastructure and Public Health and Social Services Partners and Customers. Prior to his current role he was Microsoft UK’s National Technology Officer and focused predominantly on the National Security sector cloud, data and AI solutions.

help governments understand it, help our partners understand it, and really demystify it for governing bodies so they understand the tech, they understand the issues, they understand the risks and they understand accountability.” The key drivers for tech adoption in the public sector With the world now in an era of AI transformation, Wilson’s message for organisations is to not get left behind. “We can talk about generative AI and all

the great things that these tools enable, but all the magic starts with the hyperscale cloud.” As a result, a lot of discussions around AI transformation are centred around moving governments to the cloud. “The Cloud is where the magic is unlocked and for governments wanting to better understand their data and access emerging technologies like AI and quantum, migrating to the cloud is a key first step,” Wilson says. “Here they will unlock the power of solutions like Microsoft Fabric that will reshape how everyone accesses, manages, and acts on businesschief.eu

Accelerating AI’s Potential for Critical Infrastructure Discover how Bentley Systems leverages data-centricity, digital twins, and AI to improve business outcomes across the civil infrastructure lifecycle

Learn More

Bentley Systems turns AI into an infrastructure assistant Julien Moutte, CTO of Bentley Systems, discusses the benefits of combining data with AI and ML to address capacity concerns among infrastructure The imperative to upgrade infrastructure is underscored by advancements in construction, renewable energy, and the strategic role of technology. Julien Moutte, CTO of Bentley Systems, underscores the importance of providing engineers with “infrastructure intelligence” amid growing demands. He distinguishes between IT data, which is administrative, and engineering and operational data, which are vital for developing digital twins with inputs like 3D models, drone imagery, and IoT sensors. Moutte stresses the importance of data in today’s engineering: “It’s more important than ever to make this infrastructure intelligence available to engineers so that they can do their best work. Because in our

sector infrastructure is under a lot of pressure right now due to backlogs, talent shortages, and sustainability requirements.” Digital twins enable simulations and problem anticipation in a virtual space, with AI and machine learning being key to predicting real-world outcomes. AI can aid tasks such as CAD analysis and production and in the creation of digital twins. Bentley Systems addresses data interoperability challenges and the trustworthiness of AI amid evolving discussions on generative AI. The company has committed to ensuring its AI solutions respect intellectual property and data privacy rights. Moutte views AI as a powerful assistant rather than a

replacement in infrastructure design. Bentley Systems promotes AI as a collaborator with designers and engineers, grounded in physical laws and engineering limits: “We believe this is an approach that is going to help our users understand how the data is being used, have control, but also make the best use of past data.” “Our tools already understand the rules of the physical world, the constraints of engineering, and we want to make sure that AI is working as an assistant to the designer and engineers and of our tools so that they can enforce those engineering rules and make sure we create safe designs.”

MICROSOFT

data and insights by connecting every data source and analytics service together—on a single, AI-powered platform. Or our Copilot products that use AI tools to help users to unleash a whole new way of working. Copilot works alongside you to unleash your creativity and help you perform tasks faster. It’s amazing and Copilot will help you organise ideas, understand context, and bring collaboration to a whole new next level. “People expect their governments to change,” Wilson asserts. “They expect 46

December 2023

the services that are getting to go online and therefore they’re expecting their country to adopt a more competitive approach in the digital market. We can see the clear benefits this brings to society through efficiencies, reducing costs, improving customer satisfaction, and even driving innovation going forward.” Driving this innovation, Microsoft is accelerating how customers can improve employer productivity and leverage transformation AI by going to the cloud. “This is the massive impact that will

empower governments, with our technology, to help solve society’s biggest challenges. It’ll deliver innovation in programmes and experiences. It will better empower the government workforce and we will see a transformation of the business space in terms of especially government operations and services.” The need for ethical AI As AI technologies become increasingly integrated into public life, ethical considerations are paramount.

“The challenge obviously always in the public sector is that procurement cycles are longer,” Wilson describes. “There’s no hesitancy; they want to get after AI. It’s beholden on us to help them understand its utility, how to contract for it, and how to ensure that the benefits are reaped responsibly.” In line with these responsibilities, Microsoft has developed ethical principles around AI since 2018. “In short, we must ensure our view that AI is always under the control of humans: that’s a first order of businesschief.eu

MICROSOFT

priority for governments and ourselves alike. That connects directly with the essential concept in a democratic society, that one of our founding principles is that no person is above the law, no government is above the law, no company is above the law and therefore no product or technology should be above the law. “Therefore, the people who design and operate AI systems cannot be accountable unless some of these decisions are subject to the rule of law,” Wilson adds. “We’re doing a lot of work with governments that help them understand their AI policies, advance the regulatory debate and explore how a government can ensure what regulations and policies they should take forward.” The importance of cybersecurity With over 10,500+ security and threat intelligence experts worldwide, Microsoft provides governments with valuable insights on cybersecurity. The company synthesises 64 trillion signals daily, uses sophisticated data analytics, and has AI algorithms to protect against cyber threats. “Our technologies around the world connect billions of customers,” Wilson describes. “This gives us a rather unique advantage of being able to aggregate security data, and to understand the scope and scale of digital threats around the globe.” With such diverse threats coming in from many sources, it would be difficult for customers to anticipate when they may be attacked and how to defend themselves. To combat this threat, Microsoft uses sophisticated data analytics and AI algorithms to understand and protect against threats and cyber-criminal activity. “We synthesised 65 trillion signals a day, blocked more 4,000 identity attacks 48

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“ There’s one word that’s driving this change and that’s AI – it’s all about AI, AI, AI. The other word that’s completely underpinning that of course, is data, data, data” GREG WILSON

CHIEF TECHNOLOGY OFFICER, MICROSOFT

Use more image captions as often as possible

per second and tracked 300+ threat actors last year alone and we removed up to 100,000 domains, which were being used by cyber criminals and, in some cases, nation state actors. “It’s important for us to help people and governments understand, particularly policy makers, how we help them with their security cyber policies and resilience,” Wilson comments. “Cybersecurity is of national importance not just to economies but is a priority for the governments around the world, to make sure that their capabilities and their data is safe.”

Partnership with Bentley Systems Partnerships are key to Microsoft’s success. Wilson cites partnerships like that with Bentley Systems, which enable the development of new digital twin and smart city solutions. “We have our own products, but our products are there to help our really extensive partner ecosystem,” he says. “In my area, smart cities and critical infrastructure, Microsoft doesn’t build bridges or railways, but our technology helps those firms that do.” “With a strategic partnership like the one of Microsoft and Bentley Systems – a leader businesschief.eu

MICROSOFT

“ This is the massive impact that will empower governments with our technology to help solve society’s biggest challenges” GREG WILSON

CHIEF TECHNOLOGY OFFICER, MICROSOFT

in engineering software for professionals to design, build, operate and maintain critical infrastructure, such as roads and rail networks, or public works and utilities – it enables us to develop new smart city solutions and that builds a lot on some of the exciting work we’re doing in Digital Twins.” These Digital Twins can help in a number of ways: reducing costs, helping with urban planning, and driving public engagement in projects such as high-speed rails or dams. “It is just amazing how that work can be done with Digital Twins. I like watching Formula One racing, but actually the most valuable racing car is the Digital Twin racing car, because that’s the place where the teams can test numerous different scenarios and take them forward without destroying physical assets. “For me, these opportunities – particularly as we go more to the industrial metaverse and how we see the industrial metaverse in Digital Twin and the sensors of IoT sensors all coming together – will be somewhere where our expertise and the expertise of our partners such as Bentley will come together, making a real and huge difference to business and mission outcomes.” 50

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Look to the future Looking towards the future, Wilson predicts that the pace of technological change will only accelerate. “Change has never been as fast nor will it ever be as slow again as it is today, that is widely recognised,” he reflects. “The pace of AI change that we are seeing is absolutely tremendous. This is not a hype or a trend, this is making a real impact and changing the way that AI goes forward and evolves.” In addition to the rise in AI, Wilson highlights other next-gen technologies from 6G networks to robotics and the metaverse. “When you think about some of the networking technologies that are changing, we’re getting to the early stages of 6G. How can we take that technology further to the edge, to the frontline worker, particularly in public safety and justice, healthcare, and critical infrastructure. “And I think with the pervasiveness of computing, we’ll see a drive for more and more low-code, no-code applications, people doing their own things to advance public services.” Despite some scepticism in recent months, Wilson also believes the metaverse will come to the fore. “The infrastructure is there, the technology’s there, the AI is there, and industrial metaverse and smart cities will be a big driver. Then you throw on top, quantum computing – in particular, what we’re doing in the research area at the moment and how that will become more prevalent in driving decisions from data.” Ultimately, Wilson explains that, for public sector organisations, it is beholden on them to understand all these technologies as they move forward. “We’re working businesschief.eu

MICROSOFT

December 2023

MICROSOFT

with some of the Government research organisations around the globe and international think tanks, as well as with academia helping them drive forward technological innovation and helping them understand: “What government services can be improved? What does this mean for how they use digital technology smarter for their environmental position and services? And then really, where can we use quantum to drive things forward?”

“No person is above the law, no government is above the law, no company is above the law and therefore no product or technology should be above the law” GREG WILSON

CHIEF TECHNOLOGY OFFICER, MICROSOFT

“Underpinning everything, whether it’s now or in the future, are those points of security and trust and what that means when you adopt new technologies,” Wilson concludes. “The horse got replaced by the car, how do we translate that analogy as we go forward with AI? I think it’s beholden on us all to think these things through for the public sector responsibly as change is continually and needs embracing and considered strategically not reactively.”

businesschief.eu

LEADERSHIP

Communicating with the board is all about

BALANCE Nathan McDonald, Group CEO at We Are Social, explains how to ensure the essential practice of board communication stays open, honest and transparent WRITTEN BY: TOM CHAPMAN 54

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LEADERSHIP

n today’s unpredictable and ever-changing business environment, dominated by economic uncertainty, geopolitical instability and rapid technological advancement, leaders cannot be blamed for focusing heavily on ensuring the smooth running of core operational activities.

But this may be to the detriment of other key considerations, such as establishing a clear, honest and open stream of communication with the board, which can often prove the difference between a company functioning effectively and slipping into a negative spiral. businesschief.eu

LEADERSHIP

The board needs to understand the most pressing challenges facing the business, while executives need clarity on the board's objectives Nathan McDonald, Co-founder and CEO at We Are Social, goes as far as to call this practice “essential”, and emphasises that a two-way channel of communication is in the best interest of all parties. “In my opinion, the key to success is getting the right balance between meetings and spending quality time together – separate from day-to-day operations – to build a strong and trusting relationship,” says McDonald. “Facilitating this dialogue starts with regular communication to educate board members about the intricacies of the business, ensuring they have a clear picture of how things work and your vision for the future. “The board needs to understand the most pressing challenges facing the business, while executives need clarity on the board's objectives so they can deliver on the strategy and execute effectively. In order to communicate this, everyone needs a shared language and perspective on the company and its operations.” Communication with board members re-energised One might imagine that maintaining a clear stream of communication would have become more challenging over the past few 56

December 2023

years as companies switched to remote or hybrid working. McDonald, however, believes the opposite to be true, highlighting that the need to adapt has re-energised such communications. Despite regular, in-person meetings remaining invaluable when it comes to building relationships, the new normality of virtual conferencing means executives and board members can connect more often, in a more convenient fashion. The big issue here is balance. There is a very real danger of over-communicating, which should be avoided, but the board must still be kept up-to-date on critical matters. “Content is everything,” McDonald continues. “Executives need to concisely summarise updates and data to inform strategy and finances, without oversharing minor details. “Gut instinct plays a role in judging what to share, but it's vital to communicate issues that may substantially impact the business. And the makeup of the board matters, too; more involved directors may require more regular updates, for example. “Ultimately, open communication – both in person and online – enables executives to keep the board aligned while also respecting everyone’s time.”

LEADERSHIP

Nathan McDonald

E XE CUTIV E BIO

TITLE: GROUP CEO COMPANY: WE ARE SOCIAL INDUSTRY: MEDIA/ADVERTISING LOCATION: LONDON Nathan McDonald is Group CEO at We Are Social, which he co-founded back in 2008. Before this, he worked as a Senior Producer at Tribal Worldwide and as an Account Director at MRM Worldwide.

LEADERSHIP

number of We Are Social offices across four continents

2008

the year We Are Social was co-founded by Nathan McDonald and Robin Grant

The board communication playbook McDonald has amassed his fair share of experience in the area of board communication, having co-founded We Are Social in 2008 and witnessed it grow into a 1,300-person organisation spanning four continents. These days, it forms part of Plus Company, a unique partnership of forward-thinking creative agencies. This, inevitably, means McDonald has developed his own methods for communicating effectively with members of the board, including the parent board at Plus Company. “It's important to go into meetings with a clear, focused story and key messages in mind,” he explains. 58

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“My modus operandi is to identify the most critical issues and construct a compelling narrative around them. Thinking through how to convey the importance of each topic helps me effectively direct the discussion.” Other key entries in McDonald’s board communication playbook include: • Lead board members through the logic and analysis behind recommendations, rather than just presenting data • Tell a cohesive story to help the board grasp why certain actions are being taken and why they matter • Make an effort to anticipate questions and concerns, so you are prepared to address them

LEADERSHIP

WE ARE SOCIAL: GROWING AT PACE

• Follow up with concise summaries and relevant materials to help reinforce key takeaways after productive discussions Setting an example Clearly, in numerous aspects of business, from company culture to overall productivity and performance, the buck ultimately stops with the CEO. The same applies to quality of communication, for which leadership figures should be the ones inspiring model behaviour among fellow executives and the rest of the organisation. There are nuances, of course, and interactions with each group of people will be different.

After several years in digital advertising, Nathan McDonald founded We Are Social alongside his business partner, Robin Grant, in 2008. Both had witnessed the rising tide of social media and realised this was a ‘now or never’ moment. Today, We Are Social is a global, socially-led creative and advertising agency with 1,300 people working across 19 different offices. The business first considers social behaviours, before building out content programmes and campaigns with creative, media, influencer and technical disciplines. One of We Are Social’s key differentiators as an agency is its global research and cultural insights team, which tracks and analyses the latest cultural trends to help clients stay ahead of the crowd. “On reflection, it’s been an incredible journey of evolution,” says McDonald. “We’ve come from guiding clients on static social media during the old days of photo updates on Facebook and Twitter, to creating immersive, online experiences in gaming and augmented reality, alongside the incredible social work that we still deliver every day.”

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LEADERSHIP

It’s im focuse

Video:

We Are Social Hype Reel

December 2023

LEADERSHIP

mportant to go into meetings with a clear, ed story and key messages in mind McDonald, for example, varies his approach depending on whether he is communicating with We Are Social’s global leadership team or the parent board at Plus Company. Broadly speaking, however, what remains integral to every conversation is openness, transparency and respect. “Transparency from the CEO sets the tone for communication going forward,” says McDonald. “It builds trust and enables the board to best advise, make informed decisions and reinforce good governance. “It’s down to the CEO to know what information – and how much of it – to share, versus what to keep in confidence. But setting an expectation of transparency, and modelling openness in your own communication, are necessary examples for the rest of the executive team to follow.” Beyond the boardroom Notwithstanding McDonald’s earlier observation with regards to the increased ease of communication thanks to technology, organised interactions between executives and board members can be few and far between. It’s little wonder, then, that some members might choose or be encouraged to meet informally outside of the boardroom.

This practice has the power to strengthen relationships, enhance team spirit and bridge any divides that might be emerging. “Connecting outside the boardroom builds rapport and trust,” McDonald goes on. “Going off-agenda opens up valuable perspectives and experiences that can broaden everyone’s thinking, so it’s a critical part of the C-suite narrative.” On the other hand, care must clearly be taken when it comes to matters of sensitivity, as well as ensuring smaller groups and factions do not develop. After all, boards must make decisions as a cohesive unit. “It's important to listen carefully, even when your views may not fully align, to foster greater mutual understanding and establish collaborative leadership teams of partners rather than overseers,” concludes McDonald. “Within We Are Social, our executive leadership team is extremely collaborative in its approach and this helps promote openness and creative problem solving. “My role as a leader is to inspire, rather than act as the sole authority, so I have to be able to trust the people around me. Successful governance relies on collaboration, especially in creative services where it’s very much a team sport, rather than just about the individual.” businesschief.eu

SUSTAINABILITY

WHY SUSTAINABILITY AND ECONOMIC VIABILIT GO HAND IN HAND Little separation exists between green finance and other business activities, according to Janina Bauer, Global Head of Sustainability at Celonis WRITTEN BY: TOM CHAPMAN 62

December 2023

SUSTAINABILITY

efined by the World Economic Forum as any structured financial activity created to ensure a better environmental outcome, green finance – also known as sustainable finance or climate finance – is firmly in the spotlight as countries across the globe attempt to play their part in the fight against global warming.

Clearly, conversation was amplified by the Paris Agreement of 2015, which reaffirms that developed nations should take the lead in providing financial assistance to those “less endowed and more vulnerable”. From a business perspective, the pressure is on companies big and small businesschief.eu

SUSTAINABILITY

In today’s landscape, high-performing organisations and systems are both economically viable and sustainable to align financial activities with responsible practice and prioritise investments in environmentally-friendly initiatives. As Global Head of Sustainability at Celonis, a specialist in the field of process mining, Janina Bauer is well placed to assess the impact that everyday activities at big-name organisations are having on their surroundings. Her firm belief is that, these days, there is little separation between green finance and the rest of the business world. “In today’s landscape, high-performing organisations and systems are ones that are both economically viable and sustainable, which means not harming the environment they are operating in,” explains Bauer. “To future-proof your company, you need both aspects. That’s why Celonis helps companies boost their sustainability with scalable and data-driven solutions. “When you improve processes and their interdependencies, you can be compliant with regulations, balance your sustainability and business goals, tune your sustainability programme and free up resources to invest in the transition we all need.” 64

December 2023

Neglecting sustainability a costly mistake There can be little doubt that sustainability is becoming top of mind for an increasing proportion of companies. More and more are recognising the importance of not just acknowledging sustainability, or even having a dedicated department, but embedding it into all of their core practices and processes. The stats do a lot of the talking on this front. According to recent research from IBM, more than 80% of CEOs believe their sustainability investments will produce improved business results over the next five years. What’s more, almost half are confident sustainability initiatives will accelerate business growth. However, Bauer’s take is that not enough leaders have access to the information required to truly operationalise their sustainability strategy and turn investments into discernible performance. Too often, she says, sustainability remains an afterthought or is perceived as being overly complex. “Sustainable operations require things that we quite naturally want

Janina Bauer

EX E CUTIV E BIO

JOB TITLE: GLOBAL HEAD OF SUSTAINABILITY COMPANY: CELONIS INDUSTRY: TECHNOLOGY LOCATION: BAVARIA, GERMANY As Global Head of Sustainability at Celonis, Janina Bauer is responsible for driving the company’s sustainability agenda. Together with her global team, she manages strategic programmes to embed Celonis’ core value – ‘Earth is our future’ – into the company’s operations.

SUSTAINABILITY

Everybody has a part to play in driving the sustainability agenda, regardless of whether it’s in their job title or not in a profitable business: streamlining, reduction of inefficiencies and a focus on value drivers,” Bauer continues. “Over the long term, sustainability goes hand-in-hand with cost reduction. That’s why everybody has a part to play in driving the sustainability agenda, regardless of whether it’s in their job title or not.” Embedding sustainability across the business Countless discussions have been had during this ongoing era of digital transformation about the need to relinquish the shackles of siloed working and embrace a more collaborative approach in order to achieve business objectives. The same goes for sustainability, asserts Bauer. Leaders must look beyond the 2D view of top and bottom lines when it comes to defining business execution, and should add a third dimension in the form of a ‘green line’. 66

December 2023

“It’s crucial to have a clear picture of the operations of the whole business,” Bauer goes on. “The average process runs across ten systems, and many organisations have more than 200 IT systems and applications. “Hidden inefficiencies in such siloed systems destroy business performance, and also hurt corporate sustainability efforts. Rooting out these inefficiencies maximises business execution as well as boosting sustainability. “When businesses get that end-to-end picture of all their processes, they can see what inefficiencies can be eliminated, what needs to change and what can stay the same. This empowers them to be not only sustainable, but also profitable.” The perks of process mining Process mining arguably lies at the intersection of technology, financial efficiency and sustainability.

Bauer describes it as an X-ray for an organisation’s data, allowing leaders to understand the full journey of the goods they sell – often for the first time – and spot inefficiencies along the way. “Extracting this data and combining it with sustainability data is the first step to making effective emissions reductions across your organisation,” she says. “When it comes to transporting goods, for example, the data from process mining means lead times can be compressed and bottlenecks can be voided, causing the number of hours spent and emissions to drop.” Even more powerful is object-centric process-mining (OCPM), a new, threedimensional approach offering an overview of different systems to drive sustainability. Where traditional process mining focuses on individual processes,

OCPM helps leaders create a complete ‘digital twin’, capturing everything from when a customer places an order to when shipments are dispatched – covering all interlocking systems. It also captures interactions between order management, procurement, supply chain and production. “By implementing such tools,” Bauer adds, “business leaders can fully understand the real-life objects and events that make up their organisation, identify where their carbon footprint lies, and take steps to boost sustainability across the entire supply chain.” L&D key to addressing shortcomings In truth, achieving alignment across the business from a sustainability perspective is far from straightforward, especially when it is often seen as something for people to specialise in. businesschief.eu

A BO UT C E L O N IS Celonis is a global leader in process mining and a pioneer in the sector. The business is headquartered in Germany but has more than 3,000 employees based in 20 locations around the world. Celonis offers process mining and execution management to thousands of customers, including more than 5,000 enterprise deployments. Process mining involves extracting data from IT systems in order to model, analyse and optimise business processes, highlighting inefficiencies which negatively impact productivity. One of Celonis’ core products is its Execution Management System, which is powered by a process mining core and allows organisations to take a holistic view of the complexity and interconnectedness of their operations. This can eliminate billions in inefficiencies, as well as helping business leaders reduce carbon emissions in their supply chain.

Celonis management team

Video:

Janina Bauer – The Change Maker Episode 4 Reinventing Process Mining

December 2023

US$13BN Celonis’ valuation

5,000

number of Celonis enterprise customer deployments

3,000

approximate size of Celonis’ workforce

What’s more, relevant data tends to be scattered, and bringing it together to drive sustainability insights is a tricky, time-consuming job. “ESG reporting is usually manual and vague, and all too often fails to deliver the insights people need to really make changes,” claims Celonis’ sustainability lead. “Reports are frequently retrospective and too high-level to really have an impact on real business processes. “Sustainability has to become the standard, and business leaders must adopt a mindset where the sustainable approach is the default at every step. What holds

businesses back is often fear and the perceived cost of change among employees.” Bauer is unequivocal in her declaration that learning and development, in the form of both training and knowledge transfer, is key to addressing these shortcomings. “Business leaders need to communicate that sustainability goes hand in hand with profitability, and that inaction on climate change carries its own costs,” she concludes. “Your own employees are an important stakeholder on this issue, so opening up feedback channels and listening to them will help fuel engagement on sustainability.” businesschief.eu

TECHNOLOGY

Transforming the world of business with

digital ecosystems

As they embark on ambitious digital journeys, companies are establishing efficient digital ecosystems in a bid to become truly agile and adaptable WRITTEN BY: TOM CHAPMAN

here can be no doubt that we are living through an era of immense digital transformation, headlined in recent months by the dawn of generative AI. Businesses across the globe are scrambling to invest in innovative and increasingly essential technology in the hope it will give them a competitive edge and ensure the smooth running of their operations. It begs the question as to whether there has ever been a more important time to establish a properly-functioning digital ecosystem. Gartner defines a digital ecosystem as an “interdependent group of actors”, including enterprises, people and resources, “sharing standardised digital platforms to achieve a mutually beneficial purpose”. 70

December 2023

The sooner an efficient ecosystem is established, the better, especially in terms of collaboration and productivity. “No matter where in the digital journey an organisation is, an established digital ecosystem is essential to improve performance and assist with interactions outside of the company,” asserts Sridhar Iyengar, Managing Director for Europe at Zoho. “Seamless interoperability is crucial to success. “Digital ecosystems play an important role in allowing an organisation to focus its energy on facilitating business value by removing frustrations linked to outdated legacy B2B services. They also add value to customer relationships by helping companies consistently meet service-level agreements, as well as providing fast fixes and quickly setting expectations.”

55+

number of products Zoho has brought to market

100 MILLION user milestone reached by Zoho in 2023

15,000

number of Zoho employees based across the world Sridhar Iyengar at Zoholics

businesschief.eu

TECHNOLOGY

NO MATTER WHERE IN THE DIGITAL JO AN ORGANISATION IS, AN ESTABLISHED DIGITAL ECOSYSTEM IS ESSENTIAL Sridhar Iyengar

Managing Director for Europe

Digital ecosystems ‘increasingly taking centre stage’ As a leading software developer, Zoho uses its own management system, Zoho One, which offers a consistent user interface across all applications and breaks down data silos with a unified repository. The suite of software covers almost every business category, from finance, HR and sales to marketing, customer service and analytics. “We own the full stack, which means our software apps run on our own servers, and we built the platform on which all of our apps run,” explains Iyengar. “We also built our own services which run through many of our applications, such as AI, to enable our customers to run their businesses more effectively and efficiently.” Zoho’s belief – as it enables various organisations to digitally transform – is that a platform-based, rather than applicationbased strategy, should be deployed to help them realise their potential. However, there is recognition of the need to ensure integration with competitive 72

December 2023

products, giving businesses the option to run on more than one platform and enjoy the benefits of applications running harmoniously with each other. That’s where a digital ecosystem comes in. “Digital ecosystems are increasingly taking centre stage when it comes to businesses looking to improve workflow efficiency and working relationships with customers and partners,” says Iyengar “They play an important role in fostering innovation by facilitating the rapid development and deployment of new digital products and services, and encourage experimentation and adaptation to changing market conditions – helping businesses identify and react to trends. He adds: “An integrated and streamlined digital ecosystem eases the collection and analysis of vast amounts of data, which can in turn be accessed and used to make better-informed decisions and personalise offerings to customers. “By eliminating duplicate systems and optimising processes within

TECHNOLOGY

OURNEY D

Sridhar Iyengar

EX EC UTIVE BIO

TITLE: MANAGING DIRECTOR FOR EUROPE COMPANY: ZOHO INDUSTRY: TECHNOLOGY LOCATION: THE NETHERLANDS Sridhar Iyengar joined Zoho Corporation back in 1996 and has worked in leadership roles across product management, engineering, marketing and business development. These days he is responsible for building and growing the business in Europe. businesschief.eu

TECHNOLOGY

DIGITAL ECOSYSTEMS ARE INCREASINGLY TA KING CENTRE STAGE WHEN IT COMES TO BUSINESSES LOOKING TO IMPROVE WORKFLOW EFFICIENCY Sridhar Iyengar

Managing Director for Europe

a digital ecosystem, companies can reduce costs associated with IT infrastructure, maintenance and labour.” Creating value for enterprises Digital ecosystems are creating additional value for enterprises across numerous industries. A big plus-side of well-designed ecosystems is how easily they can be scaled as a company grows, making them ideal for startups and small businesses looking to expand quickly. Organisations also stand to improve supplier and partner relationships as their collaboration with stakeholders in the digital ecosystem becomes more effective, leading to better strategic alliances and supply chain management. What’s more, through data analysis, companies are able to gain valuable insights into customer behaviour, preferences and needs, helping them to tailor offerings and marketing strategies. 74

December 2023

TECHNOLOGY DIGITAL ECOSYSTEMS IN BANKING

Main: Zoholics 2023 Below: Kanika Hope

Digital ecosystems are being utilised across numerous industries, and the banking sector is no exception. Kanika Hope, Chief Strategy Officer at Temenos, which specialises in enterprise software for banks and financial services, describes this particular variety of digital ecosystem as a unified, customer-centric digital platform to deliver both financial and non-financial products and services. “This offers consumers a one-stop-shop for all their lifestyle and underlying financial needs, providing a seamless personalised experience at the point of need,” says Hope. In a recent survey commissioned by Temenos, four in five respondents agreed banking will become “embedded” in consumers’ lives and business value chains. Shopify, Uber, Amazon and Apple are just some of the firms offering payments, loans and savings accounts at the point of engagement or sale in partnership with banks. Hope adds: “Open banking has seen the traditional full-service bank morph into new business models, such as: the ‘aggregator or distributor’, where the bank sells third-party products to its own customers; the ‘manufacturer’, where the bank sells its own products to other customer-facing institutions; or the ’platform’ where the bank facilitates the exchange of financial products and services between multiple distributors and manufacturers, benefiting from network effects. “All these are forms of digital ecosystems.” As a banking technology provider, Temenos does not actively participate in the banking value chain of the various models, but supports these digital ecosystems with the underlying technology and banking capabilities required. Its mission to provide software for regulated banking operations and processes continues in the digital ecosystem world. businesschief.eu

TECHNOLOGY

Video:

A glimpse into Zoholics UK 2023

AN EFFECTIVELYRUN DIGITAL ECOSYSTEM CAN ENABLE AN ORGANISATION TO BE TRULY FLEXIBLE, AGILE AND ADAPTABLE Sridhar Iyengar

Managing Director for Europe

December 2023

On the topic of supply chains, digital ecosystems are also prompting their transformation. “Supply chains that originally functioned in separate markets are now coming together to support the development of new products and services, creating supplier ecosystems,” Iyengar continues. “Although the traditional supply chain is still the foundation of most companies, the new model – digital ecosystems – is transforming the world of business by creating linear paths between suppliers and customers, thus creating new business opportunities.” Driving commercial growth Naturally, by enhancing companies’ ability to thrive in today’s rapidly-evolving

TECHNOLOGY

A scene from Zoholics 2023

business landscape, functioning digital ecosystems offer plentiful benefits from a commercial growth perspective. A prime example is the facilitation of faster tech adoption in ways that were previously too complicated and unmanageable, allowing firms to take full advantage of cloud services and SaaS. Enabling this level of innovation often serves as a boost to both revenue and profitability. Ecosystem integration, says Iyengar, can also create new revenue streams and allow organisations to track and analyse wideranging data flowing through the business. “This data can then be analysed to create new products and services tailored to customer preferences, increasing their value,” he continues. “It can give an early flag to potential problems which can be

dealt with before they grow and can present potential opportunities. “Overall, the ability to see a complete overview of data right across the business in real time means informed decisions can be made on business strategy.” Furthermore, new markets can be reached through digital ecosystems and customer segments enhanced by tailoring offerings to different demographics or industries. It goes almost without saying that this expanded market presence can lead to a spike in revenue and growth opportunities. Iyengar concludes: “An effectively-run digital ecosystem can enable an organisation to be truly flexible, agile and adaptable which increases resilience – something greatly needed in these uncertain times.” businesschief.eu

LEADERSHIP DEVELOPMENT REM CRITICAL TO SUCCE

MAINS ESS

PEOPLE

While leadership might come more naturally to some, Sarah Mears, CHRO at MUFG Investor Services, insists everyone must be given the opportunity to progress WRITTEN BY: TOM CHAPMAN businesschief.eu

PEOPLE

Leadership is something that can be taught – there’s no magic or secret sauce

here can be little doubt that promoting from within is a crucial contributor to business success. Embarking on an external recruitment process can not only be costly and time-consuming, but might also pose a greater risk when it comes to finding the right person for the job. There also exists a school of thought that looking outside the business for suitable candidates, instead of internally, has the potential to damage morale. That’s not to say promoting existing employees is a straightforward exercise – far from it, in fact. While they may be blessed with an extensive skillset which ensures they stand out from the crowd in their current role, this doesn’t necessarily mean they possess the capabilities required to lead those around them. What’s more, there is increasing evidence to suggest members of today’s rapidlyevolving workforce, with its altogether different set of priorities compared to yesteryear, are not actually interested in transitioning to positions of leadership. Recent research from Visier found less than two in five (38%) employees in the US are interested in becoming a manager at their current organisation, with the remainder preferring to stay as ‘individual contributors’.

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When broken down by gender, the situation appears even more alarming. Less than half (44%) of men are interested in becoming people managers, and that figure drops to just 32% for women. Similarly, only 36% of workers are interested in becoming a people manager at a different organisation, indicating it’s not the business that makes a difference, but rather the prospect of the role and associated responsibilities. Many companies are all too familiar with the skills gap, but now conversation surrounding the ‘leadership gap’ is growing louder. Attention must turn to developing the next generation of leaders and ensuring businesses have the expertise and know-how to navigate turbulent waters in the years ahead. Leadership development ‘critical’ to success At MUFG Investor Services, development of leaders and the wider workforce begins with having a positive and supportive company culture. This is captured by the company’s pledge to be ‘Brilliantly Different’ by committing to employee wellbeing, work-life balance and treating everyone with respect. As CHRO at MUFG, Sarah Mears’ responsibilities include all things related to people strategy, culture, DE&I and employee communications.

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US$785 BN MUFG Investor Services’ total assets under administration

500+

number of MUFG Investor Services clients

2013

year MUFG Investor Services was established

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Dublin Office

A BO U T M U F G INV E STOR SE R V IC ES MUFG Investor Services is one of the world’s largest fund administrators and a division of Mitsubishi UFJ Financial Group (MUFG), one of the largest banks globally with approximately US$3 trillion in assets. As of the second quarter of 2023, the business had assets under administration (AUA) totalling US$785 billion, servicing 2,620 funds and 502 clients, including

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some of the largest asset managers in the world. MUFG Investor Services offers clients a wide range of scalable and flexible solutions beyond those provided by traditional asset servicing companies. The organisation delivers a comprehensive suite of front-, middle- and backoffice solutions, ranging from asset servicing and fund administration to BPO,

foreign exchange overlay, securities lending, fund financing and payments. Overall, the goal is to serve as a ‘one-stop shop’ for clients across the entire investment value chain. By providing tools for clients to increase efficiencies, mitigate risk and reduce costs, MUFG Investor Services enables them to focus on maximising growth and increasing returns.

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She explains that developing the next generation of leaders is “critical” to achieving success, with a focus on ensuring L&D standards remain high. “We take a comprehensive approach to crafting and implementing dynamic training and development programmes and opportunities,” says Mears. “We begin with internships and work with universities to attract the best graduating students, and we also focus on hiring top talent. We provide our employees with bespoke development programmes to support them at every stage of their career. “The focus of these programmes ranges from developing a growth mindset early in their career to those all-important

management and leadership skills as they progress. Coaching forms part of our overall approach to development – we offer it at all levels and encourage a coaching management style throughout the business.” Ensure leaders can thrive Leadership potential is not necessarily prioritised by MUFG when recruiting young talent. Mears insists the most important factor when recruiting anyone is finding the right person for the role. In addition to the attributes required for a specific role, other things that warrant strong consideration include communication skills, enthusiasm and a willingness to learn. businesschief.eu

PEOPLE

The m foster

Sarah Mears

E X EC UTIVE BIO

TITLE: CHRO COMPANY: MUFG INVESTOR SERVICES LOCATION: FINANCIAL SERVICES

Sarah Mears has spent more than 25 years working in HR, predominantly focusing on organisational change and business transformation. As CHRO at MUFG Investor Services, her responsibilities include all things involving people strategy, culture, DE&I and employee communications.

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most effective leaders have the ability to trusting relationships and strong teams It goes almost without saying that these happen to also be key ingredients for future leaders. “Leadership is something that can be taught – there’s no magic or secret sauce,” Mears continues. “It’s about building self-awareness, developing authenticity and creating the right environment for individuals to thrive as leaders. “Our role as leaders is to ensure we give everyone we employ the best development opportunities we can and, if they are eager and open to it, we guide and support them throughout their career with us.” Navigating change Clearly, some skills are non-negotiable for all employees. Leaders must not only meet these requirements, but go that extra mile to set an example to team members and fellow managers. Mears’ own leadership playbook includes the following skills: • Self-awareness. • Strong ability to communicate • Empathy • Patience • Innovative mindset • Problem-solving mentality • Ability to deal with an ever-changing environment She points out that, given the rapid pace of change in financial services and

beyond, it’s that ability to guide employees effectively through change that is perhaps the most important asset a leader can have in today’s business environment. “The most effective leaders also have the ability to foster trusting relationships and strong teams, and to bring out the best in their teams,” Mears goes on. “They understand that they won’t always be the expert in the room, and they recognise the quietest person or a junior colleague may have the answer that’s needed.” This attitude is reflected further by leadership development programmes which, these days, have more of an emphasis on coaching and mentorship. “They’re designed to encourage a leader to exercise empathy and not back away from having the difficult conversations,” Mears adds. Leadership: A constant learning process As mentioned, Mears leans towards the belief that leadership skills are learned, as opposed to innate, and believes improvement of these capabilities should always be part of any senior manager’s development focus. “You’re never done and, not to sound too corny, but it is a journey,” adds Mears. READ THE FULL STORY businesschief.eu

DRIVING SUSTAIN

WITH DIGITALIS AD FEATURE WRITTEN BY: MARCUS LAW PRODUCED BY: OLIVER REEK

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SIEMENS ENERGY

Siemens Energy VP Simona Rossetti on how the company is spearheading the decarbonisation of the energy industry through digitalisation

or more than 150 years, engineers at Siemens Energy – one of the world’s leading energy technology companies – have been spearheading the electrification of the world. The company works with its customers and partners on energy systems for the future, supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. “Our mission is to support companies and countries with what they need to reduce greenhouse gas emissions and make energy reliable, affordable, and more sustainable,” describes Simona Rossetti, Senior Vice President within Siemens Energy’s Gas Services Business, who first joined the company’s energy business in 2003. In 2020 Siemens Energy was founded as an independent company, opening a new chapter in Siemens’ extensive history of energy technology. Its aim today is to energise society. “An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy,” Rossetti says. “Today we are a team of 94,000 sharing the same passion, vision, and values. Our diversity makes us strong and helps us to find answers together with our partners.”

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Digitalisation and decarbonisation Describing it as our greatest challenge, energy transition poses a number of questions: first and foremost how to reduce greenhouse emissions while also increasing energy supply. “It is an uphill battle, and there is no silver bullet,” Rossetti says. “But finding solutions has always been in our DNA.” Digitalisation can contribute to decarbonisation in several ways, firstly by making energy production more efficient, meaning the same amount of electricity can be produced with less fuel and fewer emissions. “Secondly, digitalisation helps to integrate renewable energy sources into the grid by managing power flows, balancing supply and demand, and optimising energy storage,” Rossetti says. “For example, digital control systems such as Omnivise T3000 can help manage the intermittency of solar and wind power by predicting energy output and adjusting supply accordingly.” Integrated data management is another solution that supports decarbonisation. “Integrating operations and engineering data can enable engineers to do their jobs more efficiently,” Rossetti says. “Overall, digitalisation can enable the optimisation of energy and resource use, reduce fuel consumption, and promote sustainable practices, contributing to decarbonisation efforts.

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“ SIEMENS ENERGY BELIEVES INCLUSION AND DIVERSITY CREATES MORE OPPORTUNITY FOR SUCCESS... EVERYONE HAS AN EQUAL PART TO PLAY IN ENERGISING SOCIETY” SIMONA ROSSETTI TITLE: SENIOR VICE PRESIDENT COMPANY: S IEMENS ENERGY INDUSTRY: ENERGY LOCATION: GERMANY Simona Rossetti is a Senior Vice President within Siemens Energy’s Gas Services Business. She is leading the Europe and Africa region for all service activities in Controls and Digitalisation. Her goal is to support all European and African customers with tailored sustainable solutions for servicing and decarbonising their portfolio to secure energy supply and achieve CO2 reduction goals. She aims to directly contribute to business growth and strategic direction of the organization, drive change management, and effectively role model, inspire and mentor the next generation of professionals in the energy industry.

SIEMENS ENERGY

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Digitalisation boosting efficiency in power generation Digitalisation is a potent tool to enhance efficiency in power generation. Siemens Energy offers a number of solutions from their Omnivise portfolio, engineered to refine maintenance operations within power plants and foster predictive maintenance strategies. The company’s Omnivise Asset Management (OAM) offering is a modern software suite combining deep domain know-how, the latest technologies and methods, and modern software design to support plant personnel. An example of these capabilities can be seen in the operations of one of Latin America’s largest electricity suppliers, which manages a vast fleet of diverse power generation assets – ranging from fossil to renewable sources. The company, in a bid

to trim Operational Expenditures (OPEX) across its maintenance and operations, wanted to introduce a remote expert centre at its headquarters. “The OAM software forms the central technical backbone to deliver critical services to their entire fleet of assets,” Rossetti says. “Our solution will enable the customer to reduce operational costs while increasing reliability and availability of key assets at 23 power plants.” With OAM, Siemens Energy also supports broader use cases from remote operator rounds and inspections all the way to autonomous plants. As Rossetti describes, to reach this milestone there are a number of challenges for plant operators to overcome. “The growing percentage of renewable energy sources in the grid is steadily increasing the pressure on gas power plants to operate more flexibly and efficiently. businesschief.eu

SIEMENS ENERGY

A massive shortage of skilled control room and maintenance personnel is also looming on the horizon.” Ultimately, the vision of power plants that operate autonomously is about to become a reality, with increasing advanced technologies increasing the efficiency of the plant itself but also of the plant operators. “Developers are now taking the next step towards autonomy by fine-tuning digital twins, data analyses, and AI to provide smart forecasts and instructions. “Autonomy doesn’t start with the autopilot. Long before that, power plants are supported by smart analyses, smart forecasts, smart recommendations, and smart instructions,” Rossetti comments. “AI-supported analysis algorithms regularly filter out signs of irregularities from the data supplied by cameras, microphones, 92

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and other sensors mounted on the plant or installed on robots, and that request support when needed. Off-site maintenance and control room personnel can support several power plants simultaneously.” Digital control systems helping manage new challenges in the energy industry The energy landscape is changing and the number of renewable energy sources is growing steadily. With that comes pressure on fossil-fueled power plants to operate more flexibly and efficiently. Digital control systems such as Omnivise T3000 from Siemens Energy can help to manage these new challenges. This system with its SCADA functionality is capable of managing a variety of different decentralised energy resources including wind offshore, automated, autonomously

and in a coordinated way, ensuring reliable 24/7 operation. “At the same time, it is flexible and scalable to support a larger number of assets when needed,” says Rossetti. “Omnivise T3000 is the perfect solution not only for fossil power generation and renewables, but also for large and mid-size microgrids, such as IPPs, islands, industries, data centres and mines.” Together with German utility MVV, Siemens Energy has built and recently put into operation a large-scale heat pump plant at the GKM power plant in the city of Mannheim. The plant uses river water as a heat source, helping to replace a coal-fired power plant. This new heat pump will be a major contributor to MVV and the City of Mannheim’s goals to become CO2 neutral

“ DIGITALISATION WITH OMNIVISE CAN ENABLE THE OPTIMISATION OF ENERGY AND RESOURCE USE, REDUCE FUEL CONSUMPTION, AND PROMOTE SUSTAINABLE PRACTICES, CONTRIBUTING TO DECARBONISATION EFFORTS” SIMONA ROSSETTI

SENIOR VICE PRESIDENT, SIEMENS ENERGY businesschief.eu

“ AN ESTIMATED ONE-SIXTH OF THE ELECTRICITY GENERATED WORLDWIDE IS BASED ON TECHNOLOGIES FROM SIEMENS ENERGY” SIMONA ROSSETTI

SENIOR VICE PRESIDENT, SIEMENS ENERGY

in heating production by 2030. The facility is expected to supply district heating for 3,500 households and save some 10,000 tonnes of carbon emissions per year. “Our proven Omnivise T3000 control system integrates the control of the new heat pump and an existing thermal storage into the existing GKM power plant,” Rossetti explains. “The control system uses its multi-unit functionality to manage multiple generation units from a central control room.” Using data insights to unlock new opportunities to decarbonise A powerful tool to improve operational efficiency and reduce emissions is harnessing the power of data. Integrating operations and engineering data enables engineers to do their jobs more efficiently, while data scientists and modelers use this integrated data to predict the future. One good example of this, Rossetti describes, is Siemens Energy’s Omnivise Energy Management solution. “Power 94

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SIEMENS ENERGY

producers also have the challenge to sell their energy most profitable. Every day, they have an increasingly complicated decision to make: How can I plan the dispatch of my assets to satisfy market demand, but in the most beneficial way?” For dispatchers with combined-cycle power plants this question is challenging. The introduction of renewables like solar and wind can create wider fluctuations in demand for dispatchable energy from traditional power producers. “When solar and wind are available, they are prioritised on the grid,” Rossetti explains. “This situation leads to shorter market intervals for power generated by fossil-fueled plants. These dispatchers now must access and understand weather data to know when neither wind nor solar will be available, and they will need to fill the generation gap in a cost-efficient way.” Aimed at solving this problem, Siemens Energy’s Omnivise Energy Management solution combines the power of AI-driven forecasting and predictive asset models. “With Omnivise Energy Management our customers are able to do rapid multidimensional or multi-branch scenario simulations and create day-ahead and short-term future generations plans that are economically optimised to the plant’s circumstances,” Rossetti says. Ensuring the safety and security of control systems and customer data As part of critical infrastructure, plants in the energy market must fulfil more stringent requirements than ever before. With the risk of cyber-attacks, this means looking beyond operational concerns and protecting plants against hacker attacks – and documenting compliance according to a wide range of legal requirements. businesschief.eu

As Rossetti describes, thanks to built-in security and Siemens Energy’s comprehensive cybersecurity portfolio, Omnivise T3000 is ideally suited to help operators protect their infrastructure. “We provide long-term support so you can rely on a system that is always up to date,” she comments. “We support current hardware on a long-term basis and provide tried-and-tested security patches for software at any time during operation. For our customers, this means long-term security with no downtime.” One of Rossetti’s most significant career achievements, she describes, has been the spearheading of Siemens Energy’s Cyber Security Operation Center (cSOC) in Germany to help organisations defend against and resolve cyberattacks 24/7. 96

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“ OUR MISSION IS TO SUPPORT COMPANIES AND COUNTRIES WITH WHAT THEY NEED TO REDUCE GREENHOUSE GAS EMISSIONS AND MAKE ENERGY RELIABLE, AFFORDABLE, AND MORE SUSTAINABLE” SIMONA ROSSETTI

SENIOR VICE PRESIDENT, SIEMENS ENERGY

SIEMENS ENERGY

“The energy sector has become a primary target for cyber-attacks,” she says. “Collaborating with my dedicated team, I saw the need to develop cybersecurity services that could be seamlessly integrated into our customers’ contracts and help them when confronting the growing cyber threats they are exposed to. To meet this need, I took the initiative to establish a Cyber Security Operation Center (cSOC) for our European customers from the ground up. “This undertaking allowed us to promptly respond to an emerging trend and fulfill a critical customer requirement with our cyber protection, detection, and monitoring solutions. I am proud of our ability to identify a new industry trend and swiftly create effective solutions to address it.”

The energy transition relies on seamlessly connecting physical assets with digital technologies to foster innovation, reduce emissions, and improve efficiency, but this future depends on strong cybersecurity across the whole supply chain. Siemens Energy’s Managed Detection and Response (MDR) solution provides scalable protection against disruptive cyberattacks in the energy sector using innovative AI. “It defends critical infrastructure against cyberattacks, helping protect communities around the world from supply chain disruptions,” comments Rossetti. Siemens Energy partners with Amazon Web Services (AWS) to quickly collect and analyse large volumes of data to monitor for cyber threats, giving energy sector chief information security officers (CISOs) businesschief.eu

SIEMENS ENERGY

“OUR PROVEN CONTROL SYSTEM SUPPORTS YOU WITH INNOVATIONS YOU NEED TO BUILD A BRIDGE TO THE ENERGY SYSTEM OF TOMORROW. FOR CONVENTIONAL POWER PLANTS AS WELL AS DECENTRALISED POWER GENERATION WITH RENEWABLE ENERGY SOURCES, FOR ANY PLANTS AND ANY SIZE – PERFECTLY TAILORED TO OUR DIGITAL SOLUTION PORTFOLIO. CONTROL THE ENERGY SYSTEM OF TOMORROW WITH OMNIVISE T3000” SIMONA ROSSETTI

SENIOR VICE PRESIDENT, SIEMENS ENERGY

the power to detect and uncover attacks before they execute. “These secure cloud capabilities that can integrate digital applications and leverage sensitive data – such as real-time monitoring and detection – add an important and cost-effective tool to the defensive arsenal for CISOs and industrial security analysts.” A wide range of collaborative partnerships Siemens Energy is collaborating with numerous companies around the world, from the marine sector to hydrogen production, from eFuels to heavy industries. “We are working on open innovation with customers, industrial partners, universities, and research centres like the Karlsruher Institut für Technologie (KIT) in Germany, the Georgia Institute of Technology in the US and the University of Cambridge in the UK.” As Siemens Energy invests in growth and optionality, it has engaged in partnerships with a number of ventures: including joining 98

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the AWS Partner Network as a Technology Partner to provide customers with industrial cybersecurity, analytics and data storage solutions and partnering with Air Liquide on building a sustainable hydrogen economy in Europe. “At Siemens Energy, our innovation strategy is not just about technology and products. It is about empowering people and partners, both within the company and outside of it, to accelerate progress on the journey to net-zero,” Rossetti says. “We strive to create a culture and framework where individuals and teams can take ownership of innovation and bring new concepts to market with the goal of better serving our customers and becoming the world’s premiere energy. “Partnerships represent a key step in helping the power industry drive toward a more sustainable, profitable future and in offering our customers a more efficient solution for their business.”

SIEMENS ENERGY

The importance of inclusion and diversity in energising society Every day, people are treated less favorably or face discrimination because of their ethnicity, gender, religion or ideology, disability, age, or sexual identity. As Rossetti explains, this has to change. “Siemens Energy believes inclusion and diversity creates more opportunity for success. It doesn’t matter the gender, age, ethnic background, sexual orientation, or disability − everyone has an equal part to play in energising society. Here, more than 94,000 employees worldwide join forces with welcoming colleagues who encourage equality and belonging, to passionately and energetically pursue a shared goal: to shape the energy systems of the future.” With the energy industry playing a crucial role in addressing climate change and reducing carbon emissions, there has never been a more important time to make positive change. “The world needs people who do not look the other way when they see or hear racism and discrimination. We can all doa great deal in our everyday lives and at work to make our society more supportive, open, and tolerant. “At Siemens Energy, we believe that creating a society worth living in involves demonstrating solidarity and creating an environment in the here and now that not only leaves room for diverse identities and lifestyles but also sees them as an enrichment to our lives,” Rossetti concludes. “If we all work together toward this goal, nothing less than great things can come of it – for us, for the future, for all of us.”

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TIMELE HOW THE LUXURY WATCH STOOD THE TEST OF TIME Rebecca Ross, VP and Head of Sale for Watches at Christie's, details the evolution of watches and shares her insight on trends in the pre-owned market WRITTEN BY: TOM CHAPMAN

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Rebecca Ross

VP and Head of Sale, Watches, Christie’s

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ine art, wine, classic cars – just some of the categories that spring to mind when considering the world’s most collectible luxury items. According to recent research from Market Decipher, the global collectibles market is estimated to be worth around US$462 billion in 2023 and is forecast to reach an eye-watering US$1 trillion in a decade’s time. Clearly, demand for certain items – often at the lower end of the market – is largely dictated by pop culture trends, as has been seen in recent months with the revival of doll collecting following the release of the Barbie movie. Meanwhile, public appetite for Yeezy trainers has remained high despite Adidas severing its ties with the rapper formerly known as Kanye West. It would be remiss, however, to explore this burgeoning market without giving weight to the trusty watch, collected for decades by enthusiasts obsessed in their pursuit of horological perfection. Whether new or second hand, the very rarest, most sought-after timepieces continue to fetch astronomical sums, demonstrating their enduring appeal. Early wrist watches a ‘feminine pursuit’ It seems almost hard to believe that wrist watches, worn these days with varying

regularity by hundreds of millions of people, were once secondary to pocket watches. “Dating back to the 16th century, the first pocket watches were large, heavy and cumbersome by today’s standards,” explains Rebecca Ross, VP and Head of Sale in the watches department at Christie’s, based in New York. “But, as watchmaking skills improved, they became smaller.” While the existence of wrist watches can be traced back to a similar point in

W H I L E MEN PROUDLY SP ORT E D P OCKET WATCHE S , I T WAS WOMEN W HO W ERE THE FIR ST TO W EA R WATCHES ON THEIR WR ISTS Rebecca Ross

VP and Head of Sale, Watches, Christie’s businesschief.eu

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time, wearing one was actually seen as a feminine pursuit and remained so in the ensuing centuries. The wrist watch undoubtedly went on to become a statement piece for the modern man, but women were the first to make the statement. “While men proudly sported pocket watches, it was women who were the first to wear watches on their wrists, primarily in the form of jewellery,” Ross adds. “Although certainly admirable for their elegant and artistic exterior and a sign of luxury, their function was not of much consequence as it is today.” A significant turning point came during the First World War, when officers began to appreciate that a watch on the wrist was a much more convenient way to keep time. The rest, as they say, is history. Having started life as what were essentially pocket watches strapped to the wrist, manufacturers were making more and more purpose-built wrist watches as the 20th century progressed.

Going, going, gone! If anyone in the industry is well placed to assess the luxury watch market, it’s Ross, whose tenure at Christie’s began in 2014. After achieving her master’s degree at Christie’s Education, specialising in History of Art and the Art Market, Ross’ appreciation of art was expanded to include timepieces. She had already been exposed to the artistry of clocks and watches from an early age through her father’s collection. Her job now involves travelling worldwide to track down the rarest timepieces for inclusion in various Christie’s auctions throughout the year, while also managing client wish lists on a private sale basis. Ross has been responsible for offering some of the most recognised timepieces in New York auction history. Her Important Watches live auction in June 2022 totaled more than US$21.7 million, setting a new record for a watches auction at Christie’s New York. Asked to pick out some of the more notable items sold by Christie’s in recent

AB O UT C H RI S TIE ’ S Founded in London in 1766, Christie’s is a world-leading art and luxury goods retailer with a presence in 46 countries in the Americas, Europe, the Middle East and the Asia Pacific. The business is renowned for its expert live and online-only auctions, as well as bespoke private sales. Christie’s’ unparalleled network of specialists offers clients a full portfolio of global services, 106

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including art appraisal, art financing, international real estate and education. Its auctions span more than 80 art and luxury categories, at price points ranging from US$500 to more than US$100 million. Over the years, Christie’s has sold eight of the 10 most important single-owner collections in history and achieved the world-record price for an artwork at auction.

T H E D E S I G N I S S O I N T E R E S T I NG WITH 24 CITIES AROUND THE DIAL, B U T S O M E H OW I T S T I L L M A NAG E S T O K E E P I T S E L E G A NC E Rebecca Ross

– on the Patek Philippe Ref 5110

years, one of the first that springs to mind for Ross is a special edition Patek Philippe Reference 5531R depicting the Lavaux Vineyards on the shores of Lake Geneva. With an estimated sale price of between US$1m and US$2m, it ultimately sold for US$2.22m. Another is an extremely rare automatic triple calendar Rolex 6062 with star dial and moon phases, which had remarkably remained in completely unworn condition and even came with the original strap. For Ross, this is a “personal favourite” due to the stunning patina on the 18k gold case, and it helped the lot fetch US$542,500. However, her absolute favourite luxury wrist watch is the Patek Philippe Reference 5110, the first World Time complication watch to be produced by the esteemed manufacturer since the 2523 went out of production in the mid-1960s. The 5510 went out of production itself in 2006 and was replaced by the 5130. “To me it’s the perfect size at 37mm,” Ross adds. “The complication is very useful for travel, the design is so interesting and attractive with 24 cities around the dial, but somehow it still manages to keep its elegance.”

Patek Philippe Ref 5110 (left)

Patek Philippe Ref 5531 (right)

Rolex 6062 (above)

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M A N Y O F M Y C L I E N T S A R E TA K I NG A K E E N I N T E R E S T I N 19 9 0 s WAT C H E S F R O M TOP PRODUC E R S L I K E BR EGU E T , S OM E OF W H IC H ARE STILL GREATLY UNDERVALUED IN MY OPINION Rebecca Ross

VP and Head of Sale, Watches, Christie’s

Luxury watches maintain timeless appeal Ross asserts there are four dominant factors that make luxury watches such sought-after items:

Of course, the high-end watch market is constantly evolving, but Ross points to the annual Only Watch auction – taking place this year in Geneva on 5 November – as being the perfect opportunity for • Collectability manufacturers to unveil “astounding” • Rarity – for modern watches, new creations. this is based on production Many of the biggest companies numbers including limited editions; in the industry will step outside their usual production runs to produce for vintage watches, this relates to how hard they are to find a single, unique watch specifically in good and original condition for this showpiece event. • Provenance/history – for vintage As for emerging trends, Ross reveals watches, this can provide added clients are increasingly taking a keen interest in 1990s timepieces from top meaning to a luxury watch • Desirability – driven by the market producers like Breguet, some of which she believes are still “greatly undervalued”. Interest in smaller watch faces is also continuing to grow, while buyers are striving more than ever for vintage watches in top condition – as they surely must if they are PATEK PHILIPPE 2023 NEW MODELS to take their collections to the next level.

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US$21.7m sales record set by Rebecca Ross at her Important Watches auction in June 2022

rd r Bi ffe rly O 95 t Ea ke £2 c Ti 95 £4

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