- Ngien Hoon Ping has impressive credentials from the Ministry of Defence and Ministry of Finance, as well as leading the Land Transport Authority in Singapore.
- Companies that invest heavily in innovation can see a higher return on investment than those that do not.
- Leaders should have a clear vision and develop an innovative culture to encourage experimentation and embrace change.
- Brainstorming techniques, taking initiative, and setting realistic goals are essential for driving excellence and innovation in everyday life.
Business owners and people must strive for excellence and innovation because it is essential for success in the modern business world. Excellence is defined as being outstanding, while invention is related to introducing something new.
In today’s competitive environment, business owners must continually strive for excellence and innovation to stay ahead of the competition and maintain a profitable business. For example, according to a study conducted by McKinsey & Company, companies that invested heavily in innovation saw far higher returns than those that did not. Specifically, companies that invested more than 5% of their revenues into R&D (research and development) achieved an average return on investment (ROI) of 33%, compared to just 13% from companies that invested less than 1%. This shows how investing in innovation can pay off significantly.
Business owners or decision-makers should be the first to set an example regarding excellence and innovation. However, you might not know where to draw inspiration. Fortunately, Ngien Hoon Ping from Singapore has a few tips to offer.
Who is Ngien Hoon Ping?
Ngien Hoon Ping is a prominent figure in Singapore, serving in various leadership positions at the Ministry of Defence and Ministry of Finance. He was also the CEO of the Land Transport Authority (LTA) from 2016 to 2020. His experience and accomplishments within these organizations are impressive.
During his tenure at the Ministry of Defence, Ngien drove initiatives that improved operational resilience and efficiency across all three services. He also spearheaded numerous technological advancements that strengthened Singapore’s defense capability.
At the Ministry of Finance, Ngien ensured fiscal responsibility, overseeing taxation, budgeting, and economic growth policies. During this time, he was instrumental in setting up various government-funded projects, such as public housing programs and investments in research and development. His strategic vision played an integral role in helping Singapore become one of Asia’s most competitive economies.
In 2016, Ngien took on a new challenge when he became the LTA CEO. Under his direction, the LTA has implemented innovative strategies such as introducing driverless buses and offering digital payment options for commuters. This has allowed Singaporeans to benefit from much greater mobility freedom at a fraction of the cost usually associated with public transport costs. These achievements have been recognized internationally with several prestigious awards.
What Ngien Hoon Ping Has to Say
Excellence and innovation will not be achieved overnight. Ngien advises that it is essential to keep pushing the boundaries despite uncertainty and adversity. According to Ngien, “Success depends on an organization’s ability to remain innovative while staying true to its core mission and values.” Still, specific steps should be part of achieving those traits. Here are the following:
Set a Clear Vision
Having a clear vision is essential for driving excellence and innovation. Ngien Hoon Ping encourages business owners to outline their goals and objectives and develop strategies to achieve them. This will enable focus on the practical activities that bring results. Planning and anticipating potential obstacles and challenges is also beneficial for better preparation for any eventualities.
Develop an Innovative Culture
A culture of innovation characterizes successful businesses. According to Ngien Hoon Ping, an environment must stimulate creativity and encourage out-of-the-box thinking to develop groundbreaking ideas. To foster this, there should be an open exchange of ideas between different departments, supported by initiatives such as hackathons or brainstorming sessions which can help generate new concepts.
Encourage Experimentation
Innovation involves taking risks and experimenting with new ideas to make progress. Ngien Hoon Ping believes that it is essential for decision-makers to understand the value of experimentation instead of relying solely on established methods or techniques, which may no longer be valid or effective in today’s changing environment. By promoting a culture of experimentation within the organization, companies can foster agility, and agility can lead to tremendous success in the long run.
Embrace Change
Change is inevitable, and business owners/decision-makers need to embrace it rather than resist it for their businesses to stay competitive and successful. As Ngien Hoon Ping states, “Adaptability is key.” Whether learning from mistakes or implementing new technologies or processes, having the willingness and capacity to change will ensure long-term success for the company and its employees.
Taking the Steps into Everyday Life
To achieve excellence and innovation in daily life, individuals should strive to cultivate a mindset of creativity and openness to change. This can be done by setting realistic goals for the day, breaking them down into achievable tasks, and then challenging oneself to think outside the box when tackling each mission.
One effective way to do this is through the use of brainstorming techniques. Thinking about potential solutions from all angles is essential rather than relying on just one method or approach. Brainstorming encourages creativity by allowing people to generate dozens of ideas they may not have thought of before.
Another way individuals can drive excellence and innovation in their everyday lives is by taking the initiative. This could include reaching out to people who have expertise in areas related to their goals and asking for help or advice. It could also mean trying something new, like picking up a hobby or joining a professional organization. Taking the initiative shows others that you are willing to go above and beyond what is expected and take risks to succeed.
Final Thoughts
Driving excellence and innovation is no small feat. It requires motivation, dedication, and resilience to stay on the path of progress. However, with the right strategies and mindset, individuals can propel their businesses forward while staying true to their core mission and values. In doing so, they will reap the rewards of success for many years. Ngien Hoon Ping has offered his insights into achieving excellence and innovation; following this advice can help business owners unlock the potential of their organizations.
