HKBU honorary doctorate recipient Dr William Fung encourages reinvention to cope with global changes
19 Apr 2018
HKBU 2017 honorary degree recipient of Doctor of Business Administration and Group Chairman of Li & Fung Limited, Dr William Fung Kwok-lun, spoke at a public lecture entitled “Managing Change in a Radically Disrupted World” yesterday (18 April).
Dr Fung discussed the importance of a company’s ability to adjust to the changes of the global marketplace and its foresight to proactively anticipate the world’s forthcoming direction and adjust the business strategies accordingly.
He said, “Many organisations set rolling strategic plans, but we found fixed three-year plans make our goal clearer. We see what we will look like at the end of the plan, and then perform backward planning to structure the organisation and identify the skill set we need to execute those strategies.”
Dr Fung said the different phases of change management of a company is comparable to the development of a young person from secondary school, university education to postgraduate studies: it is important to anticipate change (secondary school); not be afraid to reinvent (university education), and above all, institutionalise reinvention (postgraduate studies).