One of the biggest themes we saw on the Chazen Singapore/Taiwan trip is that connections matter. In Taiwan, we met with numerous prominent alumni who graciously hosted us because they wanted to grow the CBS network. We found ourselves being wined and dined in some of the top restaurants in Taiwan simply because of CBS or because somebody knew somebody who knew somebody…
This was particularly true in Singapore, where we visited two of the country’s most well-known institutions: Singapore Airlines and Marina Bay Sands. Both of these companies are quite private and rarely allow company or group visits, but because Jayburt Tsang ’17 (one of our fearless leaders!) spends a lot of time in Singapore, he was able to leverage his country connections and network for our Chazen group.
Singapore skyline at night
Singapore Airlines is among the largest 15 airlines in the world. Despite the fact that Singapore as a whole has no domestic flight market (given how small the country is), Singapore Airlines has grown to prominence globally, operating in all of the major hubs. Its brand is well-regarded for high quality, high customer service, and impeccable amenities. We met with Nicholas Ionides, the VP of Public Affairs who spoke to us about Singapore’s plan for the future and also gave us a private tour of the airline’s training facilities. One of the key takeaways is that Singapore Airlines if focused on quality aircraft and technology. Its fleet is very young compared to industry average, at an average age of 7 years, 8 months. This allows them to constantly ensure that aircraft are fitted with top of the line technology, boosting efficiency and customer satisfaction. It also means that they have strong relationships with aircraft manufacturers who are eager to work with a company that consistently cycles its inventory. They also have their own engineering subsidiary, which allows them to ensure quality control is managed in house. Another subject we talked about extensively is how Singapore Airlines is able to maintain market prominence despite heavy competition. In recent years, it has decided to take a portfolio approach, managing 4 major airline brands: Silk Air, Singapore Airlines, Tiger Air, and Scoot. This allows them to have both a full service and low cost position, and to serve both regional and longhaul markets.
One of the most exciting parts of our visit was a tour of the training facilities. Singapore Airlines is renowned for its extensive and high quality training requirements. They operate a mandatory 15-week cabin week training program (industry average is half of this). Their large training center has multiple mock simulation centers.
Marina Bay Sands
Our last stop was Marina Bay Sands, the largest integrated resort in the world. We met with Robert Harayda, SVP of Finance. The first thing we learned is the definition of an “integrated resort” – which the Singapore government actually defined when Marina Bay Sands was built. The resort encompasses a hotel, sky park, casino, convention center, theaters, museums, malls, event spaces, and much more. The government was keen to open this resort in order to bring business meetings and expos into the country to increase foreign tourism. Building the resort required a $5.6B investment, making it the most expensive resort ever built in the world. With rapid planning and construction speed, the resort opened in 2010 – only 3 years after they broke ground. In addition to boosting tourism (the resort has an average 95-100% occupancy rate every day across 2,600 rooms!), the resort also provides jobs for the local economy. In fact, 90% of the resort’s procurement happens through local vendors.
Shots from inside the private Chairman’s Suite (literally where the group’s chairman stays when he is in town).
The biggest tip we learned for successful business development in both Singapore and Taiwan was that networking and your reputation matter. You can be highly skilled and business proficient, but if you don’t take care in forming the right relationships, you will most likely stagnate. We repeatedly heard that many of the business deals these alumni had were due to friendships they had cultivated over many years, and when the time was right, they could capitalize on a business opportunity. Furthermore, to tie this back to our very first company visit in Taipei (Franz Collection)…even your reputation within your company is key. The culture that you seek to foster among your employees is very important and should be based on a foundation that values everyone’s thoughts and contributions.
This trip marked the beginning of a new year (2017) but also the beginning of my final semester at CBS. In many ways, it was a great way to kickstart both of these momentous transitions because it has reminded me of the value of relationships. This semester is a perfect time for all of us to focus on networking and using our leadership roles at school (whether in classes, clubs, etc.) to really build upon the reputation we hope to have. In other words, we’ll focus on the soft skills, and remember that while we may forget some of the basics of accounting or corporate finance, we can always build upon our EQ as we enter the workforce.
Finally, I think all of my fellow travel mates in the Singapore/Taiwan trip will agree with me that our trip was extremely rewarding because it gave us access to so many things we never thought possible. Some of the students had never been to Asia before and this was a great way to be immersed in a new culture. Many of us were quite familiar with Asia (either because we had lived or traveled there), but we had never had the opportunity to look under the hood of Asian businesses until this trip.
Our trip has come to an end, but the memories will last for a lifetime! Our team has gone through a lot during the past 2 weeks, from visiting stellar companies, to dining with some of Asia’s wealthiest billionaires, to taking a night safari in Singapore (literally, a safari at night), to eating chicken testicles and fish uterus…we’ve done it all! And we are so excited for #ChazenSensAsians reunions in the future!
Signing out –
Melanie Chow ‘17