The demise of traditional High Street retailers, such as HMV, Blockbuster and Jessops, in the face of the online shopping revolution was a case in point.
"This was the year we began to realise the limitations of our current mindset," says Mr Chan. "We still follow a Newtonian model - we see businesses as machines we can control.
"We need to move to a more organic organisation - senior managers have to learn to let go. Agility and innovation are not compatible with this old mindset."
This failure to adopt more fluid, situational management structures results in major IT failures, he argues, from the botched launch of "Obamacare" health insurance in the US, to the online banking breakdowns suffered by Royal Bank of Scotland and its subsidiaries, Ulster Bank and NatWest.
"The world is moving so fast our grand IT plans are almost obsolete before they've even been started," he says...