These days, businesses need to search through thousands of bytes of data in order to formulate trends and build new business models based on these trends. However this analysis is moving away from disruptive innovation and more into a balanced approach.
Every 60 seconds, the world creates an average of 98 000 tweets, 695 000 Facebook updates, 11 million instant messages, 168 million emails and over 1,820 terabytes of data. The modern day business has to search through all of this to find trends to build products and services to respond to, so more and more, business analysis is moving away from the “disruptive innovation” fad and more into a balanced approach where business uses data and information to decide on whether to optimise the systems and models they already have, or to totally disrupt markets.
“We often view innovation from a funnelled perspective, where we perceive disrupting markets with new propositions as the only form of innovation. This is not true. Innovation should not simply always entail disruption, sometimes optimisation is the ultimate form of innovation simply because it looks to solve the core problem by fixing what is broken with it rather than replacing it all together,” says Dr Yudhvir Seetharam, Head of Analytics at FNB.
Seetharam believes businesses need to first have a deeper understand of how optimisation differs from disruption.
Disruptive innovations are defined as technologically straightforward innovations that are often not appealing to the mainstream market at that time. The first automobile was not mainstream as people back then were used to horse-drawn carriages. The telephone replaced the telegraph, the PC replaced the typewriter and Wikipedia replaced encyclopaedias, all these fit the definition.
“Businesses that survive and thrive need to understand what actually drives their business – demand and supply factors; and also be able to create customisable sales conversations to enhance customer experience. These all talk to optimisation. Disruption would then come in the form of extracting insights from data, combined with research to build new business models and enable experimentation of new ideas,” explains Seetharam.
Successful implementation of disruptive ideas often comes with viewing data as a flow of information as opposed to at a point in time – do not view each customer event as an isolated incident, but rather consider the entire lifecycle of that customer to enhance your next interaction with them.
Essentially, there needs to be a paradigm shift in the approach to the use of data in informing decisions. Disruption may not be the most ideal or cost effective approach, even though it is the current talk of the town. What businesses may have to consider going forward is that the successful use of data and analytics relies on data not being considered an IT function, but rather a business function that requires IT input and support.
Once data is viewed as a function that can inform all decision making in a business rather than reserved to a single business function, a business will achieve a more practical approach to making business decisions.
“At the core of it all though is that business thinking needs to start moving away from using data simply to innovate through disruption. In most cases, the most effective way to innovate is to use data to understand what is currently not working and simply optimise that, ” concludes Seetharam.
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.