The local economic outlook remains challenging. To stimulate and grow the economy, greater entrepreneurship and a new approach to innovation are needed. Digitalisation offers us that opportunity, writes WILLIAM MZIMBA.
In South Africa, there are some tough economic challenges ahead. Unemployment remains high and rating agencies believe that a downgrade of the country’s credit ratings to junk status is still possible at the end of the year. Open innovation through ecosystem expansion could help turn the tide. The evolving digital business environment and business models, supported by new digital technologies, make new and deeper forms of collaboration possible – and greater digital collaboration increasingly correlates with better business and economic performance.
Accenture’s Digital Collaboration Index indicates that digital collaboration can deliver an uplift of $1.5 trillion to global economic outputs. In South Africa, it could raise GDP by almost $12 billion, elevating current GDP by 3.1 percent. So how do we achieve this?
As digital blurs boundaries between industry sectors, lowers barriers to entry and creates bridges, new ecosystems of partners from different industry sectors are forming around the customer, offering them not just products but innovative solutions and ‘experiences’. Many of these partnerships are built on a new form of innovation: open innovation.
What is open innovation?
Open innovation goes beyond narrow-focus first stage innovation such as corporate ventures, incubators and accelerators. It is a more open, equitable form of collaboration involving multiple partners who work together to jointly develop new platforms and applications, enhance core offerings or expand into new markets.
This model provides a catalyst, and the momentum for rapid innovation and growth. It helps enterprises harness the power of entrepreneurs and innovators to bring new ideas, technology and talent into their businesses; and helps start-ups leverage the strengths of bigger players to bring solutions to market and scale up faster.
Accenture has taken this very model and implemented it throughout the company to work with top-tier accelerators, start-ups, venture capitalists, universities and the company’s corporate R&D labs to build and bring to market innovative solutions. Through this connected network Accenture Open Innovation has fuelled new opportunities and growth for pioneering clients.
It’s also a model that has an important role to play specifically in South Africa.
Digital technologies, products and services will play a significant role in revenue generation for South African companies, accounting for almost one-third of total revenues in the next three years. Yet South African companies have been slow to exploit the potential of digital to increase collaboration and innovation – the new platform models that characterise digital age business remain rare and the majority of companies still focus on early-stage innovation models.
The journey to open and ecosystem innovation?
In South Africa, a foundation to facilitate digitally based innovation needs to be built and that foundation needs to extend beyond technology. This will require a mindset change and the establishment of an enterprise framework to facilitate what Accenture terms “guided disruption”.
To put the fundamentals in place for open innovation, companies should:
· Discover: Explore the “art of the possible” and identify potential ecosystem partners, technologies and opportunities that align to clearly defined business goals
· Build the foundation: foster a culture of open innovation and back it with investment, leadership support, incentives and business tools and programmes that facilitate greater external collaboration.
· Develop a bridge: collaborate with people and organisations that can act as a gateway to innovation ecosystems. Organisations and businesses who recognise the power of these connection points will prove instrumental partners.
· Develop and deploy: co-innovation among multiple partners minimises internal investment, allowing for rapid prototyping but the deployment of solutions at scale in a digital ecosystem can be challenging – build the foundation to support this using best practices.
The journey to open innovation will not be easy but, if we get it right, it will enable South African companies to leapfrog the evolutionary stages of innovation to significant advantage. This can bring about an uptick in South Africa’s economic growth and a step change in problem resolution.
* William Mzimba, Chief Executive South and Sub-Saharan Africa at Accenture
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.