Digital initiatives hold the key to unlocking over R5 trillion in much-needed value in South Africa, according to new research from Accenture based on a pioneering value-at-stake framework – developed by Accenture and the World Economic Forum (WEF) as part of WEF’s multi-year Digital Transformation Initiative (DTI).
The research, titled Unlocking Digital Value for Business and Society in South Africa, reveals that by implementing key digital initiatives across government services and key industry sectors, value to society and industry amounting to R2 trillion and R3.6 trillion respectively could be unlocked by 2026.
“The research highlights major areas in which South Africa can unlock value – both financially and in terms of creating meaningful outcomes for citizens in their daily lives. A specific set of digital tools underlies that value creation,” said Vukani Mngxati, Chief Executive Officer for Accenture Africa. “At Accenture, we’re constantly on the lookout for ways to leverage innovation and new digital technologies to unlock Africa’s abundance for all.”
The analysis, based on the ‘value-at-stake’ framework and coupled with expert interviews, local statistics, industry reports and other inputs, measures the impact that digital technologies and enablers such as analytics, blockchain, Internet of Things (IoT), and artificial intelligence (AI), could have on South Africa’ s industries and society.
The study assesses both financial value as well as ‘digital value to society’ (DVS), a measure encompassing the effect of digitalisation on factors such as health and safety, employment, the environment and labour. The research also lays down groundwork, stimulates dialogue, encourages public-private sector collaboration, and proposes recommendations for national digital transformation strategies and investments to effectively power economic growth.
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