The fourth industrial revolution or the technology revolution has the potential to change just about every part of our lives. NIR TENZER of Microsoft says that embracing this change will present opportunities for business of now and those of the future.
Technology has become ubiquitous and central to growth and innovation in today’s business. It is embedded in a vast array of services and devices, and accessible to businesses to do what was previously impossible.
When we talk about this fourth industrial revolution, just like the first three with steam, electricity and information technology, it had a pretty broad impact in the way we live, the way we work, the way we entertain ourselves, the way we communicate.
And now, when we talk about this fourth industrial revolution with digital technology, we’re talking about it having perhaps even a broader, deeper impact on all those aspects of our lives. The way we engage is changing, the way we work is changing and the way we solve, address problems and innovate is changing – the pace of the change is also getting faster and faster. The world of the future is going to be different to the world we live today – there will be businesses and jobs that we cannot even conceptualise today. The change and the disruption will come from many directions, including Industry disruption and Technology disruption. Cloud, mobility, social and insight coming from data will contribute to this massive wave of disruption.
The tumultuous period of change for us in our businesses and how we navigate that presents much opportunity for the businesses of today and those of tomorrow.
Opportunity in transformation
As we embark into the depths of this fourth industrial revolution, we come to learn that every business is a technology company. Every company has the potential to transform itself into a digital business.
What is a digital business? It’s more than presenting a website or online service to customers, or simply using technology to run your business. According to leading technology analyst firm Gartner, “Digital business is the creation of new business designs by blurring the digital and physical worlds.”
Contextualising this, here are some examples of what companies are doing today to digitise:
· Innovating with crowdsourcing and data—organisations are changing how they deliver new products and services by integrating customer, employee and general ecosystem feedback into their innovation process. In some cases, they are directly incorporating customers into the process. In others, they are collecting detailed data from the products they have in market in order to better understand usage and enable improvements. During the development process of Windows 10 for instance, Microsoft received millions of pieces of feedback from more than seven million fans who joined the insider programme, tested the software, and helped shape the finalised version of the operating system.
· Working smarter with smart machines—increasingly, smart machines such as digital assistants (like Cortana) are empowering employees and consumers be more informed and productive in how they work and live.
· Adapting the business through intelligent operations—enterprises today are connecting their operations and making them more agile and responsive to changing market conditions and customer needs. For example, a vehicle manufacturer can employ machine learning (quick data analysis) to identify and distinguish between model features that buyers actually need and nice-to-have features that they want based on customer demand, within various demographics across the globe. This will enable the car maker to cater to the needs of customers better with the right standard features everyone needs, while providing most of the cool features many people want as options.
· Staying ahead by anticipating what’s next—machine learning and advanced analytics are enabling organisations to anticipate and predict customer needs and market changes better and faster, helping them be more competitive in the market and wow their customers.
· Delighting customers with richer experiences—in order to deliver engaging customer experiences, businesses today are leveraging digital technology like interactive digital displays, second screen strategies, and mobile/local offers to enrich physical experiences with digital ones to help drive customer engagement and loyalty.
In order to successfully navigate the transformational wave, organisations need to form partnerships that will enable them to utilise systems of intelligence that will help them gain insight and take action from big data, optimise their operations and change the very nature of the business models around their industrial products.
Leaving a legacy of innovation, rather than a depending on legacy systems
Common stumbling blocks that prevent companies from effectively supporting business priorities through digital transformation include the burden of legacy systems. Enterprises and large corporations within sectors such as financial services and retail often find themselves being disrupted by smaller, more agile competitors such as SMEs and start-ups that are not burdened by legacy system that is very complex to manage.
As Microsoft, we are similarly impacted and disrupted and are experiencing our own digital transformation. We have adopted interconnected ambitions that represent more than our ambitions – they are our response to this imperative to transform and designed to help our customers deliver transformation within their organisation.
By adopting the mind-set of a digital company, any business can transform through the four pillars of digital transformation. The first of these is empowering your customers through tools like a customer management system and approaches such as driving viral find, try and buy opportunities that help cross-sell and up-sell, and build these capabilities into offerings. Next up, companies have to empower employees through knowledge and insight tools, enabling staff to access data and collaborate from anywhere, anytime, using any device or platform.
The penultimate pillar is optimising your operations, which is achieved by migrating services to the cloud and focussing automation. Last but not least is transforming your products, which is done by creating connected services and generating insights to see what can be monetised to unlock new business models. Previously businesses designed, built, produced and shipped a product, then customers bought it. That was the end of the cycle. Now organisations are building in continuous feedback loops – sensors in product, after-market services, and customer feedback from a variety of channels. Transformation requires these rich systems of intelligence. And it isn’t simply about technology…systems of intelligence represent the combination of technology, people and process that enable these feedback loops, and define an organisation’s competitiveness and ability to change the entire landscape of the industries in which it participates.
Moreover, organisations, will require a cultural change within the company that sees staff being more open to learning, using and integrating new systems, tools and solutions into their daily routines and processes.
* Nir Tenzer, Microsoft South Africa’s Marketing and Operations Director.
SA startups in Visa final
Leading fintech companies from the Sub-Sahara Africa technology startup community have made it to the finals of Visa’s Everywhere Initiative.
Among the 12 chosen, from the 238 total entries, South African startups Howler and FinChatBot will compete against innovators from across Sub Sahara Africa for a chance to secure funding of up to US$50,000 to develop their ideas when the initiative concludes in Johannesburg on July 24.
Fintechs in Africa are making incredible strides; not only to bring more convenience to consumers, but also to enable people who would not otherwise have access to financial services or even a way to connect to the formal banking system. Venture funding for African startups jumped by 51% to $195 million in 2017 and fintech in Africa is expected to grow exponentially in the next few years as it continues to disrupt the traditional financial sector. With a clear goal of reducing reliance on cash, building digital payment based economies and increasing financial inclusion, Visa is committed to fostering an entrepreneurial spirit and driving innovation in its payments landscape.
The Sub Saharan Africa edition of the Visa’s Everywhere Initiative challenged local fintech startup to deliver solutions based around three real life business challenges:
- How can startups leverage Visa Developer APIs to either: Enable smaller merchants to accept payments in-store digitally OR Provide a safe and secure solution for online merchants to drive eCommerce and reduce cash on delivery?
- How can startups use Visa’s APIs to leverage mass reach and social media partner platforms like Facebook to help businesses operating in fast-paced consumer centric environments improve cash flow and receive payments?
- How can startups leverage technology to provide services that are functional for illiterate customers to provide them with secure transaction experiences that build and enhance their confidence in the banking system?.
Entrants were asked to submit ideas to leverage Visa’s network and technologies to resolve against at least one of the challenges. One winner per brief will be selected, with each receiving funding of US$25,000. Winners will be invited to a working meeting with Visa and may be presented with the opportunity to create a prototype. Visa will then select one overall winner to receive an additional US$25,000.
Geraldine Mitchley, Senior Director – Digital Solutions, Sub-Sahara Africa, Visa, said: “We are delighted with the response to our Visa’s Everywhere Initiative and the quality of submissions we received is an indication of the region’s rich talent pool and innovative spirit.”
“Launching this innovation program in the region has been an exciting time for the Visa SSA team, and the takeup reflects Africa’s enthusiasm to develop and pioneer solutions to the continent’s challenge – particularly in the payments technology space. I would like to congratulate the finalists and wish them luck as they enter the final stretch. When they come together for the final, they will not only have the chance to turn their ideas into reality, but also potentially help shape the future of payments in the region.”
Howler which enables cashless transactions and end-to-end ticket handling for consumers and event organisers is competing in the first challenge and FinChatBot, which aims to automate part of customer services for financial service providers through AI-powered conversations is competing in the third challenge.
The SSA edition of the Visa’s Everywhere Initiative will wrap up on July 24 in Johannesburg, with each finalist having an opportunity to pitch their ideas to a panel of expert judges from Visa and the payments industry.
Win a Poster Heater with Gadget and Takealot.com
This winter Gadget and Takealot.com are giving away three Poster Heaters, which look like posters but become heaters when you plug them in.
Three Gadget readers will each win a unit, valued at R550 each. To enter, follow @GadgetZA and @Takealot on Twitter and tell us on the @GadgetZA account how many Watts the heater consumes.
What’s the big deal about these heaters? Many of us are struggling to keep the balance between soaring electricity costs and the need to keep warm this winter.
However, the recently launched Poster Heater by EasyHeat and distributed in South Africa by Takealot.com is not only one of the most cost effective electric heaters currently on the market, it is also easy to setup and use.
As the name indicates, it is a poster similar to one you would hang on a wall. But, plug it in and it turns into a 300 Watt heater. The Poster Heater isn’t designed to heat hallways or large rooms, but rather smaller ones like a bedroom or a baby’s nursery or a dressing room.
It uses radiant heating, which means that it heats up in a couple of minutes and the heat is directed at the objects or people around it, quickly taking the chill out of the air and providing a comfortable ambient temperature.
The other advantage of radiant heating is that it doesn’t dry out the air like infrared or gas heaters. Users also don’t have to worry about their children or pets getting too close to it because, even though it gets hot, it can be touched.
To enter the competition follow the steps below:
Competition entry details:
3. The competition closes on 31 July 2018.
4. Winners will be notified via Twitter on 1 August and Takealot.com will be in touch to organise delivery.
5. The competition is only open to South African residents.