Reflections gathered at WEF-Africa 2017 indaba
a world where our economic, political and social systems are more archaic, more unequal and more conflicted. The truth that jumped out at me was this: the rapid pace of technological innovation and adoption is creating a global society increasingly divided along an axis of access to technology.
Opportunities
Internet access is the lifeblood of entrepreneurs and unleashing the related opportunities for growth, development and progress are all aspects that are inextricably intertwined. How deep is our awareness that we are again at risk of being left behind? We should not leave this to chance. The FIR is pivoted on the notion that people with expertise being in the right place at the right time, equipped with enough tools, knowledge and systems to know what they’re looking at.
One of the issues we all should be seriously concerned about is the dangerous rising level of inequality. In many developed countries, median incomes have stagnated or fallen and many people feel that life will be worse – not only for themselves, but also for their children too. This is unparalleled fear. Then too, there are millions of people around the world that lack not just economic opportunity but a sense of hope and meaning in their lives.
We need to take a new, refreshed and far-sighted systemic approach to avoid the popular backlash that already dominates most of the emerging political discussions and choices.
At WEF-Africa 2017 the penny dropped – we must know that these developments hold great promise, but they also raise legitimate questions. The global economy may have entered the era of the “new normal”, but we are facing too the “new and great unknown”.
Mapping the as yet uncharted territories of this “new and great unknown” will require governments and industry to work together to solve the problems of the day, the future and mount this apocalyptic “unknown”. We will simply have to address whatever new challenges the global economy will churn out.
Conclusion
No, South Africa is not on the precipice of a “Fourth Industrial Revolution” which will fundamentally disrupt and transform the way we work – the future is here already… I felt it in Davos and again in Durban!
There will be some, of course, who will argue that governments, and in particular public officials, are becoming increasingly irrelevant in a digital world, and even more irrelevant in the complex environment of the Internet-enabled business models.
As policy makers we are required to intervene to tackle the widening inequality from the introduction of new technology as the richest stand to gain more than the poorer sections of society.
Stakeholders as yet are divisive how it will unfold, but one thing is clear: the response to it must be integrated and comprehensive.
Leadership requires recognising that discontent is increasing in the segments of society that are not experiencing inclusive economic development and social progress. Life will only become more uncertain for us with the onset of the FIR.
We are now required to evidence a deeper commitment to inclusive development and equitable growth. It is about being responsive, and responsible… no more no less…
Thus we should also seek proactive ways to respond to the opportunities presented by the FIR. We should do so in a way that lends itself to our national priorities by providing more agile responses and obtain better outcomes to the triple challenges of poverty, underdevelopment and unemployment.
The profound changes brought about by the FIR will also require that we look at innovation very differently. We should invest in unravelling the solutions to some of our most pressing developmental challenges.
How hard we drive, support and unleash innovation will be crucial to whether we are able to capture the “fruits” and benefits of the FIR to effect the transformation of our economy, manufacturing processes and global supply chains, for the greater good.