Businesses challenged to embrace information age
BUSINESSES s hould embrace the information age that is dawning as tool to navigate challenges brought about Covid 19 pandemic.
Business executive, Mr Lazarus Muchenje, challenged delegates that attended the virtual winter school of the Institute of Chartered Accountants (ICAZ) this week when asked if their businesses were ready for the information age revolution.
The winter school was held on Wednesday and Thursday under the theme “Adaptability through resilience and agility.”
It comes at a time when most businesses are embracing digital products in light of the global coronavirus pandemic.
Mr Muchenje, former chief executive of NetOne and a technology expert, took the delegates through the history of technologies from the agricultural revolution to the third industrial revolution, and then explained what the fourth industrial revolution would entail, and what their businesses needed to succeed under the new environment.
“The new digital economy is all about bits and bytes and traditional companies have to ensure that they acquired a digital presence and understood the new business models that shall drive these new information age economies,” said Mr Muchenje.
He emphasised the rate of adoption of new products was going to increase due to the networking effect of the digital economies, warning blindsided firms would lose markets and eventually go extinct. Unlike in the past when adoption of technology took time, competitors no longer need years to build scale in order to compete.
For instance, it took only 19 days for PokemonGo to reach 50 million users worldwide.
“Technology allowed the whole world to be your market, but it also has created the opportunity for competitors from other geographical zones to have access to previously closed and protected domestic markets” Mr Muchenje said, suggesting organisations should be people centric to survive the “exciting but challenging” future ahead.
Dr Doug Munatsi, the chief executive of the Zimbabwe Investment Development Agency (ZIDA), also presented the work that the agency is doing to create a more business friendly environment in Zimbabwe while industrialist Mr Joe Mutizwa took the delegates through the journey Zimbabwe is on as it prepares to take off and claim its rightful place, driven by domestic dynamics and some external factors.
Notable panellists were, Ms Diane Karusisi, the chief executive of the Bank of Kigali, Rwanda, Mr Denys Denya, the executive Vice President of the Afreximbank, Sanjay Rughanim the chief executive of Standard Chartered Tanzania and Sekai Kuvarika, the chief executive of the Chamber of Zimbabwe Industry.