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The digital domain has evolved into a world of its own, endless online opportunities have been availed for various processes which were previously traditionally facilitated. Although these methods themselves have not changed much, society has, and it is vital that we also keep up with the times.
In October 2015, the Gupta brothers offered Mcebisi Jonas the position of minister of finance in exchange for R600 million. Then deputy minister of finance, Jonas turned down the bribe and a period of deep introspection followed for him.
As humankind advances, new technologies are supposed to enhance and improve our lives by broadening access to education, financial instruments and other tools, while also improving communication within our globalised society. These were the ideals that the founders of the internet shared, says American futurist, author, professor and media theorist Douglas Rushkoff.
Organisations started outsourcing specific business activities in the 1990s mainly as a cost-saving measure. Functions not related to the core business, such as accounting, human resources, data processing, security and maintenance were contracted out to specialised service providers rather than handled by internal staff and resources.
It’s been proven that industry leaders who invest in new technology and innovation achieve better productivity and return on investment. However, for this to be true, an organisation needs to be ready for innovation, not only technically but also culturally.
Only 15% of South African start-ups are successful, despite South Africa having the 2nd highest ranking on the continent according to the 2018 Global Entrepreneurship Index.
Boardroom efforts to make customer experience a priority is being hampered by rising costs, retention and bad debt. South African firms continue to be challenged by rising costs of customer acquisition, retention, fraud and bad debt while striving for innovation through leveraging data and AI techniques.
Digitalisation has led to customers having an overwhelming number of choices in purchasing choices, brand selections and generally – everything they do. When presented with too many choices, many customers are likely to make poor decisions and disconnect with brands. When it comes to options, simplicity wins. Companies succeed when they cater to the individual customer and make it easier for them to consume what they want, how and when they want.