Darwin wrote about natural selection and the need to evolve in order to survive. The same can be said for both digital technology and entrepreneurship.
With ongoing technological advances playing a significant part in economic growth, entrepreneurs, if willing to adapt, can benefit significantly from an ever changing digital landscape.
At a recently hosted event on entrepreneurship, ACCA (The Association of Chartered Certified Accountants) along with leading industry panellist raised significant trends into the technology and digital tools that will help entrepreneurs succeed.
Based on the event’s discussion theme; digital technological evolution in business, ACCA used the event as an opportunity to present the report ‘Digital Darwinism: Thriving in the face of technology change’.
This report focuses on 10 key digital based technology trends that may have direct bearing on business ownership and entrepreneurship:
- Mobile: Anywhere, anytime access to broadband connectivity from a range of devices, wireless networks, operating systems and applications.
- Big data: The massive quantity and variety of structured and unstructured data from internet-connected systems, devices and physical objects.
- Artificial intelligence and robotics: The broad range of machines and computer systems that demonstrate limited characteristics of intelligence.
- Cybersecurity: Protection from new forms of cyber risk, attack, crime and terrorism caused by increased reliance on personal and professional digital devices and data.
- Educational: Trends and tools that are changing and enhancing educational achievements, developments, techniques and possibilities.
- Cloud: Internet-based technology resources – such as software applications, computing power and data storage – provided remotely as a service.
- Payment systems: New, evolving and emerging internet-enabled software applications, currencies, payment platforms, devices and services.
- Virtual and augmented reality: Technologies that use computer modelling to simulate, overlay and supplement reality and enable people to interact.
- Digital service delivery: New technologies used to provide online, interactive, self-service, business processes, software and services.
- Social: Technologies that support social interaction and are enabled by communications technology, such as the internet.
Choosing The Right Technology By Understanding Your Customers
Notwithstanding the merits of the 10 digital trends outlined above, it is important to mention that entrepreneurs should be aware of their market, and choose the right technology for their business.
There is no need to embrace all 10 technologies, or to over-engineer digital products, rather be selective and with the help of a clear business plan choose the right technology that can help move your business forward.
Knowing your customer’s needs and preferred technological platforms will help reduce the choice of technology you may need to engage with.
“Understanding of your customers, market and your key performance indicators is as important as choosing the right technology that can help your business move forward.” – Zolani Ngange, Chief Executive Officer at NexBrill Capital
For further details on ACCA’s entrepreneurship initiatives and up and coming events, e-mail: Nomsa.Nkomo@accaglobal.com