These days there’s so much to be said of office space. We’re seeing open-plan spaces with hot desks, large windows with natural light and plants, game rooms, gardens, in-office restaurants, pet-friendly areas, and anything else you can think of that stimulates creativity and productivity in the work place.
Astronauts, surgeons and engineering companies are huge supporters of remote virtual reality-enabled training as it decreases risks and costs. At the inaugural SingularityU South Africa Summit. Mxolisi Mgojo, CEO of Exxaro Resources, spoke about how their employees, some of whom hadn’t completed matric, were able to operate and fix complex mining machines and vehicles with the help of a remote online expert and virtual reality. Yet some business owners are still asking themselves whether there is budget for augmented reality (AR) and virtual reality (VR) in the average business.
The two are often confused – virtual reality places you in a 360-degree animated or live-action environment with the help of a head set; while augmented reality creates a composite view by superimposing a computer-generated image on the real world with the help of a smartphone, tablet or AR-enabled device.
I believe 2018 will be the year in which the digital dimension in the work place – thanks to AR and VR technologies – will become more of a reality beyond merely gaming or entertainment. It will add another layer to our world.
The VR market is estimated to exceed $40 billion by 2020, according to the Global Virtual Reality Market (Hardware and Software) and Forecast by Orbis Research. The biggest players – with a 50% market share in 2016 – were Sony, Facebook, Google and Samsung. Augmented and virtual reality are going to be a trillion-dollar industry in the near future. At SingularityU South Africa, we see it as one of the disruptive exponential technologies that is rapidly changing our world.
Apple iOS11 is equipped with ARKit technology and in future all smartphones are going to be AR-enabled, which is really going to be a gamechanger. Augmented and virtual reality are going to become ubiquitous. I predict that both technologies will be mainstream by 2020.
So, what will work stations, offices and businesses of the future look like and how will these technologies change the way we work?
Virtual and augmented reality will replace 2D computer screens with 3D presentations that are brought to life through animations fused with real-life components. Though we’re still in the early stages, mobile- and desktop-enabled VR and AR applications will allow employees to put on a compact head set that is comfortable to wear for an extended period of time, and be transported through space where all their applications – spread sheets, Word documents, web browsers – are infinitely suspended in the air around them. A video feed will allow them to see their hands typing on the keyboard. It’ll be like something out of Minority Report.
Icelandic tech start-up Mure VR has caught onto what psychology calls Attention Restoration Theory and high-fascination environments (nature’s patterns, textures and colours), which stimulate cognitive renewal and improve concentration. So, they developed the Breakroom app. The virtual desktop-type app allows users to become wholly immersed in any kind of natural landscape and background. Such VR environments encourage greater productivity and fewer distractions in the work space.
Virtual reality is slowly but surely going to kill video conferencing because it’s a much more immersive experience. Gone will be the days of Google Hangouts and Skype conference calls, when you can have a virtual boardroom with executives from around the world, who just have to put on their head sets to see an animated or real-life avatar of their colleagues, as if they are in front of them. It’ll forgo the necessity to travel to attend those meetings – saving time, travel and accommodation costs, while decreasing traveller friction. Because VR allows employees to work from home, we’re also going to see a rise in the location-independent workforce and digital nomads that work more flexible hours and have a healthier work-life balance.
Besides the obvious virtues of augmented and virtual reality in the office, these technologies also allow businesses to sell their products to clients in more immersive ways, undergo realistic customer-service scenarios without the risk and reduced costs, and provide near real-life simulations of technical procedures that allow employees to fix things through remote viewing.
One of 2017’s greatest breakthroughs was how the medical industry started to embrace Microsoft’s HoloLens for medical education and diagnosis. Cleveland Clinic and Case Western Reserve University in the United States are leading the way.
Magic Leap’s Leap One AR headset – which includes a wireless controller and is kitted out with cameras and sensors for accurate head and body-tracking – is essentially a wearable computer. Whatever it is that you’d do on your smartphone or computer is projected into your field of view, about the size of a VHS tape if your arms are half extended. It gives users a viewing window into mixed reality.
This is definitely going to be one of the biggest things to watch in 2018. And we’ll see many more improvements in wearable technologies in the coming months and years.
Then there’s how virtual reality will impact the real estate sector. Instead of wasting time and money driving from one residential or commercial property to the next, a realtor can walk you through a number of properties around the world within an hour. Once you’ve bought the property, you can use the recently launched IKEA Place AR app, which runs on Apple’s ARKit, to virtually furnish it with the swipe of your finger. The app scales the IKEA products, based on room dimensions, with 98% accuracy and it’s so detailed that you can even see the texture of the fabric.
Augmented and virtual reality are going to be used more and more for company inductions, team building in the form of gamification features as well as for promotional and marketing campaigns as with some of Mann Made’s projects from the Carling Cup virtual reality 360-degree video to our VR activations that use the Oculus Rift or Apple’s ARkit.
These days just about anything can be composited with an AR component and the future will also see the rise of mixed reality – a combination of real and virtual worlds, whereby an action in the virtual world will affect the real world. This is only the beginning of 2018!
South Africa Seeks Innovative Solutions to Payments Systems
How to bridge the divide and bring FinTech technology and a new infrastructure of POS systems to the masses.
News has been circulating that high-level players in South Africa are working hard to introduce structural changes in payments solutions. Some of the biggest players in the industry, including the Payments Association of South Africa, and BankservAfrica have begun work in earnest on facilitating expedited transactions settlements, by adding new payments systems and features into the market.
Financial technology, a.k.a. FinTech is powering the payments gateway to cost-effective solutions for South African businesses, consumers, domestic and international stakeholders. According to industry pundits, the payment system that currently exists in South Africa was formulated in the 1980s. At the time, it was highly regarded by world standards. However, the rampant innovation that has taken place with the Internet of things since then necessitates updating.
Various solutions have been touted, to rethink the infrastructure framework that currently exists in South Africa. The economy is rapidly changing, and mobile technology is being embraced across the board. The South African payments system is long overdue for an upgrade, as shifting priorities and the widespread digitisation of the economy take place. For starters, payments solutions across South Africa must factor in the large underbanked and unbanked sectors of society.
A key industry player, Bankserv which is owned and operated by Standard Bank, ABSA, and Nedbank among others is ringing the changes. Back in 2017, this financial entity processed R188.2 billion worth of ATM transactions. The total number of transactions numbered 452.6 million additionally. It processed 52.5 billion POS transactions valued at R290.9 billion in credit card authorizations in the same year. Electronic funds transfers (EFTs) to the value of R9.4 trillion were also processed by Bankserv. These are significant figures, and they point to a shift in financial transactions processing in South Africa.
Groundbreaking POS Systems to Debut in SA
The widespread innovation currently taking place in POS systems is reshaping retail industry, the food and beverage service, and other merchant networks across the board. One of the industry leaders in this regard is revel systems POS. It is fully integrated with a robust selection of features, the likes of which include superior reporting features, full kiosk functionality, and a modern kitchen display system for the thriving restaurant industry in South Africa. The technology was created back in 2010 by Chris Ciabarra and Lisa Falzone as an innovative Apple iPad point-of-sale system. It was tested in the San Francisco Bay Area and became an instant hit.
Today, the Revel POS system sports 25,000+ terminals around the world, at high profile company such as Cinnabon, Goodwill, Smoothie King and others. South African restaurants and food industry businesses can enjoy monthly subscription fees, and the software license is included in the monthly subscription fee. Flexible pricing is another advantage of using this POS system. Plus, users get to enjoy industry-specific software and integrations that can be used by quick service businesses and restaurants.
It’s ideally suited to businesses that have 500,000 SKUs, although it’s equally adept at serving smaller SA businesses. In terms of ease-of-use, this POS is intuitive for front-end use, and training videos facilitate backend learning and integration. The backend management is particularly effective in terms of training regimens, navigation, and utilisation. All that’s required to get started is an Apple iOS device, and any standard barcode scanner is fully compatible with the system.
Among the many features include the following:
- Fully Functional point-of-sale systems
- Real-Time Inventory control of SKUs, including cost considerations, pricing, inventory, size, colour, style etc. Digital menu boards, kitchen display systems, and kiosk point-of-sale systems are also available
- Purchase Order Management and QuickBooks integration
- Customer Management in terms of purchases, details and personal data is also available.
What Are the Current FinTech Challenges in South Africa?
Contrary to widespread belief, South Africa has one of the most sophisticated payments infrastructures. This is certainly a feather in the cap for South Africa’s financial and FinTech sector. Given that Internet usage is widespread, and the telecom network that facilitates Internet functionality is highly developed, South Africa ranks on par with the best of them.
There are effectively 2 parallel economies operating in South Africa – the first world developed FinTech economy, and the informal economy which dominates the outlying areas. South Africa has a challenge on its hands: How to bridge the divide and bring FinTech technology and a new infrastructure of POS systems to the masses.
Investing In Value Creation Tools Can Help Your Business Grow
ACCA on attracting new clients, establishing and strengthening commercial partnerships and accessing external finance to help your business expand.
The business journey of many SMEs is often characterised by a gradual change in internal management practices which develop as the business operations grow. The subsequent recognition of the business’s value creation, across all its operations – tends to emerge slowly but surely alongside this process.
Gaining an understanding of ongoing value creation can be challenging. This is because smaller companies tend to not have access to simple and understandable data sets on everything, which is and isn’t contributing to value across the business.
For example, customer and supplier relationships, human capital and intellectual property are all common examples of activities where SMEs regularly experience difficulties in determining the real contribution to the businesses’ overall value. These are areas that are not picked up by financial reports that are a focal point of many growing businesses, hence the importance of these areas in business is not given the proper attention it deserves.
However, by improving trust and relationships between customers and those along your supply chain, this information can be used to attract new clients, establish and strengthen commercial partnerships and access external finance to help your business expand.
Key actions to consider when capturing the value within your business include the following:
- Use cloud and data analytics technology to support growth;
- Create a business strategy which incorporates everything;
- Allow staff to use new technologies to innovate; and
- Appreciate the importance of technology in attracting external finance.
These actions will help you succeed in developing a successful business strategy.
Use cloud and data analytics technology to support growth
Purchasing relevant software packages could help you access the data you need to understand where and when value is being created. Cloud and data analytics technology can provide a real-time flow of information, offering detailed measures across workflows, whilst also complementing existing reporting processes.
More long term, this technology can provide you with greater flexibility when anticipating future periods of growth.
For example, when the time comes to up-scale your business operations, it could help your finance function adapt more easily to any additional demands being placed upon it and mitigate the risk of disruption towards ongoing operations.
At the same time investing in this technology doesn’t have to happen overnight. Software packages can be purchased in stages and tailored to meet the specific needs of your business.
Create a business strategy which incorporates everything
Business success will often be determined by how effectively you can combine the value of ongoing operations into the development of a single, overarching business strategy. Understanding of the key strategic themes by employees is critical in aiding future business expansion plans and growth. This integration can support planning processes.
By taking a short, medium and long-term view on how value creation might change across the business, you will be in a much better place to identify upcoming risks and opportunities related to your growth ambitions.
The practical delivery of this might involve regular integrated reporting across your business’s operations. The more data that is involved in this process, the more helpful it will be towards informing your management decisions.
Allow work teams to use new technologies to innovate
Companies might also want to consider supporting work teams in certain areas to come up with new ideas to enhance plans for business growth and learn from possible failures, without the personal risks that entrepreneurship entails.
Allowing employees to use new technologies could help to reduce costs and offer new revenue opportunities as your business expands. It could also help to stimulate a high growth business and to fully communicate business’s value to potential clients and commercial partners.
Appreciate the importance of technology in attracting external finance
Investing in technology at an early stage can help attract external investors, as well as reducing the cost of raising growth finance. Such investors need to be able to understand the broader strategy of your business.
Lenders are increasingly using data to build up a broad perspective on the growth potential of SMEs. If you can provide real-time information – rather than just historical data – of your business’s performance, this could greatly increase the chances of obtaining the finance you need to grow.
However, there remains a gap and potential to co-create new approaches of raising capital amongst growing businesses and in creating agreed terms of sharing risks. This could bolster the advancement of entrepreneurial houses toward creating real economic equity in long term.
Embracing Technology For Business
The technologies that can boost efficiency in your organisation.
The world is dominated by technology. So if you haven’t yet heard terms like ML, AI, VR, and the wave of other acronyms used to address the new developments in this modern age, you will soon. Because, the era of big data is here. And resisting it is futile. We have to embrace new technologies to survive, let alone compete. Luckily, a lot of today’s tech helps make business more streamlined.
Here are a few that make all the difference:
WebVault is a digital ‘vault’ for securely storing documents, emails, certificates, voice files, and other data in the cloud. WebVault Achiever can even load completed trainee certificates into the vault, without your needing to vet or track them.
Asana is a tool for managing team-based projects. It allows users to break projects into tasks, assign them to individuals, add followers, and schedule deadlines. This ensures transparency, accountability, and helps to streamline and track deliverables.
Slack is like a WhatsApp group for business. You can sort interests by topic, and use the search function for anything, including old discussions and shared files. The most notable benefit is that Slack stops back and forth email discussions, decluttering your inbox. It also integrates easily with platforms like Twitter and Dropbox.
Wave is accounting software that offers small to medium-sized businesses access to helpful tools. Through mobile and web-based platforms, users can build and send professional cost estimates and tax invoices, accept credit cards, keep track of payments, administer payroll, and streamline expense tracking.
Artificial intelligence (also known as AI) is created from technology called machine (or computer) learning (ML). In other words: by using complex networks, computers can learn without the need for human direction or oversight.
One of the most exciting ways that AI affects learning is by identifying overlaps between different industries and subjects. Connections that would take humans many years of study to discover, can now take computers less than a day to unveil, revealing complex subjects that we may never have realised existed without it.
Virtual & augmented reality
Most people learn best by getting involved. But, where the stakes are high or expensive, like the military, medicine, and mining, this isn’t feasible. By digitally influencing how learners see their environment, virtual reality (VR) and augmented reality (AR) allow them to safely, cost-effectively practise the impractical.
The modern technologies we’re seeing today are fascinating, but they aren’t always fool-proof. Indeed, for every new technology, there are thousands of hackers spending all of their time looking for ways to break in.
For example, consider how you can monitor your home on a device. This is convenient for you, but it defeats the point if a hacker can access the video feed. There are even organisations online that provide malware and phishing as a service.
If you’re stepping into new technological territory, you need to be prepared for whatever comes your way. The best protection against threats like this is to hire an ethical hacker yourself; one who can tell you where your weak points are and how to protect them.
Blockchain technology is controversial thanks to its association with Bitcoin. But it is critical to differentiate the two. Bitcoin, on the one hand, is a digital currency. Blockchain, however, is the technology it uses for its distributed digital ledger.
Because a blockchain is both distributed and transparent, it allows digital peer-to-peer transactions to be executed safely and stored securely. And because the technology isn’t limited to finance, it has the potential to disrupt the way many companies do business. Notable leaders in this space include WalMart, IBM, and Nestlé, who are using blockchain technology to improve their systems.
The age of the digital innovation is here, and that means the world is changing rapidly. The best ways to be prepared are to be aware and to adapt quickly.
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