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The Rise Of Digital In Shaping Business Terrains

There is pressure for businesses to become agile with many being pushed to innovate rapidly, and those that fail to adapt being blind-sided and left scrambling to survive.

ACCA

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The rise of digital is influencing the direction and conduct of business, large and small. It is challenging how entrepreneurs and their advisors, including finance professionals, produce and consume data.

The shift towards digital is transforming channels to market, customer preferences are shifting, product and service lifecycle is shortening and competition is merging from unexpected sources.

There is pressure for businesses to become agile with many being pushed to innovate rapidly, and those that fail to adapt being blind-sided and left scrambling to survive.

This changing business landscape is exerting pressure on CFOs and finance professionals to capture, measure, report and predict future performance in real time to support better decision making and business growth.

Related: Africa Rising: Contemporary Culture Revolution Presents Huge Digital Opportunities

It means capturing data at a granular level, processing massive amounts at the same time and visualising them to decision makers in real time through dashboards. This demands a massive shift in the CFO role to be a strategist, technologist and influencer.

ACCA has been championing research to understand the impact of digital on businesses, how emerging technologies are reshaping the economy and the impact on the finance profession. Research has identified the need to ensure that the shift towards digital is implemented as part of a broader transformation journey with clarity on how customer value is created, and how that is likely to change in the future.

Analytics, cloud, collaboration and robotics process automation (RPA) have been identified as the four pillars driving the rise of digital and bringing significant changes to how business is conducted, and will be conducted in the future.

Analytics is being spurred by the huge volumes of data generated inside and outside the organisation which is making it possible to inform evidence-based decision making.

Both businesses and consumers are generating tremendous amount of data that is easily accessible, whether free or paid, and capable of being analysed to extract insight. The rise of new technologies has made it possible to analyse huge volumes of data of all shapes and sizes including text, numbers, pictures etc in real time.

It’s making it possible for businesses to track sophisticated but useful key performance indicators. It is challenging the CFOs to understand the drivers of value, track performance and influence decisions.

A huge enabler of the shift towards digital has been the emergence of the cloud and the plethora of online applications accessible from anywhere in the world. The cloud has made it possible for small business to play in the big league without having to make the huge upfront capital investment normally associated with legacy systems. Cloud has made it possible for any business to have access to the very latest technology whether it is developed in Silicon Valley or Cape Town.

It has also transformed costs that were traditionally considered fixed into variable costs because of the revenue models of cloud based solutions. It has removed technology as a barrier to entry, creating competition and new possibilities. Business is driven by technological wave to think differently about business models, pricing and how to deal with competition.

The emerge of powerful online collaboration tools and applications, supported by improved access to broadband, has revolutionised how teams work together and made the gig economy a viable option.

Teams do not need to be housed in the same physical location to work together thereby lowering costs such as office rental and making access to skilled professionals more accessible and affordable.

Businesses can collaborate with advisors, such as accountants, online reducing consulting costs without comprising access to professional advice. On the other hand, professionals can service a lot more clients from the comfort of their office eliminating the need to frequently travel to client premises.

An emerging trend across the globe is the emergence of robotic process automation (RPA) to reduce process costs, increase control and standardisation.

While there may be moral questions around robots taking away jobs from humans in an economy with rising unemployment, the adoption of RPA can allow businesses to upscale rapidly and service more clients with the same number of resources.

While the financial services industry have taken the lead in the South African market, there is space for many industries and businesses of all sizes to adopt RPA.

Related: How To Thrive In The Face Of Digital Darwinism And Technology

The expected decline in technology costs will most likely make the cost benefit analysis tip in favour of RPA. It will challenge the world of business to streamline and standardise business processes and up skill staff.

Recent research indicates that even employees of SMEs and entrepreneurs see some good opportunities for innovation through technology. Whilst decision makers in the companies agree that technology will enable accounting and finance professionals to focus on higher value added activity.

The move towards digital raises the obvious questions around cyber-security and data protection especially customers and employees’ private information. Performing appropriate due diligence on potential partners, either for cloud or on-site options, is key as the consequences of a security breach could be fatal.  A recent example South African example is the breach of 30 million records containing sensitive information such as ID numbers‚ names physical addresses and property ownership details.

Businesses need a resilient cyber strategy to thwart and contain possible threats.

The rise of digital is here and the impact on businesses and the finance professionals will continue. What is certain that those who want to survive and remain relevant will have to adapt, fast.

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

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Business Landscape

The New Rules Of Customer Experience

Intelligent Experience Economy will change the rules of customer experience.

PwC

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Our report identifies five rules organisations can follow to reimagine the customer experience in the ‘Intelligent Experience Economy’. These rules are the action that organisations need to take if they want to be successful in this new era:

1. Make the customer journey your new chain

Most executives understand the importance of CX and have some form of customer strategy to address it. However, the ‘Intelligent Experience Economy’ calls for significant action. Organisations will need to develop an enterprise-wide customer journey. Creating a common language and taxonomy around the customer that is universally adopted will spur CX transformation at scale and embed the customer in the core of the organisational culture.

Related: Why Customers Don’t Respond To Disruption

2. Embed AI in the Customer Experience

Our research confirms that businesses understand the critical and still growing importance of ‘big data’ and analytics. However, having an analytics function. AI will be the dominant capability enabling companies to reimagine the CX in the ‘Intelligent Experience Economy’. Embedding AI in the CX is a great opportunity for organisations. It can enable easier communication with customers, speed up transaction times, personalise customer experiences and significantly reduce customer service costs. Furthermore, organisations that have embedded AI will have unique access to customer data.

3. Connect Customer Experience to real value

Customer metrics are now commonplace in businesses. Although the metric is important, too many businesses see it as the end point instead of the starting point. CCOs assessing their CX transformation efforts must take into account how mature their organisation’s CX measurement maturity is.

For many, CX measurement is still immature – actively listening to customers and collecting feedback, but not taking action with CX initiatives. Organisations should develop real-time customer metrics.

4. Let the COO drive Customer Experience Change

The role of the COO needs to evolve if organisations are to execute on their ambitious goals for their CX visions in the next few years. The role of the COO will need to shift from ‘measuring the CX’ to being directive on the priorities to drive CX change. In order to be more directive, end-to-end capabilities will be needed within the organisations, framed around journey stages.

Related: Why Your Latest Tech Investment Might Not Be Wowing Your Customers

5. Ignite the core

To create real CX transformation – the COO cannot be successful alone. The challenge is about ‘igniting the core’ around CX. To ‘ignite the core’ organisations need to spread the CX vision with all leaders, managers, frontline employees and back office employees alike. Furthermore, organisations will have to establish partnerships across the value chain – including UX/CX experts, data analysis, AI architects, app developers, as well as project delivery partners.

How can organisations execute the customer experience?

In order to be a leading customer experience organisation, companies will need to execute the customer experience at scale across the organisation. Customer strategy execution is transformational in nature and requires new capabilities, new ways of working and an entire organisation to be fully behind the new vision.

 

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How To Immigrate With Your Family By Starting A Business In The UK

The simple way to make your entrepreneurial dreams come true in the UK.

Sable International

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Many people, especially those with families, are reluctant to up sticks and move to the UK. These would-be movers are often worried that they will not be able to secure employment in the hugely competitive UK job market. This source of stress alone is enough to discourage some from pursuing their dreams of living in the UK. But, there is an innovative and accessible solution.

The UK has several visa classes aimed at individuals who wish to invest in the country. These give an individual the right to live and work in the UK with their families, if they make a defined investment. A visa that interests South Africans is the Tier 1 (Entrepreneur) visa. We have developed our UK Tier 1 Entrepreneur Investment Programme to help South Africans looking to immigrate to the UK alone, or with their families.

The basics of the Tier 1 (Entrepreneur) visa

To be awarded a Tier 1 (Entrepreneur) visa, you will need to invest at least R3,5 million (£200,000) in an existing UK business or one you start up. There are certain other requirements, but these are not particularly onerous, and most investors will qualify if they submit their application correctly.

The entrepreneur visa allows you to live and work in the UK, and take dependant family members with you, defined as your partner and your child under 18. If you have the capital, or are willing to liquidate your assets in South Africa to raise it, the Tier 1 (Entrepreneur) visa is a great way to relocate your entire family to the UK.

Do note: You will need to make specific applications for each dependant, so it is vital you consult with an immigration expert before beginning the application process.

You’re not just immigrating, you’re investing in the UK

By starting or investing in a UK business as part of our programme, you will be granted the right to live and work in the UK, and earn an income from that business.

Related: Want To Start An Import Business – Here Are The Importing Terms And Documents Involved

The business you invest in will want you to play an active role, not just contribute seed capital. If you want to invest in a business without being an active director you will be allowed to do so, but you may not be eligible for the Tier 1 (Entrepreneur) visa.

Another restriction is that you cannot hold this visa and work for a business other than the one you are invested in. But, your partner will be allowed to work in whatever field he or she pleases.

How do you choose the right business to invest in?

There is always an element of risk when investing in a foreign business, particularly when you’re thirteen thousand kilometres away from the country you’re investing in. It’s important to understand exactly what you’re investing in before you take the plunge.

That’s why our UK Tier 1 Entrepreneur Investment Programme is hugely beneficial. It matches your investment capital with a pre-approved investee business. We’ll make sure that your skills are matched with an appropriate venture so you can be an active director of that business.

We’ll also handle your visa applications, providing you with a comprehensive immigration and investment solution. Our partner’s list of investee businesses is over 200 strong, giving you an array of choices in various industries. This allows us to pair you with the business that best suits your investment goals and skills.

But what if you have a successful business in South Africa?

It’s no secret — emigrating from South Africa is difficult for many families who have deep roots and thriving operations. There’s no reason why you can’t keep your business in South Africa as well as relocate to the UK.

Nothing restricts a Tier 1 (Entrepreneur) visa holder from owning and overseeing businesses in other countries while they are on this visa. Many clients choose to relocate to the UK while ensuring that their original business continues to operate. In this way, you will be supplementing the income from your UK investment with revenue generated by your South African business.

You can hold British and South African passports if you apply for your British citizenship in the correct manner. You must obtain permission from Home Affairs in South Africa to avoid having your citizenship revoked. Retaining your South African citizenship will make it much easier for you to continue running a business here.

Talk to us today

There are compelling reasons to move to the UK — a brighter future for your children and a more stable country in which to retire. Our comprehensive solution will ensure you get the most out of your relocation.

Visit www.sableinternational.com/entrepreneur or send us a mail on ukinvest@sableinternational.com 

If you’re thinking of immigrating to the UK or investing offshore — either or both — we can help.

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(Video) TomTom Telematics – Let’s Drive Business (UK)

TomTom Telematics

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WEBFLEET provides you with the right information at the right time to make smart decisions and achieve your goals: Lowering cost, reducing time on the road, supporting drivers and delighting customers. Running a business can be hard. So let’s make it easier. Request a demo and find out more at telematics.tomtom.com/webfleet/landingpages/launching-the-new-webfleet.

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