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Accenture Announces Its Innovation Index Finalists

Winners to be revealed at the Accenture Innovation Conference on 12 October. The Accenture Innovation Index measures, recognises and rewards innovation and enables businesses to plot exactly where they are on the innovation spectrum.

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Accenture (NYSE: ACN) and an expert panel led by Accenture Innovation Index partners – including The Da Vinci Institute, TransUnion and other innovation practitioners – have selected the finalists of this year’s Accenture Innovation Index.

The winners, to be selected from among 20 finalists across five categories, will be announced at the Accenture Innovation Conference on 12 October in Johannesburg.

Launched in 2014 as part of Accenture’s commitment to spearheading innovation, the Accenture Innovation Index measures, recognises and rewards innovation and systems of innovation. It provides businesses, regardless of their size or industry, with a personalised innovation diagnostic report that identifies innovation gaps and strengths. The Index process starts with businesses’ participation in an online survey and culminates in an innovation showcase and awards ceremony.

Related: Demanding Customers Are The Ones Who Motivate Innovation

Participating businesses are scored across three measures of innovation maturity:

  • Ability: The ability to innovate through the value chain, from ideation to commercialisation, is imperative.
  • Commitment: For innovation to reach across the value chain, significant buy-in is required from all tiers of management, right up to senior leadership.
  • Digital Capability: A company’s digital capability can be defined by the evolution of the business to use combinations of technology, information and connectivity to create new sources of customer value, company revenue and operational performance.

“Innovation is vital to compete in a disrupted world, and I’m pleased that we were able to provide respondents with the opportunity to not only benchmark their innovative capabilities, but also to refine their innovation strategies,” said Ntombi Mhangwani, a director of Integrated Marketing & Communications at Accenture.

“It has been an interesting 12-month journey to see participating businesses push boundaries and identify and fill gaps. Judges uncovered great stories of innovation and interesting trends, which we look forward to sharing with our clients and South Africans so that they can make informed decisions.”

Bennie Anderson, chief executive officer at The Da Vinci Institute, said, “There is no doubt that not only South Africa but the rest of the African continent is on the global level in terms of innovation. It was interesting to see, through the adjudication process, how companies – both small and well-established – use innovation to revolutionise the markets they serve. The process also highlighted the need for South Africa to create an environment in which individuals and organisations alike can engage and create innovative solutions that address business needs.”

With all entries grouped under one of five categories, this year’s Accenture Innovation Index finalists, along with their innovative projects, are:

Overall Innovation Masters (turnover in excess of R35 million)

  • ABSA – whose integration of its App with the Apple Watch, enables customers to stay on top of their finances via their Apple Watch.
  • FNB – whose internal IT coding marathon brings programmers together over a six-day sprint in order to build disruptive, financial technology apps that solve business problems while achieving competitive advantage through new or improved products and services.
  • King Price Insurance – whose car insurance premiums decrease monthly in line with the depreciation of a car’s value.
  • Purple Group’s The Bundles, a platform allows individuals to invest in a basket of shares. It provides access to a predetermined stock selection created by respected fund managers and CIOs from some of South Africa’s top financial services providers.
  • SSG Consulting’s KEY360, a revolutionary cloud-based business and project management solution with exceptional capabilities to handle workflow, data, documents, dashboards, KPIs, business and staff optimisation together with upskilling.

Overall Innovation Masters (turnover less than R35 million)

  • Bramhope – whose partnership programme builds and maintains long-term relationships between like-minded innovative companies in the health, safety and hygiene industries.
  • Colony HQ’s online aggregation and database platform that translates Big data into little data, enabling clients to communicate with their customers using relevant messaging at the right time/s.
  • Rethink Education’s Bite-sized mathematics and science education delivered via mobile phones for students in grades 8 to 12.

Top Innovative Concepts (turnover in excess of R35 million)

  • Assupol’s instant Groceries, a mobile application that puts spending power in the hands of beneficiaries wherever they are, instantly via a mobile phone.
  • Purple Group: Easy Equities, a platform that allows individuals to invest in a basket of shares. It provides access to a predetermined stock selection created by respected fund managers and CIOs from some of South Africa’s top financial services providers.
  • USN – whose Blue Label Testing Lab (an interactive programme) allows consumers to customise the USN product to suit their specific needs.
  • Spark ATM Systems, a fully developed supporting suite of monitoring and management software.
  • Isometrix’s hyper-agile, multi-language, enterprise-ready solution for governance risk and compliance.

Related: Howard Blake Stays Hungry With His Innovation Strategy

Top Innovative Concepts (emerging organisations)

  • DQS, aboard game consisting of four superheroes and one villain, whose objective is to encourage children to learn and interact around best practices.
  • Fuel Decontaminant, explosion-proof for petrol, diesel, jet fuel, bio fuel and paraffin.
  • Kirkonsult – whose Carbotect organic detection tool verifies whether reductions in time, energy, water and chemical inputs could be sustained during standard industrial cleaning procedures.
  • Quoros Biotech’s Microbial Cell Culture Bioreactors, a solution that develops ways of manufacturing natural products.
  • Seeing Machines – uses advanced detection-and-prevention safety assistance technologies to track eye and facial movement in order to monitor fatigue, drowsiness and distraction events such as micro sleeps, texting and cell phone use as they occur. This provides for a real-time intervention strategy, improving operator, driver and environmental safety, preserving assets and reducing risk.
  • Standard Microgrid, a mini-utility utilising a combination of solar PV, energy storage, cloud based grid management and granular demand side management devices to transform a rural off-grid village into a hyper efficient group of networked smart homes.
  • Vuselela Energy’s Vuselela Energy’s Thermal Harvesting power plant, Eternity Power, a global, first-of-its-kind clean energy power plant based at the Anglo American Platinum Waterval Smelting Complex near Rustenburg, North West Province.  The Thermal Harvesting plant captures waste heat from the converter cooling circuit at the smelter to generate up to 4.3MW of clean electricity, then used by the smelter for its internal power consumption.

“We have been overwhelmed by both the quality and number of entries, seeing a strong focus on the use of innovation for the improvement of others from social through to business and education,” Mhangwani said.

“South Africa is well-known for its highly innovative culture, with the likes of Siya Xusa, Elon Musk and Mark Shuttleworth, among others, leading the way. We have every confidence that this year’s finalists, and ultimate winners, will continue spearheading South African innovation, enabling our country to not only create jobs and grow the economy, but continue to play a leading role in our highly innovative and constantly evolving world.” 

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

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Uber-like Insurance Platform Is Revolutionising The World Of Insurance Claims

the 4-Sure platform, which was launched two short years ago by actuary Shalen Moodley and a collective of seasoned tech gurus, is to provide value-added services that benefit the financial services industry. All partners had substantial success across Africa introducing loan origination platforms for leading banks before deciding to tackle the problems existing in the insurance claims fulfilment process.

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A multi-sided, digitally-driven business platform that has been wholly-developed and launched in South Africa is ‘uberising’ the local short-term insurance industry by transforming the traditional claim fulfilment landscape.

Developed locally by Insuretech sensation 4-Sure and headed up by actuary-turned-entrepreneur Shalen Moodley, the 4-Sure platform seamlessly connects the claims ecosystem consisting of the customer, broker, insurer, service providers and suppliers and manages all complex interactions and sequencing required to deliver superb customer experience, optimal claim cost and fast turnaround times. 

“The new system, which eliminates virtually all the manual processes and “waste work” involved in dealing with a claim, also provides enhanced opportunities for small businesses to compete for insurance claim work traditionally only available to a select few. Simultaneously, it reduces the fraud risks associated with the manual allocation of claims, and reduces costs across the board”, says Moodley.

“There are several weaknesses inherent in the appointment of the traditional insurance panels, “says Moodley. Relationships between the insurer’s agent and supplier base can result in some contractors being favoured above others. The payment of “incentives” by service providers as a reward for getting work can also skew the allocation process and drive massive cost inflations. Furthermore, costs can vary for similar jobs and the use of assessors for approval of routine jobs results in time delays and increased administration costs.”

“Most seriously for most insurers, is that contact with the customer is lost during the claim fulfilment process – they are disintermediated. Often, the result is dissatisfaction on the part of the customer, disrupted processes, unnecessary delays and often the possibility of an unhappy customer withdrawing their insurance and other investments with the associated brands of the insurer.

After extensive discussions with the industry regarding problems faced with settling claims, 4-Sure concluded that reformation of the system should be based on shorter, effective communication structures, the ‘democratisation’ of the panel system and the strategic use of technology to improve customer delivery and satisfaction levels.

Related: Why Start-ups Like Uber Stumble When They Scale

The answer was the building of an entire ecosystem based on the use of sophisticated regressive algorithms that made the ‘Circle of Service’ between insurer and claimant transparent and frictionless. Creating an extensive database, making software available to service providers and connecting suppliers of raw materials as well as early payment mechanisms completed the service circle. As well as speeding up claim response times, the process was also efficient and fundamentally more effective.

Taking inspiration from the concept launched by the Uber transport system, the insurance platform includes a vastly increased list of qualified and rated service providers. As in the ride-sharing service, becoming listed requires that several stringent criteria are met by service providers. When a claim is registered – including the time when the customer requires assistance – it drops into the platform. Appropriate service providers listed can then respond and confirm their availability. They are then required to be on site at the time stipulated by the customer, undertake the work and then complete a Mobile App-driven reporting process for the insurer’s records (including before and after photographs, assessments and costings).

To participate in the platform a service provider must have a smartphone and the software, provided free by 4-Sure. Part of the package includes a service provider ‘scheduler’s’ desktop package that enables job scheduling, field technician allocation and all the information relating to the job to be collated and electronically submitted for payment to the insurer.

“For a sole trader or SME, one of the greatest challenges to building a sustainable business is controlling cash flow. Service providers on 4-Sure do not have to carry an extensive array of raw materials to fulfil allocated insurance claims work. Once they are on site, have assessed the repair work and had it approved within minutes, the service provider is able to visit a 4-Sure approved partner supplier (Builder’s Warehouse, Penny Pinchers, Buco, Plumblink and others) and pick up the required stock.

“They are then using their 4-Sure Mobile App to get the necessary materials and the outlet then bills the insurance company concerned directly through the 4-Sure software for the expenditure. Because of the volumes involved, we have been able to negotiate favourable prices for these services which are now on offer at more than 400 service points across the country.  The service provider bills only for the time and labour spent on the job at the agreed rates. Their bills are then submitted using the 4-Sure software, go directly to the insurer and are generally settled within 24-48 hours.”

“As smaller operators are no longer waiting between 30 and 60 days for their money, they are happy to complete routine jobs for a set fee.  Depending on the service they deliver and the ratings they receive, they are in control of just how much work comes their way.  As a job is loaded on the system and service providers then bid for the work, competition is assured and opportunities for work are equal across the spectrum of service providers – a new paradigm which rewards performance with more work and manages the non-performers off the platform.”

Further value is added to service providers by free access to geo-positioning systems, which not only plots their way to their closest parts supplier but also to the customer’s property.  Jobs that appear on their systems also cover the areas in which they choose to operate. As is the case with their Uber driver colleagues, those closest to the customer can make their presence known and compete for the work. Those who feel the costs of reaching the site do not make a job worthwhile simply do not respond to the job alert,” says Moodley.

For insurers, who can track the response times of service providers in real-time and contact them electronically if they are late on site, the major benefit is that the loss of customer contact at the point of handing over a claim to an incident manager no longer exists.

Related: How Uber Grew To A Billion Dollar Business (And How You Can Make Money With It)

The typical flow of a job is made easier by:

  • Insurers were able to use a sophisticated eco-system that is a centralised platform connecting all players in the supply chain, facilitating a seamless claims fulfilment process.
  • Customer contacts their insurer via their contact centre, their website, or a digital self-service channel and this claim, is electronically dropped into the 4-Sure to facilitate the claim process automatically.
  • A claim’s details being logged directly on the 4-Sure platform instead of being referred to an incident manager. The message enables specific skills, customer location, a time required for service and other factors to be selected so that it can be responded to by competing service providers.

Explains Moodley, co-founder of 4-Sure and one of the innovators behind the home-grown platform that caters specifically for local needs and is believed to be the leading services of its type anywhere in the world:

“4-Sure has succeeded in becoming the first, fully-digital insurance claims platform to provide a truly customer-centric experience. The system is flexible and although the present focus is on non-motor claims, other avenues, including motor insurance and non-insurance opportunities are being investigated and developed,” says Moodley.

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Win A Seat At 10X-e’s 10X-ECUTION Bootcamp (Valued At R5900)

Automatically receive 20% off the Bootcamp just by entering!

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Transform chaos into systematically achieving business goals, at scale. Hosted by founder, Jason Goldberg

Enter by emailing your company name, your name and your designation to Monique: mchaitezvi@edgegrowth.com

About 10X-e:

Scaling – the Bermuda Triangle of growth – is hard, and fraught with failure. Very few of even the top 1% of ventures succeed at scaling, mostly due to poor execution, due to lack of experience scaling businesses. The 10X Program brings the ‘Science of Scale’ and seasoned Scale Up Leaders to help founders navigate the Bermuda Triangle of growth

Our team has helped some of the Continent’s most exciting high growth businesses scale up through the most treacherous parts of the journey. We tailor make multiple workshops to the specific needs of you, your team, and your business. Our workshops serve to address the most pressing challenges that your business faces, helping remove the hurdles towards 10X growth.

For more information on 10X-e, visit: https://10xe.co.za/ 

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Off The Beaten Track

What Tourism Month means in South Africa and how Mango Airlines is focusing on local opportunities.

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This September, being Tourism Month, we have so much to talk about in South Africa, and so many people to engage with, both domestically and abroad. We are privileged to be able to leverage a broad range of destinations – arguably world-class in nature, and they expand way beyond a beautiful mountain, and an ecosystem of game.

The vast majority of leisure tourists, however, remain attracted to the Mother City and various Safari destination, while business tourists tend to stick to hub cities for short durations of time before departing again.

“There is a golden opportunity to expand on the same offerings – while not detracting from them in any way. Our responsibility is to drive tourism into new areas, really emphasising the differentiators that are incredibly attractive to local and international tourists,” said Benediction Zubane, Head of Marketing at Mango Airlines.

“Often tourists visit one of the more well-known sites in an area, and are completely unaware of the other features and destinations close by. We’re seeing a lot of success in township tourism which goes to show how diversifying can really drive new tourism opportunities,” explained Zubane.

Related: Travel Tour Agency Sample Business Plan

According to Statistics South Africa survey on Tourism and Migration, nearly 3.5 million international travellers visited South Africa in August 2017. Top numbers were tourists from USA, UK, Germany, France and The Netherlands, with African visitors primarily coming from SADC countries. Zubane added, “This means there is vast opportunity to begin engaging with travellers in new countries across the globe. We need to become our own best ambassador, talking-up our famous and lesser known destinations, proudly showcases our uniqueness. We should also be tourists in our own country and start exploring the wonders of the Rainbow Nation.”

Mango is passionate about helping its SMEs and entrepreneurial community to successfully overcome the unique challenges facing the tourism industry: “There has never been a more opportune time for small businesses and entrepreneurs to benefit positively from tourism in South Africa, and we hope to celebrate alongside our SME community as they fly high – both literally and figuratively,” he concludes.

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