To reduce the risk of your business being disrupted by competitors or new entrants in the market, you need to understand how digitisation will impact your industry and embrace it in time.
The role of ICT in business has shifted from being an enabler of work automation and enhancer of productivity of knowledge workers, to becoming the enabler for business model disruption and transformation.
No industry is immune. Industries dominated by information-rich assets (think publishing and music) were swept up in the early wave of internet innovation. The subsequent web and mobile revolution created challenges for retailers who found customers flocking to online alternatives. Today, disruptive technology shifts such as cloud, big data, and the Internet of Things will not only upend these industries again, but will also introduce revolutionary change to even the most established industries. Specific industries with regulatory barriers (such as banks) or large infrastructure costs (such as Telco providers) will feel greater effects of shifts created by the next generation of IT breakthroughs.
It starts with understanding the trends that could become potential risks as well as the risk profile of the existing business portfolio bearing in mind that traditional barriers to entry (eg. access to capital, skilled resources or manufacturing capacity) do not apply in a digital world.
Africa ICT can assist with strategies and execution to ensure your business embraces digitisation ahead of your competitors in order to minimise business risk.