Technology dominated the past decade in terms of data being moved between organizations. There have been many advancements made in the area including extra data security for customers by organizations, multiple-step verification and personalization for the end-users.
The historian Fernand Braudel predicted change over the decades as civilization continued to evolve. He argued that as our needs change, so will our problem-solving methods change.
This decade carries with it a plethora of possibilities in terms of end-user inclusivity and a connection between them and tech.
M-Pesa accounts for only 7% of all retail transactions in Kenya. This means that cash is still king at 93% which translates to a huge number of our population. For M-Pesa to accrue more success, there is a need for it to be included into some form of financial system. This will in the end create many opportunities for more players to come in and develop innovative financial inclusive solutions.
New Payment gateways
China in the past decade experienced their fair share of financial disruption thanks to apps like WeChat, while the rest of the world is trying to play catch-up with them.
Mark Zuckerberg in his 2020-decade letter to Facebook users, gave us a glimpse of the future Facebook is creating and it is not far from what the Chinese already have with WeChat. WhatsApp and Instagram will power payments and e-commerce eventually creating a global payment model next to none. Even with the failure of their crypto currency idea Libra, I think this will not be the end of it. They were just testing the waters.
E-commerce growth in Kenya
Kenya which is considered the largest growing economy in Eastern Africa, and the 4th largest in Africa, only does $0.5B a dismal number compared to $5B in Egypt and South Africa. For Kenya to see more growth, more players need to get into the e-commerce business and deliver a seamless experience, like Jumia. When this happens, it’s only a matter of time before we see exponential growth in e-commerce this decade.
AI and Virtual reality
AI is already shaping the way we do business. It powers our day to day lives and offers for an affordable commercialization of AI technology via affordable infrastructures presenting vast uncovered opportunities for businesses.
Companies and developers who have integrated AI increasingly encounter the falling costs of infrastructures. In this decade, new and faster solutions, bots, robots, cars, cities, hospitals, schools and services will grow leading to the next wave of innovation and enterprises.
Future of work
The major characteristic in this decade would be a variation of flexibility, working remotely or from home, mental health support, automation of tasks and responses, and seamless digital connections to businesses and customers.
The change in ERP’s will allow for a complete transformation in work culture. This will in turn enable consulting, job grafting, contracts that are flexible and a quickening of digital integration for employees and businesses.
Insure Tech – (Insurance Technology)
Arguably one of sectors of the economy that have enjoyed little or no change in the way they do business, are insurance companies. However, with global trends that will occur in this decade, all indicate a major disruption that is already happening in the sector primarily driven by technology.
Non-insurance companies will be raising capital from investors, gaining traction with customers, and coming up with never before tested or tried ways to settle claim. For instance, a company in America already settles claims real time in 3 seconds using AI. We will therefore see new business models and products that will change how the industry runs.
Information is power or so they say. This then means that information used decisively makes you a god.
A majority of businesses are finding it difficult to launch new products based on instincts and unverified market information. Coupled with smart analytics, companies are now able to forecast trends in geopolitics, consumption, food security, finance, consumer habits and even health.
This makes data the new king over cash or at least it will be for a while. Using this new knowledge, businesses will design and develop products and services for their customers.
How are you positioned to take advantage of these emerging trends in your business and career? This is the million-dollar question you should be asking yourself regarding your business. Fret not and engage ARI to find out how we can help your business take advantage of this advanced digital era we are living in where your only limitation is your imagination.