Good Business Basics: The technological revolution

There exists a great deal of anxiety and uncertainty amongst both businesses and employers as the so called ‘Fourth Industrial Revolution’ becomes a reality.

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On the part of businesses, owners and managers are grappling with the myriad technologies and applications that are springing up, almost on a daily basis, in support of this new operating environment.

Decisions have to be made about the optimal combination of technology and human resources to deploy, the cost and longevity of upgraded systems, and the imperative to ensure that procedures and policies keep aligned with rapidly changing operating environments.

Added to this is the pressure to ensure that personal client and employee information is adequately safeguarded.

This is becoming a huge challenge as systems become increasingly more automated and self-managing through the use of artificial intelligence and other such protocols.

Remain relevant

 For employees, both those already in the workforce and those preparing to enter it, concerns about redundancy and length of employment abound. Existing employees are being forced to take on new tasks, and learn new skills to remain relevant to their employer’s operations. New entrants are expected to possess high levels of digital fluency, even for entry level positions.

Already most financial institutions have automated the bulk of their client interface operations. One is able to access and request the most detailed information using automated self-help channels. The downside is that they have also drastically curtailed access to line managers and warm bodies generally. It is interesting to observe though that most of the top tier clients e.g. private bank and wealth management customers have ready access to dedicated bankers and support staff as a first option.

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Critical decisions

So how do companies adapt to survive? Those that can achieve the optimum balance between convenience and the human touch will prosper. Working out the tolerance threshold of their customers for the greater use of technology, and their expectation for human assistance will be key. In other words, determining the best return for their investment of human capital.

Employees need to make critical decisions as to the skills they want to offer employers. Undoubtedly, the old paradigm of the nine-to-five work day is rapidly becoming a thing of the past. To survive and prosper in the Fourth Industrial Revolution, we will need new thinking: adaptability, flexibility, rapid learning and unlearning, independent thinking and self-management will be just some of the traits required.

After matriculating, Vijay Naidoo studied Economics in the UK. Upon his return, hejoined the family construction business as MD for 10 years.

He subsequently joined his sister in their furniture manufacturing business as director for quality assurance and operations. He was responsible for all quality aspects of their products, and led the project to the business achieving an ISO 9000 quality accreditation. As an export focused business, this was important for our international competitiveness.

Mr Naidoo has an abiding interest in quality management and productivity improvement, particularly in manufacturing.

More recently, he has focused a lot of his time on giving back to the community by way of mentorship of small businesses and sitting on the executive of the South Coast Chamber of Commerce. He also sits on the Board of the Ugu South Coast Development Agency.

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