Former Telecomms Boss Netone CEO and Business executive, Mr Lazarus Muchenje has challenged delegates that attended the virtual winter school of the Institute of Chartered Accountants (ICAZ) this week when asked if their businesses were ready for the information age revolution.
Muchenje stole the limelight at a time businesses are embracing digital products nudged by the global coronavirus pandemic. The technology expert took delegates through the history of technologies from the agricultural revolution to the third industrial revolution and further explained what the 4th industrial revolution entails and what their business models needed to win under a covid induced environment.
”The new digital economy is all about bits and bytes and traditional companies have to ensure that they acquired a digital presence and understood the new business models that shall drive these new information age economies,” said the technology expert Mr muchenje.
Muchenje reiterated the rate of adoption of new products was going to increase due to the networking effect of the digital economies, warning blindsided firms would lose markets and eventually go extinct.
Unlike in the past when adoption of technology took time, competitors no longer need years to build scale in order to compete. A good example it only took 19 days for pokemonGo to reach 50 million users worldwide.
”technology allowed the whole world to be your market, but it also has created the opportunity for competitors from other geographical zones to have access to previously closed and protected domestic markets” the former Netone boss said suggesting organisations should be people centric to survive the ”exciting but challenging” future ahead.
The winter school was held on Wednesday and Thursday under the theme “Adaptability through resilience and agility.”
Muchenje said Businesses should embrace the information age that is dawning as a tool to navigate challenges brought about by the Covid 19 pandemic.