Businesses that are not technologically advanced risk becoming irrelevant
Standard Bank's Lebohang Monama: The Fourth Industrial Revolution will rewrite the rules of the game.
“Technology has taken us by storm and the Fourth Industrial Revolution is upon us. The question is, are we ready for it?” asked Lebohang Monama, manager small enterprises at Standard Bank. Monama was speaking to a room full of entrepreneurs at the Finance Indaba which took place on 3 October.
Monama believes that the Fourth Industrial Revolution will rewrite the rules of the game, force companies to re-look at the way they do things and shape how things are managed. “Companies are operating through robots now so look at your business and figure out if it will be relevant in a few years’ time,” said Lebohang.
In this new technologically advanced world, Lebohang emphasised that it’s imperative that entrepreneurs start businesses that can buy them back time so that they can make money and still be able to spend time with their families and friends.
“Build businesses that can continue without you being there all the time."
Innovative and cost-effective businesses were also top on Lebohang’s list of the kind of businesses entrepreneurs should start. He made an example of Uber and Taxify saying that although they are the largest taxi service in the country they do not own cars and this has allowed them to maximise on their profits. The drivers take all the risks as they are the owners of the vehicles. “If a car is broken or needs a service, Uber pays nothing but they’re the ones who make most of the money.”
Lebohang told attendees they will constantly have to re-invent themselves to survive in the future, citing research that shows that everyone who is under 35 right now will change their jobs three or four times in future as a result of the Fourth Industrial Revolution.
“Everything is going digital and we have to build our infrastructure to align with this.”