World over, a lot of economies are currently facing an economic meltdown, characterized by slow economic growth and loss of jobs. With the intentions of undoing these misfortunes, many countries are working tirelessly to attract new investments with the hope of diversifying their economies. Thus, creating new jobs and drive positive economic growth. Emerging digital revolution waves driven by a need to gain better insights, is rapidly changing how governments and businesses operate, compete and interact. This article explains how emerging technologies can be applied to attract new investors and support investment decisions.
We live in a world where technology has become a critical component in the livelihood citizens, government and businesses, transforming how potential investors get information about new investment opportunities and enabling governments to make the right investment decisions. Moreover, the newfound convenience made possible by the invention of the mobile phone, which empowers people to access information on a go and from everywhere. Therefore, it’s important for governments to ensure that public information especially that pertaining to social and business environment is open, readily available and accessible.
The digital transformation which can be better described as the “profound and accelerating transformation of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact across society in a strategic and prioritized way”. Will not only benefit foreign investors; individual investors of unit trusts and or 32-day accounts can leverage on their mobile devices to vigorously monitor how much money they make or loss in the markets.
However, many of the individual investors do not constantly monitor the performance of their investments. Thus, many a times do not know the performance of their investments, therefore cannot make informed decisions on whether to increase or terminate such investments.
Deep rooted in advanced analytics, big data, mobility, cloud and ubiquitous computing, the digital revolution is creating new opportunities and challenges for global business services model, an advanced form of shared services, which was impacted by the shifts across global business models, customer behavior, shared services and supply chain ecosystems. Today, governments and businesses are operating in turbulent times, which require them to be innovative, thus gain a competitive edge over competitors.
Furthermore, governments and businesses need to devise strategies to help manage these convergent forces of change and take full advantage of the opportunities created by today’ technologies.
Digital transformation is believed to have a wider on society in general. However, the trends over the years shows that investments in emerging digital technologies directed at increasing sales, enhancing customer experience has been and will continue to lead the way, such activities will broaden to include every area of advanced shared services models, and improving delivery of public services.
Evidence suggests that investments made by organizations to acquire digital technologies increases profitability more than investments in Research and Development (R&D) or advertising. Since technology is generally being applied to bring about efficiency, thus reduce operating costs.
However, despite the important role digital technologies play in personal lives, workplace and society. The pace at which organizations are transforming is alarmingly slow, more still needs to be done to align the advancement of digital technologies with organizations. But nonetheless, digital technologies will continue to change the face of business and government.
The digital disruption or disruptive technology as some of these technologies are affectionately known is real; therefore, it is in the best interest of any society or business to embrace digital tools or risk being left behind, become irrelevant or taken out of business. Moreover, as we continue to build an inclusive Namibian house, where no digital divide exists, it’s crucial that we leverage on the power of digital technologies to empower creative thinking that create effective change in our society.
*Lameck Mbangula Amugongo is country Ambassador of 1 Billion Africa in Namibia. He holds B.IT: Software Engineering, B.Hons: Software Development (Cum Laude) and currently pursuing MSc. Computer Science