Embrace new sources of competitiveness: Gwanyanya

PHILLIMON MHLANGA IN VICTORIA FALLS

Zimbabwe’s companies must embrace new sources of competitiveness as the environment has become increasingly stable, Monetary Policy Committee member Persistence Gwanyanya has warned.

Speaking at the on-going Chartered Governance and Accountancy Institute of Zimbabwe conference in  the resort city of Victoria Falls, Gwanyanya said firms now have the opportunity to harness technology and artificial intelligence to gain an edge.

He emphasised that this shift marks a fundamental change in how companies compete.

“As the environment has become increasingly stable, we are experiencing currency and exchange rate stability. I think it is advisable for businesses to  embrace new sources of competitiveness. Companies should realise that volatilities as a source of competitiveness is no longer available,” he said.

He urged companies to rethink strategy, placing greater emphasis on meeting customer expectations and delivering quality products and services. “We need to be more innovative as businesses. We need to deliver to meet the customer expectations. We need to meet the customer satisfaction. We need to produce quality products and services. We need to be able to deliver quality services to the customers, among other competitiveness,” Gwanyanya said.

The economist also highlighted the growing role of emerging technologies in shaping business advantage.

“But it is important as we talk about competitiveness to recognize the role of innovation, the role of technology, the role of even artificial intelligence as a new source of competitiveness as the world moves forward,” he said.