Good enough is dead, Mboweni warns firms

PHILLIMON MHLANGA RECENTLY IN VICTORIA FALLS

Dr Douglas Mboweni, the group CEO of Zimbabwe’s largest telecommunications and technology company, Econet Wireless Zimbabwe, has warned local companies that running “good enough businesses is dead” but should  stay ahead of the curve utilising artificial intelligence (AI) to drive their operations, Business Times can report.

Leveraging on AI and process automation, according to Mboweni, who spoke at the CEO Africa Roundtable held in the resort city of Victoria Falls last week, will increase operational efficiencies and customer service delivery.

He said that AI is now a crucial component of global commercial operations.

The warning comes as companies in Zimbabwe are struggling to extricate themselves from their woes as a result of deteriorating economic conditions.

Local companies are struggling to stay afloat due to headwinds including crippling rolling power cuts, rising cost of production, liquidity crunch and currency volatility, among other problems.

Foreign currency is also in short supply.

The Confederation of Zimbabwe Industries (CZI), the country’s largest business lobby group, said finding forex has turned into a nightmare for local companies.

According to CZI, the willing buyer willing seller market is inefficient, which prevents businesses from obtaining enough foreign exchange from it.

This has forced businesses to get the forex needed to import essential raw materials from the illegal market, where premiums are higher.

Many businesses may be forced to close this year, adding to an expanding corporate graveyard.

“…We need big processors, we need big data and of course, we need serious algorithms otherwise we will be left behind.

“If we (local companies) continue playing below the table other people will continue eating serious lunches on the table.

“Good enough is dead. There is no longer any room for good enough. If you are running a business, and you are saying I am running a good enough business forget it. Where we are going, good enough is dead, which means you need to be on the edge and that is why we need AI. To be transformed, make sure that you have big processors, big data and serious algorithms.

“We are in a world of winning and losing. If we tinker on the edges, we lose but if we go on the forefront and we innovate and research, we win.

“We are being constantly disrupted every single day. When you think you have found the business model that will take you to the next stage, guess what, someone comes up and says I have something better. Disruption has become the new normal. Are you being driven, or you are driving?

There is more that we need to do because there is a race for data to drive AI.”

According to Tatenda Mavetera, Minister of ICT, Postal and Courier Services, using AI and ensuring data accessibility and affordability are essential for modernising Zimbabwe’s economy.

“We need to modernize our economy and to achieve that we need to adopt AI.  We need to make sure that data is accessible and affordable,” Minister Mavetera said.

Oswell Binha, chairman of the CEO ART board, concurred with Mboweni saying the digital era will be a game changer and will fundamentally alter how CEOs run, oversee, and lead organizations.

“AI is an elephant in the room but also a serious opportunity and I am sure we will all be able to have a conversation on that area. The digital era, the CEO of Africa Roundtable believes, will be a game changer in the way we administer, manage and govern our institutions.”

According to Nqobizita Mangaliso Ndlovu, Minister of Industry and Commerce, Africa, Zimbabwe included must fully embrace technological innovation and digital transformation in order to modernize.

“To modernize Africa, we must totally embrace technological innovation and digital transformation. This will require some investment in world-class infrastructure and an environment that nurtures entrepreneurship and home-grown solutions,” Minister Ndlovu said.

Additionally, President Emmerson Mnangagwa stated that this technology revolution was upending every industry.

“Innovation and ICT are critical enablers as Zimbabwe traverses the journey towards modernization and reshaping the African Continent’s economic landscape,” President Mnangagwa said.

He added: “This technological revolution is disrupting almost every industry in any country, with changes that herald the transformation of entire systems of production, management and governance.

“As business and policy makers, we have to take advantage of the Fourth Industrial Revolution as it has the potential   to raise income levels.”

President Mnangagwa also urged local companies to quickly adapt to changing global marketplace demands through responding quickly and intelligently to changing market conditions.