Corporate survival hinges on innovation: ZBFHL CEO

PHILLIMON MHLANGA IN VICTORIA FALLS

Corporate survival now depends on innovation, ZB Financial Holdings Limited (ZBFHL) chief executive officer, Dr Shepherd Fungura, has warned , insisting that companies must place innovation at the core of  their corporate strategy.

Speaking to Business Times on the sidelines of the Chartered Governance and Accountancy Institute of Zimbabwe conference in Victoria Falls, Dr Fungura said:
“For business to thrive in this day and age, I think innovation is now mandatory. Businesses need to innovate so that they can create new solutions for markets that they operate in, create new solutions for societal impact as well, and the economies in which they operate.”

However, he cautioned that innovation should be pursued responsibly.
“And as they do this, they need to also make sure that they don’t forget about risk management. It’s an important factor to take into account so that when you create new solutions, create new pathways, you can still do this within your risk appetite and also make sure that you don’t break your business,” Dr Fungura said.

He further urged firms to view risk not merely as a danger, but also as a potential driver of opportunity.
“It’s also important, the flip side, to also make sure that you focus on the positive side of risk. Risk usually is looked at from a negative point, but there’s also the ups and downs.”