Thursday, November 21African Digital Business Magazine

SA entrepreneurs must leverage business growth through application of locally produced, world-class tech solutions or risk being left behind in fast-paced digital landscape

By JACQUES JORDAAN, CO-FOUNDER & CEO SPECNO

While South African entrepreneurs continue to battle less-than-ideal operating conditions for their businesses in our country, one solution remains prevalent: the integration of locally produced, technical solutions, with the power to provide our hard-working entrepreneurs with monthly cost savings, improved operational efficiencies and an increase in opportunities for growth.

Streamline operational efficiencies to secure cost savings

By integrating locally-produced tech-based solutions into their business models, South African entrepreneurs can streamline their operational efficiency in a manner that results in significant cost savings. One of South Africa’s leading online shopping destinations recently underwent their own digital transformation journey to do the same. After facing serious problems with their stock management, due to mislabeled items and stock theft, this online retailer was beginning to experience a growing profit loss.

In response, they opted to slowly implement and integrate smart digital systems into their warehouses. An effective digital tracking and monitoring tool was built to improve their stock management processes, in a manner that significantly decreased their losses while simultaneously streamlining their daily operations.

All businesses operating in South Africa will know the risks that are associated with crime and theft in our country – thankfully, we can use technology to mitigate against this risk, while securing significant cost savings for our businesses as well.

Use tech to increase your reach & competitive advantage

Tech-based solutions can be leveraged to unlock a significant number of opportunities to help scale business operations as well. With an increase in reach, as facilitated by technology, businesses can expand their market presence without the need for extensive physical infrastructure investments. E-commerce integration offers a simple example, enabling companies to tap into online sales channels and reach customers well beyond their immediate geographic boundaries. Forbes Advisor predicts that by 2026 almost 25% of all retail purchases are expected to take place online. That’s a quarter of your retail market share.

Leveraging the integration of technology to up-scale your business service offering can also offer a particularly strong competitive advantage. An incredible example is offered by the well-known, and dearly loved, Checkers Sixty60 grocery delivery service. Its sales have grown by 81% year on year in the 52 weeks ended 2 July 2023, after  expanding its services from 300 stores in 2022 to 466 stores in 2023. This user-friendly, seamless application and system has given Checkers a significant advantage over their competitors.

Data-driven decision-making a cornerstone of business strategy 

Data-driven decision-making through the integration of analytical tools has quickly become a cornerstone of business strategy today, offering valuable insights into customer behavior, market trends, and operational performance. Predictive analytics allows businesses to forecast trends, minimize risks, and improve strategies. Real-time reporting ensures that decision-makers have access to the most up-to-date information, enabling them to make informed choices promptly. With this data, customer personalization and service upgrades become achievable. This allows businesses to tailor high-quality products and services to the individual preferences of their target market and customer base.

SA businesses must embrace transformative power of tech

South African businesses must not be left behind in the race to digitally transform their businesses. They will have to  be creative and innovate regularly if they want to leverage locally-produced tech-based solutions in a manner that positions them as globally competitive players in today’s fast-paced technological landscape. One thing is certain – their success lies in embracing the transformative power of technology, while cultivating a mindset that values creativity and innovation as essential components of sustainable business growth in the digital age.