Flexibility, technology and not wasting a crisis: Tips for future-proofing business

Between the post-Covid-19 world, global economic shifts and the fourth industrial revolution, our lives and how we do business have changed drastically over the last few years.

Businesses have also had to keep up with what their employees and customers need to adapt.

Throughout Nedbank's expert talk series Ahead of the Curve, business specialists have emphasised the importance of embracing the changes and challenges businesses have faced these past few years – and those still to come.

Here are some key takeaways from Herman de Kock, Nedbank Commercial Banking's Executive Head: Sales & Service Planning and Management at Nedbank Commercial Banking, to help your business prepare, embrace, and survive the wave of changes that affect how they operate:

Allow flexibility

For many business owners and companies, productivity has long been linked to employees physically showing up at the office and staying there from 9-5. The Covid-19 pandemic and lockdown forced many to re-evaluate and adapt to working from home, but since lockdown restrictions were lifted, there has been a greater push to go back to the old way of work. De Kock believes that companies shouldn’t be quick to take away the flexibility and freedom that came with working from home.

“Flexibility is the keyword for any employer. Allow flexibility for your employees and I think you'll discover that flexibility just starts to initiate the innovation and productivity you need in your teams. I think employees also need to understand that we're in an ever-changing reality and it's always been like that,” says de Kock.

Embrace technology

The fourth industrial revolution has given us the greatest level of connectivity we have ever experienced. With a click of a button, we have been able to change how we shop, how we consume information and how we review products. With digitisation, we have seen the rise of the platform economy which will continue to be a key player in the supply chain.

“Platforms unlock ecosystems and allow cross-company collaboration. There is importance there for any business owner to understand how you plug into a platform. Within Nedbank, for instance, the AVO platform allows wonderful business-to-consumer and business-to-business opportunities for any business owner. With just what happened at the beginning of 2022, such as geopolitical tensions, the supply chain will still be a challenge and stock is important.”

Never waste a good crisis

Between loadshedding, a weak rand and rampant corruption, South Africa has seen its fair share of crises that have threatened to send us over the economic edge. However, with every crisis, there is an opportunity to innovate with examples such as the innovations in green technology to deal with loadshedding shining a light on the country’s resilience.

“As South Africans, it's in our DNA, the ability to work together and come up with wonderful new ideas. I'm very aware that I'm speaking to a community of entrepreneurs - whether you're in a small business, a midsize corporate or a listed company - that is doing their part to grow the South African economy and to employ people and grow people,” he says.

“These business owners can make plans, and in South Africa, we know how to make plans. So, through the crisis, take the ability to identify opportunities and speak to Nedbank. And not just about day-to-day banking, but beyond banking solutions we have for you, to work with you and to build a better South Africa for everyone,” he concludes.