Customers and times are changing, and business must keep apace with those changes. Whilst it is an undeniable fact that in the post-covid world, companies have to embrace new ways of doing business, it is also true that many have not been successful in their migration from paper, bricks and mortar, face to face customer services and other ‘analogue’ functions and as a consequence are struggling to compete in today’s ‘brave new world’.

Digitisation of a company’s processes is not a single issue that can be addressed by an internal IT department that may itself have been left behind by the speed of the digital transformation that the Covid-19 pandemic accelerated.

Digital migration requires a reinvention of the business and all its processes, both internal and external – from streamlining human resource procedures to financial structures and stakeholder and customer interaction points.

Key to the successful transformation of a company to more digital functionality is the capacity and training of staff, soliciting inputs to changes from all stakeholders and constantly benchmarking and reviewing new processes with other equivalent enterprises and global best practices.

The selection of a partner that is fully conversant in all the technical, legal and human implications of digitisation and that can take a holistic view of a business’s long-term needs is imperative in a company’s digital transformation journey.

Working in the fintech space, e4 ensures that the digitisation of processes and procedures is seamless and efficient and meets the needs of the company and its customer.

Whatever your core business, even if it feels far from anything requiring digital capability, the fact is that it in all probability it does.

Whether it is an online ecommerce site, streamlining of logistical operations, migration of customer service functions from call centre to one that is remote, and ‘bot’ operated, business needs to embrace change.

It is essential, when implementing digital transformation strategies, that at the centre of all companies’ functions is always the customer be it internal or external.

Consumers are increasingly demanding low or no touch engagements and so those companies that are able to deliver outstanding user experiences on a variety of platforms will retain a competitive edge. Companies that are fast, agile and responsive will stay relevant and be preferred over competitors whose digitisation journey is slow and cumbersome.

Whilst some of this capability for digital transformation lies within companies’ IT departments, it is to specialised service providers that companies should look to be guided to create holistic digital migration processes which are ever evolving. It is not enough simply to transfer an analogue or manual process that was inefficient into an equally inefficient digital one.

This is the time for businesses to totally rethink their overall functions, take the opportunity to overhaul old practices and replace them with digitised tools that deliver step change value. Organisations need to focus on the value derived from digital enablement, not the technology that underpins this value creation.

Most financial services related enterprises have established digital transformation as a key strategic agenda item at least over the short to medium term. Whilst certain institutions continue to build these capabilities internally, many more have seen the advantage of partnering with specialists in the multiple areas encapsulated by fintech industry players.

What is certain is that digital is here to stay. It is fast paced and is driven by tech-enabled customers looking for tech-enabled solutions to suit their needs.

Businesses need to be on board with digitisation and to look to the future if they plan to be around in the years to come. 

As South Africa rides this wave of innovation and looks at how to future-proof the workforce and ready our youth for a new world, a critical issue is being overlooked: we are leaving girls behind.

Here are some sobering numbers from Statistics SA: women account for a mere 23% of science, technology, engineering and maths (STEM) professionals in South Africa. Of those, only 17% are in leadership roles, and these numbers are significantly less for women of colour.

In 2021, to help address the massive gender gap in STEM, fintech specialist e4 launched the Girls in STEM programme, in partnership with Melisizwe Computer Lab Project, offering girls in underprivileged areas the support they need to pursue careers in STEM post matric.

Adri Führi, e4’s Chief Financial Officer and passionate advocate for female-led initiatives in the IT sector, says there are many reasons for girls being overlooked and, in some cases, actively choosing to steer clear of careers in STEM. “There is a general lack of support from parents and teachers, minimal exposure to the different careers women can enter with STEM subjects, a lack of female role models in these spheres and an unawareness of the ability of technology to transform systems and lives.”

With youth unemployment a crisis in South Africa – currently at almost 64% according to Statistics SA – and the STEM sector where most jobs lie, this is a real problem for young women in the job market, many of whom are leaving school unable to type out a CV on a computer or send it via email.

The Girls in STEM programme is changing the narrative. Launched in Gauteng with a total of 30 girls from two schools, it is providing tutoring and mentorship sessions, and offering activities such as boot camps, excursions and site visits, where the girls learn about coding and robotics as well as life skills like teamwork and problem-solving.It starts in Grade 9, the crucial year when subject choices are made, and continues for five years, introducing learners to science, software development, engineering and robotics in an interactive and engaging way to keep them invested and interested.

Melisizwe developed a multiple certification approach, enabling the girls to be certified at each level throughout programme, so if they have to exit school early for whatever reason, they have a certificate to assist them in future job searches.

Führi says the response to the programme has been amazing and they have seen a definite increase in the girls’ mathematics and science marks since its launch. “We are facing some challenges, though, such as internet connectivity and getting the girls up to date with their school curriculum due to COVID-19 lockdowns interrupting their schoolwork. We would also obviously love to reach more girls in the future.”

More funding is needed in girls’ education in STEM, with a focus on technology, according to Führi. “To effect meaningful change, we need forward-thinking and impactful investment from corporates. We are calling on corporates across South Africa to get on board and help us scale this project so we can roll it out nationally. By working together, we can ensure a brighter future for girls in STEM and create a sustainable pipeline of future IT-qualified employees and leaders. If done right, I believe the impact could be extremely effective.”

The EDPF is an Impact Fund with a mission to empower, develop, train and mentor young black entrepreneurs starting their careers in the property sector.

With its large collaborative network, EDPF and its Property Academy offer a three-year business incubation programme which takes promising entrepreneurs through all the training required to build and maintain a thriving property business.

e4’s support has enabled the EDPF programme to increase its capacity in delivering an outstanding education to black candidates who rely heavily on the organisation in becoming successful property developers and investors.

As one of the first true tech players in the property sector, Adri Führi, e4’s Chief Financial Officer says: “Entrepreneurship and skills development are the building blocks of innovation. With the pace of digitisation only getting faster, enabling young entrepreneurs and the many exciting businesses that make up the property sector is hugely rewarding, and we look forward to doing more work in furthering much-needed transformation in the industry.”

e4 believes investment in initiatives like the EDPF Property Academy, and its significant business-enabling work within the property sector, is crucial for the development of the next generation of young leaders as the driving force behind digital innovation.

“People and technology are at the core of our business. EDPF and e4’s vision for the future of the industry; an industry we share, lead in, and are deeply passionate about, is well aligned. Enabling the development of technology skills ensures the growth and future of the property industry in South Africa. We are proud to play a role in bringing resources to as many young people as possible, knowing the power of technology to change lives.”

e4 is a technology company specialising in digitalisation. By understanding the complexity of a digital journey, e4 partners with its clients to provide innovative solutions that suits their unique needs. Using an omni-channel platform approach, e4 offers a range of digitally-inspired services as well as solutions.

Working across financial services, data and the legal sector, e4 understands the intricate requirements in these sectors, and uses its expertise to assist clients in effectively managing their businesses through digitalisation.      

According to Grant Phillips CEO of fintech specialist, e4, massive change is on the horizon.

Estimated to be worth some USD$330 trillion, the global property and real estate industry dwarfs the international oil and gas sector, and is substantially larger than the entirety of most countries stock markets.

While property is arguably the world’s biggest store of wealth, it has remained almost entirely untouched by the technological revolution and wholesale disruption happening around it.

In 2022 the proptech revolution is just getting started. According to a Wall Street Journal report, proptech funding soared to record heights in 2021, attracting USD$32 billion worth of investment last year.

Technology investment into the space is likely to multiply in the months and years ahead as the opportunity create tech efficiencies in an industry reliant on legacy systems and processes presents an attractive opportunity.

In South Africa the sector is still taking its first tentative steps towards digital transformation, creating the right conditions for significant disruption.

Until very recently the tried and tested business models of asset owners, large institutional landlords, and real estate companies have remained the same.

The industry is beginning an inevitable shift thanks to a convergence of factors including new regulatory pressures in the built environment, market pressures seeking greater efficiencies, as well as pressures from end customers who are demanding better data along with new apps.

Technology adoption is now a necessity which is an exciting prospect for innovative proptech companies, major property players and the many supporting and auxiliary businesses that make up the industry. More exiting still is proptech’s potential to be truly groundbreaking.

Just one example is the use of AI and machine learning to tackle carbon emissions in the built environment.

Another example is the use of data analytics and augmented reality to create new and unique digital experiences in traditional brick and mortar retail stores.

There are also enormous strides to be made for proptech in the residential segment of the market where new systems can provide tenants with apps that operate air conditioning and monitor electricity usage. 

Exactly how each of these trends will play out in the South African context is open to debate. Much clearer however, is that taking a wait and see approach to proptech and digital transformation simply won’t cut it.