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Digital disrupts, transforms

Companies are now using digital ecosystems to offer new services, reshape experiences and enter new markets, says Accenture's Lee Naik.

Traditional business models are radically being disrupted in this digital-centred world, with banks now behaving more like telcos, and telcos behaving like retailers.

So said Lee Naik, MD of technology and digital strategy for Accenture in SA, speaking during the Avanade Driving Digital Transformation event in Johannesburg last night.

"We are now competing against businesses that are not 'physical'; for example, Amazon, Netflix and Facebook. These are businesses that have fully embraced digital technologies and they are challenging the traditional business models.

"As an example, last year FNB sold more iPads than all the telcos in South Africa. The bank also recently unveiled a virtual mobile network."

Naik also referred to Standard Bank, which is testing an Apple Watch app with pilot users and will release it to the public by the end of September. This follows the recent launch of the bank's biometric-enabled banking app, which gives users access to smartphone banking using Apple's Touch ID technology.

"The question now is how do we survive in this volatile business environment that we are operating in? We need to be more agile and responsive to the new business demands."

He added companies are now using digital ecosystems to offer new services, reshape experiences and enter new markets.

According to Naik, organisations are now tapping into what Accenture refers to as the "we economy" that is re-shaping markets and changing the way we work and live.

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