African chief executive officers (CEOs) have named technological aancement, urbanisation and demographic shifts as the top three factors that will transform businesses on the continent over the next five years.
In a new report by PricewaterhouseCoopers (PwC) titled Africa Business Agenda 2014, the CEOs note that technology aances at 69 per cent, urbanisation 67 per cent and demographic shifts at 63 per cent as the top three defining trends that will transform their businesses over the next five years.
The report compiles results from 260 CEOs in Africa and includes insights from business and public sector leaders from 18 countries including Uganda.
Commenting on the report, Mr Suresh Kana, a Senior Partner for PwC Africa who issued the report in South Africa said: “We are also seeing more use of technological innovation and products, with no less than 91 per cent of African CEOs either recognising the need to change their investments or in the process of doing so. Similarly, 85 per cent said the same about data analytics.”
He added: “As technologies progress, they will generate more improvements in efficiency and productivity. In turn, these aances are expected to trigger a strong acceleration in economic growth towards the end of the coming decade.”
In Uganda, the executive director of Private Sector Foundation Uganda, Mr Gideon Badagawa, told Daily Monitor in a recent interview that the use of technology in business transformation is the way to go because it makes the process in transacting business, easier.
SOURCE: Daily Monitor