The technologies developed and introduced during the past ten years are likely to be completely eclipsed in the 2020 to 2030 era which is set for exponential changes.
According to Dr. Nicholas Haan, the Faculty Chair Global Grand Challenges of Singularity University, managers and owners of commercial and industrial enterprises have to make dramatic changes, or face being left behind their competitors, and even fail to survive. Those who are ready to take advantage of the new technologies will accelerate the growth and profitability of their enterprises.
Speaking at a forum for YPO (formerly the Young Presidents Organisation) members, he said, “Africa has the fastest growing economies of the world with many of them projected to grow more than five per cent each year. With 60 per cent of the continent’s population under the age of 25 years Africa will provide a new market for goods and services.”
Already Africa has produced pacesetting IT services for digital technology which will take off in step, or even ahead of general global levels. Organisations embracing IT will benefit from much less computing. Go ahead manufacturing organisations will make increasing use of robots giving rise to greater output at lower cost and factories adopting robotics will leap ahead of those with conventional production line facilities.
Artificial Intelligence (AI) is perhaps the greatest of the emerging innovations for managers who recognize the pressing need to leverage exponential technologies to remain competitive. In recent years AI has spread rapidly by bringing cutting edge technology propelled by algorithms. Machine learning software can compare several data bases in the blink of an eye. Uses include detecting fraudulent activities, stopping computer attacks and lowering costs.
While concluding his attention grabbing presentation, Dr. Nicholas Haan stressed the need for fair and honest in the use of the new technologies and sounded a warning note on the lack of spirituality in our fast moving world.
The forum ended with Regina Nyima, the CEO of the Singularity U Kenya Summit alerting YPO members about the merit of attending this major international event. This will give them a full understanding of mindset shifts and skills required for business leaders to thrive in the exponential era. The summit will be held on March 5th and 6th 2020 at the Safari Park Hotel.
YPO (formerly Young Presidents’ Organization) is the premier global leadership organization for more than 27,000 young chief executives in over 130 countries. YPO member run companies are diversified among industries and various types of businesses, employing in excess of 22 million people globally and generating six trillion dollars in annual revenues.
The YPO Nairobi Chapter is marking its 25th anniversary this year. From small beginnings the Chapter now has over 100 members who are responsible for approximately five per cent of the country’s GDP.