Fixing functional fixedness
“Ask questions; don't make assumptions.”
-?Angela Ahrendts
Functional fixedness is a common tendency that we all have, which is to only think about an object or concept in its traditional way. Karl Duncker, a psychologist, used this term to describe how we often focus on an object's most common use, stopping us from seeing different opportunities for improvement or new product development.
A great example of overcoming functional fixedness is Velcro, which Swiss engineer George de Mestral invented in the 1940s. Inspired by how burrs stuck to his clothing and his pet dog's fur when walking in the countryside, he worked on creating a fastening system inspired by nature. Initially, he struggled to get his invention accepted because everyone regarded it as impractical. However, his big break came when NASA adopted it for the space program. Velcro is now used in many products - from medical products and clothing to home décor.
What to do?
Functional fixedness can stifle creative thinking, but questioning assumptions will open the door to new ideas and solutions.
Be informed, be sharp, bbrief...
Water infrastructure funding reform in South Africa
As South Africa faces an intensifying water crisis, government is placing the spotlight on the water and sanitation sector by shifting from the “business as usual” approach to unlock innovative funding for increased water infrastructure development.
On Tuesday, 27 August 2024, President Cyril Ramaphosa approved the South African National Water Resources Infrastructure Agency SOC Limited Bill (the bill).
The bill is aimed at establishing the South African National Water Resources Infrastructure Agency (the agency) as a Schedule 2 major public entity in terms of the Public Finance Management Act, 2000 (PFMA). The bill also provides that the agency should be incorporated as a company in terms of the Companies Act, 2008 (Companies Act). Thus, both the PFMA and the Companies Act will apply to the agency.
Financing bulk raw water infrastructure projects
The Department of Water and Sanitation (DWS) is the custodian of national water resources. This includes large dams that supply raw water to water boards which in turn treat it and supply it to municipalities...
Hybrid AI assistants - enhancing human-AI workplace collaboration
In a world saturated with scripted chats and automated responses, Intelligent Assistants emerge as the crucial bridge between digital bots and their human users.
Evolution of bots – from basic to complex
While chatbots have become ubiquitous, their evolution over the last few years has been nothing short of spectacular. Initially, the basic menu-driven bots provided somewhat limited options, heavily reliant on pre-programmed responses. Fast forward to the present, where Generative Pre-trained Transformers (GPTs) and other advanced Artificial Intelligence (AI) models can engage in dynamic conversations without human intervention.
Reflecting on the journey of bots, I acknowledge our immense progress while cautioning against the potential pitfalls of fully AI-driven solutions without human supervision and intervention...
SME financial growth solutions - Old Mutual SMEgo empowers
Small and Medium Enterprises are the cornerstone of the global economy. The 2024 United Nations General Assembly designated June 27 as “Micro, Small, and Medium-sized Enterprises (MSMEs) Day” to raise awareness of their contributions toward achieving the United Nations Sustainable Development Goals (SDGs) – specifically SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation, and infrastructure). According to UN statistics, SMEs account for 90% of businesses, more than 70% of employment, and 50% of GDP worldwide, thereby remaining core to the economy.
Small and Medium Enterprises (SMEs) in South Africa are vital to the economy as their operations drive job creation, innovation, and economic growth. Despite their relevance, SMEs face a range of constraints that hinder their ability to thrive. To expand and sustain their businesses, entrepreneurs need to understand and overcome these challenges, employing potential solutions and effective financial management strategies. Old Mutual SMEgo is a multifaceted platform that acts as a one stop shop for small to medium enterprises offering Business Administrative Tools, Funding, Access to Markets and ?Insurance all housed in one subscription-based platform...
JSE market segmentation project - listing requirements amendments approved
We are pleased to announce that the Financial Sector Conduct Authority (FSCA) has approved our amendments to the listings requirements dealing with market segmentation which come into effective on 23 September 2024.
The market segmentation project repositions our main board into two segments, the prime and the general segment. This new structure aims to offer a suitable and efficient level of regulation tailored to the size and liquidity of issuers on the main board, while continuing to uphold investor confidence in the market.
Maintaining transparency and disclosure
The general segment affords issuers on the main board listing with different application of certain provisions of the listings requirements. Issuers seeking to apply for the general segment can submit an application to us from 23 September 2024, with the effective launch date of the general segment to be communicated...
5G FWA in Africa - unlocking last-mile broadband connectivity
According to the Facts and Figures 2023 report, just 37% of Africa’s population uses the internet, representing a digital divide for hundreds of millions of people. Only a tiny fraction of the continent’s people have access to a high-speed broadband connection at their homes.
For the millions of households waiting for reliable broadband, the arrival of 5G fixed wireless access (FWA) offers a promising and efficient solution.
As a cost-effective, scalable solution that can be rolled out rapidly, 5G FWA could be essential in including more of Africa’s population in the digital economy. This, in turn, will open exciting opportunities in terms of access to education, healthcare, economics, and entertainment. It has been clear for some time that FWA is the most viable way to close the infrastructure gap in remote parts of Africa that are poorly serviced by fixed-line infrastructure.
Closing Africa’s infrastructure gap
5G could unlock the full potential for FWA by offering a solution that offers significantly higher speeds, lower latencies and superior scalability than earlier solutions such as 3G and 4G/LTE. 5G can, under the right conditions, offer user experiences that compare favourably to fibre. Excluded subscribers no longer need to accept second best....
CFOs driving manufacturing digital transformation amp; automation
The role of the Chief Financial Officer (CFO) in the manufacturing sector is undergoing a significant transformation.
Traditionally seen as the gatekeepers of financial integrity and corporate compliance, CFOs in manufacturing are now finding themselves leading digital transformation initiatives. This shift towards a hybrid role that encompasses both financial stewardship and operational leadership is not merely a trend but a response to the increasing complexity and competitiveness of the manufacturing industry.
These hybrid manufacturing CFOs are increasingly expected to become more operationally aligned, with a particular focus on the role that IT and systems like ?Enterprise Resource Planning (ERP) are driving in this transition.
Our Annual Manufacturing CFO Survey showed that 52 per cent of CFOs in this sector are increasingly expected to operationalise digital transformation, which points towards a greater involvement in operational areas.
Hybrid CFOs bridge the gap between finance and operations
The manufacturing sector is marked by rapid technological advancements, shifting consumer expectations and the relentless pursuit of efficiency and innovation. Digital transformation, once a strategic choice, has become a necessity for survival and growth...
Advancing cross-border payments in Africa for financial inclusion
The pivotal role of digital accessibility for goods and services has become abundantly clear over the past few years. The global economy, now more than ever, relies on the seamless flow of transactions across borders.
Whether it involves individuals, businesses, or financial institutions spanning different countries, the realm of cross-border payments has taken center stage in our interconnected world. The surge in ?e-commerce businesses and marketplaces has resulted in an increased volume of cross-border payments.
As the demand for efficient, secure, and inclusive cross-border financial transactions grows, exploring the advancements and challenges in this dynamic landscape becomes increasingly essential.
Growing market
Africa stands out as a focal point for cross-border payments anticipating a growth rate of 10% alongside Asia. This is supported by the growing internet penetration that is expected to reach an average of 70%...
Mandatory healthcare cover - proposal for a proven solution for South Africa
Mandatory health cover of the formally employed is tried and tested. If put to use in South Africa this could reduce the public health burden, increase public per capita spend on health and free up resources that could help address the country’s most pressing health crises.
There is widespread concern that the National Health?Insurance Fund is unaffordable and will take too long to implement. While most South Africans already struggle to access quality healthcare services, we have raised the possibility of near-term solutions, including an under-explored alternative.
Finding solutions to the country’s healthcare problems
Private hospitals wish to work with government to find solutions to our country’s healthcare problems. The mandatory medical cover for the formally employed as a potential solution that has been well-researched over two decades. This is a workable solution that if implemented will be quick to roll out and will, in a very short time, provide enhanced healthcare to all South Africans...
TES and skills development - unlocking rural growth
Rural regions face a double-edged sword: a lack of skilled labour and a constant exodus of talent to urban areas. These challenges are further compounded by limited access to educational and training opportunities, hindering the development of a skilled local workforce, which in turn has a negative impact on economic growth.
While Temporary Employment Services (TES) providers are traditionally seen as simply filling short-term jobs, they hold the potential to be a transformative force in rural development, if used strategically.
Beyond short-term solutions
TES providers can go beyond their typical role by fostering a symbiotic relationship between skills development, employment generation, and regional prosperity when projects come to the area.
TES providers can work through local organisations to identify and register community members seeking work. This creates a database of potential workers, allowing companies to tap into a readily available and pre-vetted workforce, which can speed up project timelines...
REPORT | Digital marketing ROI optimisation - SA underperforming
No matter which industry your business finds itself in, advertising forms a crucial part of any company’s go-to-market strategy to help achieve a host of business goals – from influencing consumer behaviour or driving sales and revenue growth, to gaining a competitive advantage and expanding into new markets.
Based on our Global Entertainment & Media Outlook 2024 – 2028, digital advertising revenue in South Africa is expected to increase from R26.3 billion in 2023 to a resounding R38.1 billion in 2028.
The intricacies of digital performance and ad spend
While it remains a multibillion-Rand industry, the world of digital advertising is a complex ecosystem. It seamlessly connects users, publishers, advertisers and technology platforms, while serving as an intricate system that aims to deliver relevant ads to users and maximise value for brands. However, the journey from a user’s browsing activity to seeing a targeted ad on their screen involves numerous steps and technologies. This means that the efficacy of advertising campaigns needs to be assessed more stringently to ensure you are getting the maximum benefit from your investment...