It’s Time to Rethink Everything We Know About Business

My father was a cattle keeper, and on several occasions, we went out to craze cattle in open fields. I was always amazed at how well my father could predict rain. We would look at the sky and realize the clouds were forming. Then he would say, "Not yet; we can let the cows feed a Little longer; that rain has a few hours to go." Then he would say, "All right now, it's time to go." And like clockwork, we would be home before the first drop of rain fell to the ground. He had mastered the art of predicting rain over the years.

In my consulting work on digital transformation, I have encountered many companies focused on their core business, giving digital tools and technologies lip service. These companies feel safe and secure in their positions. Their P&L is doing great. Their ROA and ROE are healthy. So why are you talking to them about digital transformation? "We are not a digital company," they say. But this kind of naivety is very dangerous. The problem with digital disruption is that none of us has mastered predicting its rain. So, we will have many people soaking in the rain because they misunderstood the formation of the clouds.

Flutterwave has been the poster child for cross-border payments in Africa and the forerunner for connecting businesses with the global market. Payments had stood between Africa's service providers and international buyers for years. Now that companies like Flutterwave have removed this gap, how will this affect African businesses not taking advantage of the global market?

The other day, a young man walked me through his dark kitchen in Kigali, claiming that his food delivery sales had surpassed his dine-in volumes. He wasn't finding value in dine-in anymore. How are cloud kitchens going to affect dine-in restaurants in Africa and elsewhere?

Several young people in Africa are working on simplifying the agricultural value chain, quickly deploying farm inputs, and moving produce to market. Costly intermediaries are being eliminated, increasing farmer incomes and making agriculture more lucrative. These ad hoc technologies are reducing food prices and waste through better demand forecasting and supply chain efficiencies. How will unconnected farmers compete with their connected counterparts?

Other African startups are using artificial intelligence to provide farmers with advanced aerial data and analytics. The data is helping to predict pest infestations and monitor crop health, leading to better yields and more efficient use of resources. How will farmers who depend on nature’s mercy fair in this new era of data-driven farming decisions?

These are just a few examples of how value chains are being disrupted in finance and agriculture, but every industry is being disrupted, some visibly- like in the case of fintech and agriculture, and others indirectly- like in mobility, fishing, and retail, among others. Business leaders now have to think like startup founders to stay competitive. Every company is now a startup because it must be innovative to remain competitive.

As an advisor on digital transformation, I have seen firsthand how management can take on technology and succeed, proving that digital transformation is not impossible. Once management understands the value of deployment and the risk of negligence, then what's left is to invite digital transformation to management meetings and company strategy.

Every company should launch and respect its technology and innovation department. At the minimum, every company should start a conversation about digital transformation. As someone who has guided numerous companies through this journey, I know it will not be easy but rewarding. Some rewards are instant- like this company we helped redeem $1M a year from unnecessary operating costs. Other rewards will be long-term, allowing companies to survive and leave a legacy. Either way, it's time to rethink everything we know about business.