Welcome to 2023

The backdrop

A lot happened in 2022: In a landslide victory, Ramaphosa was re-elected as the President of the ANC (many would argue), thereby cementing a second term as the head of state of our beloved South Africa. Geopolitical tensions remain tense about a prolonged war between Russia and Ukraine. Xi Jinping won yet another term as the leader of The Chinese Communist Party, reinforcing his power as the ruler supreme of China for many years to come. On the global front, tech stocks have plummeted to unprecedented lows on the Nasdaq, Dow Jones, S&P 500 and other stock markets worldwide, sending shockwaves of what seemed to be a looming global market downturn.?

At a time of several pressing global challenges – climate change, energy, rising inflation and higher costs of living – the Africa Continental Free Trade Area (AfCFTA) offers an opportunity for Africa and the world. In our upcoming thought-leadership article, we look at how intra-African trade can stimulate African economies and how digital transformation can play a crucial role in our development. We dissect the future of energy through the lens of the discussions presented at The World Economic Forum Annual Meeting 2023.?

?On a positive note, 2022 was a better year than the last two after the longstanding Covid-19 restrictions (lockdowns and travel restrictions) that impacted global GDP output, supply chains and labour mobility, among other factors since 2019. Based on this backdrop and a great start to our local equity market with the JSE All Share Index reaching record highs (breaking 78 500 points) and returning almost 9% in the last month. The JSE has largely been spurred by the Chinese government removing its Zero-Covid Policy (travel restrictions and opening the economy), boosting business sentiment globally. If any of this is to go by, then 2023 should be a fantastic year.?

However, we should be cautious because the jury is still out– several unanswered questions will undoubtedly have significant implications on global GDP and international markets. We are watching with bated breath.?

The consulting industry?

As a consulting firm and conduit for digital transformation, we understand that change is constant. We must be mindful that businesses either ‘adapt or die’ in a globally competitive environment (there are endless examples). We’ve noticed several trends in the work we do for our clients, and in 2023 we’ll be embarking on a series of informative content and insights on LinkedIn and other platforms.?

The advent of artificial intelligence (AI) and machine learning has changed the world forever as we know it, even in the consulting industry. There’s been a global shift in how the industry is gradually shifting from relying on humans for research, data analysis, information processing and decision-making- a lot of this information today can be processed and synthesised by machines and supercomputers. The possibilities are endless in blockchain technology, already changing how we store and secure data in virtually every sector; this is only the beginning. HumanInsights remains committed to staying ahead of the technological curve and developing digital solutions that give our clients the edge.?

Food for thought?

The tech disruption we’ve seen since the Covid-19 outbreak is here to stay. As enablers of digital transformation and human-centred design in the companies we work with, Humaninsights is looking forward to yet another exciting year ahead. Companies with the agility to navigate changing market tides will survive and thrive in the 4th industrial revolution. We wish all our clients and readers a prosperous year ahead.??

Article written by: Dumile Sibindana