ISSUE 141 OUTLOOK 2018 EDITION
BETTING ON
BITCOIN
THE NEW VOLVO FMX:
Premium, tough and productive THE VOLVO FMX is a premium truck that is perfect for tough construction jobs and is available in both rigid and tractor versions. It is packed with the latest technical innovations and everything – from in-cab material to the chassis – is of the highest quality. In addition, the Volvo FMX packs a heavy payload, has excellent ground clearance and offers safe driving in all conditions. In short, it is a very productive truck that improves your profitability. For MORE INFORMATION ABOUT THE VOLVO FMX please visit volvotrucks.com/FMX
Al-Futtaim Auto & Machinery Co.LLC Dubai, Dubai Investments Park, Abu Dhabi, Al Ain, Ras Al- Kaimah, Madinat Zayed 800 Famco(32626) An Al-Futtaim group company www.famcointernational.com
Volvo Construction Equipment
Al-Futtaim Auto & Machinery Co.LLC Dubai, Dubai Investments Park, Abu Dhabi, Al Ain, Ras Al- Kaimah, Madinat Zayed 800 Famco(32626) An Al-Futtaim group company www.famcointernational.com
Volvo Construction Equipment
SME Advisor Middle East is aimed at business owners and senior executives across the GCC. Armed with practical advice, it has been highlighting key business issues for the small and medium enterprise segment since its launch in 2005. The magazine addresses real issues faced by business decision makers, without resorting to jargon. We understand that often, in small and medium enterprises, specialist business decisions are made by the owners and not by an army of c-level executives. At the same time, our content is equally relevant and useful for specialist, senior executives in mid-level enterprises. The magazine style is consumer, conversational and colourful.
From the web
Procter & Gamble to support women in business
In line with its commitment to promoting diversity and inclusion, Procter & Gamble (P&G) announced its commitment to sourcing US$100 million from women-owned businesses. This pledge will be undertaken in partnership with UN Women and WEConnect International and aims to promote women-led entrepreneurship across the developing world, including in the Middle East. “We believe in the power of economic inclusion,” explained Mohamed Samir, President for the Indian Subcontinent, Middle East and Africa at Procter & Gamble. “Investing in women entrepreneurs and women-owned businesses makes sense for the economy, the community and for us. Everyone benefits and that’s why we want to encourage women’s economic empowerment.”
For more information, please visit: www.pg.com/ Co Founder and CEO Nadeem Hood
Co Founder and COO Georgina Larsen
Editor in Chief Rushika Bhatia rushika@cpibusiness.net
Design Team Solomon Arthur solomon@cpibusiness.net Juzer Karbalai juzer@cpibusiness.net
Video Producer Murtaza Yousuf murtaza@cpibusiness.net Relationship Manager Freshia Mistry freshia@cpibusiness.net Web Developer Aneel Sarwar aneel@cpibusiness.net
Published By: CPI Business FZ LLC Office 111, Building 4 Dubai Media City Dubai, United Arab Emirates
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© Copyright 2017 CPI Business. All rights reserved. While the publishers have made every effort to ensure the accuracy of all information in this magazine, they will not be held responsible for any errors therein.
Pearl Initiative’s report highlights role of Corporate Governance One of the key findings emerging out of the report was that on average, 50 per cent of MSMEs have established formal governance documents, while only 30 per cent implement such governance and even less audit the implementation. Carla Koffel, Executive Director, Pearl Initiative, said: “One of the Pearl Initiative’s long-term goals is to support the region’s economic development. One significant step we can take in achieving this goal is to support thriving MSMEs across various sectors across the Gulf Region. Through our discussions with business leaders from MSMEs, we have sought to understand the challenges they face and to identify the best ways of addressing them.”
For more information, please visit: www.pearlinitiative.org/en/resources.php.
Noon goes live in Saudi Arabia Much awaited e-commerce platform Noon went live in Saudi Arabia. It offers compelling products across a diverse set of categories like electronics, fashion, beauty, baby, home & kitchen and groceries. Mohamed Alabbar, Founder of Noon, said: “Saudi Arabia is entering a new era of economic and digital transformation led by the Saudi Vision 2030. Noon brings a dynamic, locally-driven and customer-oriented digital marketplace to the Kingdom serving the community and offering a new retail and much-improved experience. With talented young Saudis driving its operations, along with being powered by Saudi and regional retailers showcasing their amazing products, the platform also offers Saudi entrepreneurs, including start-ups, to be part of a fastgrowing digital ecosystem.”
For more information, please visit: www.noon.com
Editor’s Note
THAT NEW YEAR ITCH RUSHIKA BHATIA EDITOR
Another New Year, another set of predictions. There’s something about ending a year that gives us a sense of renewal, the chance to reset the clock and start afresh. And, one way of doing that is to assess what lies ahead and align individual goals to the overall sentiment of global markets. Predictions give us a sense of control, help us evaluate our risk tolerance levels and – in a way – prepare us for changing conditions. From the perspective of an SME owner, each month and sometimes even each week brings its new set of issues and challenges. So, the start of the New Year is perhaps the only time you get to control the chaos and enjoy some level of certainty. Using this time to get a grasp of trends and ensuring that your business is making informed decisions based on reliable expert analysis instead of last-minute survival strategies will pay off in the long-run. To help you with this, we’ve put together this 2018 Outlook issue that highlights major disruptions and rounds-up the definitive milestones of 2017. But, of course, the issue wouldn’t be complete without SME Advisor’s trends analysis. Enjoy the team’s outlook here. Finally, our parting words of wisdom: keep one eye on the global business landscape and the various trends affecting them, and your business should stand the test of time. Good luck and Happy New Year!
Bitcoin mania: No 2018 conversation is complete without talking about the meteoric rise of bitcoin. Remember when it was just a new buzzword that no one took seriously? Let’s put it into perspective. On January 2017, bitcoin was trading at US$ 908. Now, in a year, it has touched US$ 16,000. In the process, the cryptocurrency has sparked a big debate: is it just speculative trading or are bitcoins paving the way to the future of finance? Well, no matter which camp you choose to side with, one thing is for sure – you can’t ignore bitcoin. Find out more on pg. 24, where our experts share their comprehensive analysis.
Retail reimagined: 2017 was a testing year for retail as stores competed in the race to strengthen their online presence and gain market share. Contrary to popular belief, the New Year should bring a new wave of physical stores that are futuristic, personalised and more efficient. Customers will enjoy a whole new shopping experience. Shopping centres will also improve their offering by providing community-based activities; they will no longer be just places to shop. On pg. 40, we speak to an analyst to get detailed insights.
Power to the people: In 2017, we heard repeatedly that technology like artificial intelligence will not replace jobs, but rather augment the human workforce and give them capabilities to get things done faster than ever before. But, the challenge for companies is to prepare their teams for such shifts and equip them with the right tools to perform new tasks. How can they ensure that they are adapting latest technologies, while their staff isn’t left behind? We reach out to HR experts on pg. 34 to share advice.
We hope these strategies will prove to useful as your business gets ready to enter 2018.
Contents
Strategy - in 2018 018/ An SME’s business checklist for 2018
Finance in 2018 024/ Betting on Bitcoin 028/ The crypto takeover: ICOs, tokens and funding in 2018
Hiring in 2018 034/ Recruitment, talent and hiring in 2018
Industries in 2018 040/ Ready for a retail renaissance? 044/ Retail reimagined 046/ Riding the wave of change: Transport 047/ Manufacturing: Factories of the future 048/
Future of education: when technology
meets teachers
082/
“DISRUPTIVE INNOVATIONS ARE MUCH CHEAPER SUBSTITUTES TO EXISTING PRODUCTS, METHODS OR RESOURCES. SUCH INNOVATIONS CAN CAUSE THE DISRUPTION OF INDIVIDUAL BUSINESSES, AND THE DISRUPTION OF WHOLE INDUSTRIES AT THE AGGREGATE LEVEL.” Infographic of the month 052/ The year 2017 – in SME funding
Top change makers 054/ Docswallet - A definitive solution to your
049/ Heralding a new era in healthcare
never-ending paperwork
050/ Aviation: Taking off into the future
060/ Yalla Pickup - The truck transformation
076/ “IN A HYBRID WORKFORCE, PEOPLE AND MACHINES COMBINE STRENGTHS AND COMPENSATE FOR ONE ANOTHER’S LIMITATIONS, ENHANCING THE CUSTOMER EXPERIENCE.”
066/ Halakiwi - An app that uses dynamic pricing to boost restaurant sales 070/ ZoEasy - Dedicated to making a difference
Customer experiences in 2018 076/ Creating compelling customer experiences
Technology in 2018 082/ Disruption of economies – are we ready for it? 088/ Planet of the apps 090/ Ingenious invention of the month: The Tasty Table Top
Our checklist to ensure you are ticking all the right boxes before you start the New Year.
18 34
Time and again, people have emerged as the most important element in a company’s digital transformation journey. Are you ensuring that your best talent is with you as you step into 2018?
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24 The bitcoin buzz heightened in 2017 like never before and everyone seems to be scrambling to jump onto the bandwagon. Here’s our expert analysis on what to expect.
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Another hot topic is the role of cryptocurrencies and ICOs in the future of finance. We take a deep dive...
Co-founders Avira Tharakan, Thomas Tharakan and Shameem Jaleel have created a platform that makes documentation storage and authentication easier (and more secure!) than ever before.
The rapidly evolving needs of the customers means retailers have no choice but to find new ways to be competitive. Will 2018 see retailers take an unconventional route to achieve success?
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C O N T E N T C U R ATO R S 016
45% IN 2018, 45% OF PEOPLE WILL WORRY THAT THEY ARE USING THEIR SMARTPHONES TOO MUCH. (DELOITTE GLOBAL).
MICHELE ROSS, STRATEGIC JOB SEARCH & CAREER COACH, MICHELEROSSONLINE.COM
“SMES WILL BE MAKING SIGNIFICANT INVESTMENTS IN MARKETING AND SALES FOR 2018; HOWEVER, THE BIG WINNERS WILL BE THE SMES THAT INVEST IN BUSINESS BRANDING TECHNIQUES AND PROVIDE THEIR EMPLOYEES WITH PERSONAL BRANDING TRAINING.”
Hello, Another year, another set of predictions. But, we’ve put our crystal ball aside and have left it to the experts to set the scene for the future.
2050
BY 2050, NEARLY 75% OF THE WORLD’S POPULATION IS EXPECTED TO LIVE IN URBAN AREAS. (FORD)
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HAMZA ABDURRAHMAN, FOUNDER, HALAKIWI
“BLOCKCHAIN APPLICATIONS ARE GOING TO BE BIG AND THEY ARE GOING TO AFFECT EVERY INDUSTRY INCLUDING F&B.”
C O N T E N T C U R ATO R S 017
US$100 billion
IS THE ESTIMATED VALUE THAT THE GLOBAL MOBILE HEALTH MARKET IS POISED TO REACH BY 2022.
ANDREW PHIPPS, HEAD OF UK & EMEA RETAIL RESEARCH, CBRE
“PREDICTIVE ANALYTICS WILL PLAY A PIVOTAL ROLE IN ENHANCING THE ABILITY OF RETAILERS TO TRULY UNDERSTAND WHAT PEOPLE NEED AND WHEN THEY NEED SPECIFIC ITEMS. THIS WILL TAKE AWAY THE MUNDANE ELEMENTS OF SHOPPING TO BE REPLACED BY USING THE TIME TO DO SOMETHING MORE ENJOYABLE.”
2018 TRACY LEE THOMAS, HEAD OF CLIENT ENGAGEMENT, ACTIONCOACH
AS THE YEAR BEGINS, ASSESS THE FORECAST OF THE NEEDS OF THE WORKFORCE FOR THE NEXT FEW MONTHS. CONSIDER THE QUIETER AND BUSIER TIMES, AS WELL AS IMPORTANT PROJECTS OR CHANGES IN THE MARKET.”
33%
OF RETAILERS UNDERSTAND – AND ARE PREPARED FOR – INTELLIGENT AGENTS AND THEIR IMPACT ON THE SECTOR.
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AN SME’S BUSINESS CHECKLIST FOR 2018 For any company, the outcome of the year depends as much on internal processes as on external market dynamics. Yet, many firms fail to systematically think about how they are going to prepare themselves to react to emerging trends. To help business owners with this exercise, we asked Tracy Thomas, Head of Client Engagement at ActionCOACH, to share a handy checklist that outlines strategies for the New Year.
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any business owners are anticipating what new challenges and opportunities 2018 will bring for SMEs in the region. Last year, we saw many new developments in the region and beyond: the decision to implement VAT, Dubai’s election of the first minister of Artificial Intelligence in the world and the boom of cryptocurrencies, to mention a few. With the multitude of external factors influencing the future of business, it can seem
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overwhelming to be fully prepared going into a new year. Using an effective checklist as a guideline can be a helpful way to start laying the foundation for a successful year ahead. It is complex to predict exactly what will unfold in 2018 and how this will impact business, but from the perspective of the SME ecosystem in this region, in which businesses continue to innovate and support each other, this is a suggested business checklist for a more successful 2018.
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EDITOR’S PICKS 01. Using an effective checklist as a guideline can be a helpful way to start laying the foundation for a successful year ahead. 02. It is a tool that helps business owners to take an objective look at the health of their business and review what they need to do in the next few weeks, months and year to achieve their business goals.
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Rethink your unique selling point (USP) and niche: Your USP is what makes you stand out from your competitors: what can clients get from you that they can’t get from someone else? Your niche is the specific segment of the market that you are targeting. As the market changes over time, your USP and niche can change, and it is vital to adapt and evolve with these changes. Make sure that you continue to update your USP and niche as your business grows.
Create a strategic action plan every quarter: We all know how important planning is, but often fail to prioritise it. If you don’t know where you are heading, how will you know where to start and what steps to take? Creating a strategic action plan for all areas of your business is an effective way to map out a successful quarter. Granted, things don’t always go according to plan, but creating plans with specific steps is a powerful way to improve productivity and increase profitability.
Use KPIs as effectively as possible: One of the most constructive ways to measure impact, increase employee motivation, improve accountability and consistency in the business is by setting key performance indicators (KPIs) for every staff member in the business (including the owner and senior management). These KPIs provide a measurable value that demonstrates how effectively each staff member is achieving their job role’s objectives. The business will have a set of overarching KPIs and each staff members’ KPIs should fall underneath this umbrella, all working towards the overall objectives of the business.
Form stronger relationships: Supporting fellow SMEs will be more important in 2018 than ever before. There is always room to be more creative in the way you develop new business: build strategic alliances, create collaborations, prioritise referrals among your growing networks and support other business owners. Find new networking groups to join, experiment with new ways to make new connections and spend time forming stronger relationships with your existing contacts.
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Set SMART goals: Goal-setting to seems to lose its appeal when the goals are seldom reached. Create a big goal for each quarter along with your strategic action plan. This would be the big win for the quarter and is linked to every aspect of your quarterly plan. To reach more goals, you need to set SMART goals. This means that they need to be very specific, measured (how will you know you have achieved the goal?), attainable, realistic and time-bound (when you aim to achieve the goal).
Keep up to date with trends: With a myriad of platforms and avenues to consume information, there is no excuse as a business owner not to keep up to date with the latest industry trends and current affairs both locally and globally. Your business exists within ecosystems far greater and complicated than itself; it is important to stay informed about what is going on outside of your daily existence in order to keep your business relevant.
Prioritise your financial health: If budgets, accounting and VAT are not your strong points, find someone to help you. The financial structures and systems of SMEs are the engine and everything else (sales, marketing, etc) is the fuel; without the engine, there is no point in having the fuel. Guidance from an accountant can help improve issues with payment collections, cashflow, budget forecasts and funding. It is important to review your business finances regularly to help you make better decisions and plans.
Build your database: No matter what industry you are in, the primary function of a database is usually to store relevant information about existing and prospective clients. It is also a communication tool that is used to maintain an ongoing interaction with clients. By building your database, you will essentially be extending the reach of your business.
Become more tech-savvy: In this digital age, it is vital that your business adapts to with new technologies. Business owners can’t afford to not pay attention to how technology is affecting businesses and industries. One of the most common reasons that great businesses fail is because they are not able to adapt fast enough to the rapid advancement of the technology surrounding them.
Update documentation: As your business grows, it becomes easier to get distracted by other responsibilities and focus areas. Make sure to keep all documentation up to date. From policies and procedures manuals to your monthly accounts and new ideas, dedicate some time to updating your documentation.
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Creating a strategic action plan for all areas of your business is an effective way to map out a successful quarter.
Assess workforce requirements: As the year begins, assess the forecast of the needs of the workforce for the next few months. Consider the quieter and busier times, as well as important projects or changes in the market. There may be new job roles you need to fill, or some made redundant. There could be people on the team who should be considered for promotions and you may need to think of new ways to retain the most valuable employees.
Legal support: It is imperative to seek some form of legal input for your business to avoid costly legal mistakes. A consultation with a business lawyer is an opportunity to discuss what is currently happening in your business and what your plans for the future are. A lawyer will offer legal advice about protecting yourself through intellectual property registrations or contracts, and raise awareness to any potential legal issues. A business checklist is a tool that helps business owners to take an objective look at the health of their business now and a chance to review what they need to do in the next few weeks, months and year in order to achieve their business goals. It is an effective way to support your SME to reach its full potential, avoid employee and financial problems, increase new leads and conversions, maximise profits, and improve productivity in 2018 and beyond.
TRACY LEE THOMAS, HEAD OF CLIENT ENGAGEMENT, ACTIONCOACH
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One of the most common problems SMEs face is that they spend so much money and time on generating new leads, but lose the sale or don’t convert satisfactory leads.
Reassess your sales processes: Ultimately, every single business, regardless of industry, is either selling a service or a product. Most businesses will have some form of sales process implemented to increase new leads and close more sales. One of the most common problems SMEs face is that they spend so much money and time on generating new leads, but lose the sale or don’t convert satisfactory leads. As a result, marketing is viewed as merely an expense and there is often a high turnover rate among sales employees. Review your sales process and identify what’s working, what’s not and how could you be doing things differently. This may include recreating a sales funnel, improving sales techniques, implementing more effective lead generation tools, polishing sales scripts and refining negotiation and communication skills.
Don’t work harder, work smarter: The modern world has it ingrained in our minds that the busier we are, the more productive we are and therefore the more successful we will be perceived to be by ourselves and others. This fixed assumption is what leads to wasting time; working longer, not smarter; and sometimes even results in burnout. A powerful way to work with the value of time in business is to evaluate the impact, urgency and effort of tasks. The impact of the task ranges from low to high and measures how the completion of a task will affect your workload. Urgency is rated from low to critical and measures how critical it is that the task be completed; some tasks have tight deadlines and others are more openended. The effort is rated from minimal to maximal and measures the amount of work each task requires. Think about whether there are tasks which can be delegated, how you can reduce time spent in meetings, and whether there are manual systems and tasks that could be automated.
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BETTING ON BITCOIN Efpraxia D. Zamani, Lecturer of information Systems, De Montfort University, shares her outlook on the future of bitcoin and provides a refresher’s course as we move into 2018.
EDITOR’S PICKS 01. A cryptowallet – which is a software application that stores private keys (code that looks like a very long PIN) – is where all bitcoins are stored. 02. The difference is that the blockchain is a decentralised and distributed, open-access ledger whose records are permanent and verifiable by the network of peers.
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hen the bitcoin was first introduced eight years ago, it promised to change payments. People would be able to transact directly with each other, without needing to place their trust in banks – but that promise still hasn’t materialised and adoption of bitcoins is low. We were first told in 2009 that many transactions would be verifiable and validated by the bitcoin protocol. However, as we argued in a recent study, a significant adoption barrier to bitcoin is the lack of usability. Since the inception of cryptocurrency, developers and researchers have been using metaphors to explain bitcoin in a clear effort to help people feel more comfortable with the technology. A secure application for holding bitcoins is dubbed a “cryptowallet”, the trading platforms where people can buy and sell bitcoins are called “exchanges”, and in several locations around the world, ATMs have emerged for bitcoin-based transactions. The production of bitcoins is described as “mining”, but the only similarity between this and mining for gold or valuable gems, is that both processes are very, very difficult to achieve. Finally, bitcoins are called “coins”, even though they are entirely digital. Using metaphors to refer to these technologies helps people feel more familiar with the technology. But there is also a
downside: people expect that the technology can be used as regular money. One could easily believe that, in fact, such “coins” are stored in a “wallet”, which leads to further misinterpretations: if these are coins, what do they look like? if it’s real money, how do I get refunds for paying for stuff? and do I get change if I don’t have the exact amount? But the coins don’t exist. They are merely entries in a highly secure, very restricted database. There are no wallets, crypto or otherwise. These are either software applications that may or may not connect to the internet, or hardware-based solutions (like USB sticks). ATMs can be used to buy and sell coins, but teller machines do not hold “coins”. And, in the bitcoin world, there are many transactions that can’t mimic how regular money works. It’s time to end the confusion over bitcoin. If I pay for something with pound notes and then regret my purchase, I can return the item to the shop and the shop may or may not issue a refund. But the bitcoin protocol doesn’t allow this. If a transfer of bitcoins has been broadcast to the network, by design that transaction is final. It means that, had I paid for that item with bitcoins, the shop can’t issue a refund but instead has to process a new payment, or a charge back – which incurs additional processing fees. This isn’t a refund – as some money would be deducted from the full amount I originally paid. SME ADVISOR
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The bitcoin hasn’t become the alternative payment system for consumers that was promised eight years ago.
X marks the spot To support the adoption of bitcoin as an alternative payment, we need to have a system that is cheaper, better and more desirable compared with other forms of payments, such as debit cards. The bitcoin is cheaper, because – even when paying by debit or credit cards – there is always a fee involved for processing such transactions. Some merchants will pay the fee themselves, or roll this cost over to the consumer, as an extra charge for paying by card. Paying in bitcoins has zero cost or very low cost, subject to how much of a hurry the consumer is in. Everyday transactions in bitcoins are fairly straightforward and security is robust: if I need to pay somebody in bitcoins, I can send the exact amount to that other person’s bitcoin address (a randomly generated sequence of characters, that changes every time there is a transaction) by confirming it with my unique PIN-like number. The rest is done by the miners (more about which later) who need to verify that the transaction is unique and genuine. Despite these clear advantages, bitcoin’s desirability factor remains low. And there is little we can do (at least for now) to increase its uptake. Notably, adoption is also affected by trust perceptions. People are more likely to trust the technology if they have a better understanding of how the bitcoin SME ADVISOR
protocol works. This can be achieved without forcing everybody to become an expert in cryptography. Four essential facts about bitcoin 1. What is bitcoin? It’s one of many cryptocurrencies – but the only one that has grabbed the headlines. It is a type of digital currency, created and regulated by a network of thousands of computers (known as peers) using encryption techniques. Because of this, its production is independent from any authority, such as banks and sovereign states – and trust in the bitcoin is produced by the technology itself. How does this happen? 2. Meet the blockchain: Simply put, the blockchain is a very restricted database, whose entries are the bitcoin transactions. The blockchain operates as a digital ledger of transactions. Just
like regular businesses that keep a record of money coming in and going out, users of the cryptocurrency need to record all bitcoin-based transactions. The difference is that the blockchain is a decentralised and distributed, open-access ledger whose records are permanent and verifiable by the network of peers. So, everybody can view past transactions, but nobody can alter them without having the consent of the majority. This means that the blockchain doesn’t exhibit weaknesses associated with traditional ledgers. The blockchain technology is secure by design. 3. How are bitcoins produced? Through mining, which is undertaken by the peers of the network. The miners are people and organisations that connect their computers in the network to offer processing power, using special software to solve very difficult algorithms, while leveraging the power of advanced
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computers and graphic cards. In return for their services (creating new bitcoins, authenticating transactions, maintaining the blockchain), they get rewarded with new bitcoins. 4. Where are bitcoins stored? A cryptowallet – which is a software application that stores private keys (code that looks like a very long PIN) – is where all bitcoins are stored. These private keys are connected to public keys (code again, but the equivalent would be a bank account). The best way to understand how a cryptowallet works is to think of it, in similar terms, as a secure connection between a person’s PIN to their bank account, which then allows them to check balances and make payments.
Money makes the world go round The bitcoin hasn’t become the alternative payment system for consumers that was promised eight years ago. Widespread adoption of the cryptocurrency is hobbled by several factors: its reputation is associated far too often with alleged bad boys, and talk of a bubble that’s about to pop persists even as bitcoin continues to surge. But, above all else, few people can cut through the jargon to understand how it actually works. These perceptions can shift if bitcoinbased transactions become easier to comprehend in a way that will help people build trust in the technology. Instead of replicating old paradigms, bitcoin should be embraced as a fresh new way to pay for stuff.
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Using metaphors to refer to these technologies helps people feel more familiar with the technology. But there is also a downside: people expect that the technology can be used as regular money.
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THE CRYPTO TAKEOVER: ICOS, TOKENS AND THE FUNDING IN 2018 Every year brings its own set of technologies and trends, 2017 saw the rise of Initial Coin Offerings, cryptocurrencies and whole new approach to funding. Irina Heaver, is Partner and Head of Commercial & Technology at Fichte & Co, claims that this is just the beginning. SME ADVISOR
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EDITOR’S PICKS 01. To date start-ups have been using ICOs to crowdfund their projects with practically no regulatory oversight, some without even a workable minimum viable product, without any financial statements or evidence that their company exists. 02. With Ethereum and Bitcoin becoming more well-established, the emergence of crypto-funds and launch of the Bitcoin futures by Chicago Board of Exchange (CBOE) and Chicago Mercantile Exchange (CME) (thus allowing parties to speculate or hedge on the price of Bitcoin), it is expected that the institutional money will begin to move into ICOs thereby continuing being the preferred way for blockchain start-ups to raise money in 2018.
he Initial Coin Offerings (ICOs) is a hot topic now, sensationalised headlines about start-ups raising as much as US$200 million in one go are creating a lot of frenzy amongst curious investors and regulators worldwide. At the peak, we saw about 30 new ICOs launch every day, raising over US$4.9 billion in 2017 alone. As the cryptocurrencies market hits US$600 billion, financial regulators all over the world are issuing warnings to investors, calling for scrutiny and tight legal regulations or outright banning ICO’s and cryptocurrencies altogether. So, what exactly is an ICO? And, would ICOs really replace venture capital industry as we know it today? ICO is a relatively new way to get access to funding and comparison is made to an all familiar Initial Public Offering (IPO), as someone who has been through her fair share of IPOs, I would rather draw a parallel to another new, but a much easier understood concept – crowdfunding. So, an ICO is a way for companies to raise funds through the issuance of proprietary digital tokens, which is like crowdfunding, anyone can participate digitally without the interference of a traditional ‘middleman’. In an IPO scenario, such ‘middleman’ would be a stock exchange. The tokens can then be traded amongst users, used within the platform, or exchanged and spent. A vast majority of ICOs have been used to raise funding for a technology related to cryptocurrency, blockchain, or some other form of decentralization. How do ICOs disrupt VC? In 2017 ICOs already became the dominant way of funding blockchain ventures, surpassing venture capital funding. If you ever tried to raise money you would be all too familiar with the time-consuming process and the hoops that one has to jump through
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Regulators around the world are gradually stepping in to protect the investors, as there is simply too much money, too little transparency and very few rules governing the process.
in order to secure the funding. Arguably, the ICOs, in the spirit of the underlying technology, is a democratic, decentralized and inclusive way to raise money from many individuals investing small sums instead of a few venture capital firms becoming large imposing shareholders. Consequently, I believe we will see two trends emerging: a loss in bargaining power by venture capital firms, because traditionally they were the only game in town for emerging businesses; and most importantly, the cryptocurrency prices will continue to increase (specifically Bitcoin and Ethereum which are often used to buy into ICOs) as they will come into the focus of those segments of the population who otherwise would not invest in them. For blockchain start-ups, ICOs have already disrupted the traditional venture capital. It is a much cheaper, faster and more efficient way to raise new funding, and an ICO also pushes a company’s public popularity SME ADVISOR
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and helps grow the initial user base far more than any individual venture capitalist can. Nonetheless, although the competition is rising, the venture capitalists won’t be replaced altogether, as they offer more than just cash, and one cannot put a price tag on the value-add that smart money brings, such as mentoring, introductions, and plain common sense commercially minded advice. Regulators are raising alarms To date start-ups have been using ICOs to crowdfund their projects with practically no regulatory oversight, some without even a workable minimum viable product, without any financial statements or evidence that their company exists. Unavoidably, this attracted a few shady characters taking advantage of the trend and the fact that very few people truly understand what they are putting their hardearned cash into. Warnings after warnings SME ADVISOR
are issued by the Central Bank officials around the world instructing investors to stay clear of cryptocurrencies and ICOs. The UAE is not an exception, warning statements were issued by numerous authorities, with the UAE Central Bank finally stepping in and indicating that cryptocurrencies will be regulated at some point in the future. How did ICOs manage to escape the financial regulators? Firstly, most ICOs do not offer equity in the issuing company, thus avoiding the laws relating to securities, but mainly they are global instruments – running independently of any national legal framework – they are funded using Bitcoin, Ether and other cryptocurrencies that are outside of the control of any regulatory authority. There are no antimoney laundering (AML) or know your customer (KYC) requirements that investors go through before investing into an ICO, thus investments can be done semi-anonymously
In 2015, Ethereum, now the secondlargest cryptocurrency by market cap, raised over US$15 million through crowd sale. In 2016, DAO which raised US$150 million in a matter of minutes from over 11,000 individual investors. Just two months after, hackers exploited the code problems and stole about US$60 million.
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WHAT IS A TOKEN? A token is either a key for user authorisation or a fixed series of characters to identify a user. They provide token holders with a proprietary access to the end-product/ platform or redemption at some point in the future. However, there is also an additional expectation by the investors that the digital tokens will rise in price in proportion to the success of the underlying business model of the company. It is important to note that digital utility tokens do not attach any of the rights that purchasing a share in a company brings.
HOW DO ICOs WORK? Since there are no explicit regulatory boundaries, there are no rules on how to prepare and execute ICOs.
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An ICO is a way for companies to raise funds through the issuance of proprietary digital tokens, which is like crowdfunding, anyone can participate digitally without the interference of a traditional middleman.
SME ADVISOR
(it’s not completely impossible to find out who the investors are, but it is not easy). Regulators around the world are gradually stepping in to protect the investors, as there is simply too much money, too little transparency and very few rules governing the process. The bottom line I doubt the party will continue for much longer without as eventual clear legal framework within which an ICO can proceed, the politicians and Central Banks around the world seem to be more and more concerned about the cryptocurrencies in general and the ICOs seemingly in direct correlation to their astronomical price increase. Recently it was announced that the next G20 meeting would include a discussion on how to regulate Bitcoin and other cryptocurrencies,
so it is simply a question of ‘when’ instead of ‘if’ now. However, ICOs are most likely here to stay, perhaps not in the shape or form that we witnessed their meteoric rise in 2017. With Ethereum and Bitcoin becoming more wellestablished, the emergence of crypto-funds and launch of the Bitcoin futures by Chicago Board of Exchange (CBOE) and Chicago Mercantile Exchange (CME) (thus allowing parties to speculate or hedge on the price of Bitcoin), it is expected that the institutional money will begin to move into ICOs thereby continuing being the preferred way for blockchain start-ups to raise money in 2018. In conclusion, ICOs are highly speculative, and should you decide to invest, please remember two of the oldest investment rules ‘caveat emptor’ and ‘never invest more than you can afford to lose’.
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RECRUITMENT, TALENT & HIRING IN 2018 Changing generational attitudes, evolving job profiles and massive skills shift call for a new approach to work. We reach out to our expert to examine the hiring trends...
SME ADVISOR
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SME ADVISOR
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EDITOR’S PICKS 01. A strong brand is reflected in everything from your logo, customer service style, uniforms, business cares, marketing materials and the impact you have through your social media channels. 02. More SMEs are investing in a ‘sourcer’ to help source and find candidates for their jobs. Sourcers can be hired on a contract basis and work directly with a Recruiter to find candidates for niche specific roles.
L
ooking to get a leg ahead on the competition when it comes to hiring? Want to know exactly how to find the right candidates for your positions? There are many factors influencing recruitment for 2018; however, the following are the ones to review and implement to be a game changer in your hiring process and to attract the right talent. 1. Competition With SMEs driving the growth in the UAE, as they currently account for over 90 percent of registered businesses in the UAE, more jobs, growth and income are going to make a positive impact on the economy. With growth comes additional competition. It is vital to review your organisation’s total compensation package to be competitive within the GCC. There are many ways to stay competitive if increases in budgets will not be allowable in 2018. As technology continues to change, the option to work from home, even if a few days a week, will allow for better work/life balance, which you cannot put a price tag on. If you’re able to offer a competitive vacation plan or incentive plan, that if metrics are met, additional vacation time will be given, this will entice individuals to want to work for your organisation. Another option to stay competitive is to create a Nex-Gen programme to hire college graduates at a lower compensation, with an opportunity to expand their exposure to multiple divisions within your organisation. This will allow new hires to have a bigger picture perspective of your organisation, wear many hats and you can tailor a succession plan that encourages a millennial to stay with your organisation and grow as your
SME ADVISOR
needs change. As we move into the New Year, take a good look at your total compensation plans. More organisations are looking to potentially gross-up their current employees that are underpaid to retain their loyalty. The cost of recruitment and on boarding is expensive; if you can reduce the amount of turnover by providing slight increases in pay to be more competitive in the market, this will reduce your overall expenses from turnover. It is more expensive to recruit, hire and train than it is to retain your current team. 2. Technology Technology is changing so incredibly quick that at times, it’s hard to keep up. Candidates can now get notified on their smartphones the instant a position at their dream company is available. There’s a huge influx of applicants
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As we move into the New Year, take a good look at your total compensation plans.
on job postings; however, many don’t meet the exact marks of what hiring managers are looking for. Gone are the days of posting a job and waiting for applicants. More SMEs are investing in a ‘sourcer’ to help source and find candidates for their jobs. Sourcers can be hired on a contract basis and work directly with a recruiter to find candidates for niche specific roles. 3. Knowledge Commerce (k-commerce) What is Knowledge Commerce? According to IGI Global, it’s “trading and exchanging knowledge via the Internet, forming virtual teams and offering unique knowledge and services to knowledge requesters.” Job seekers are starting to make an investment in their careers and job searches by paying career coaches and educators to show them the exact proven strategies to find a job.
Job seekers are starting to enrol into online courses to polish their skills and find a job quickly at an organisation that they would like to work for. The way job seekers will communicate to hiring managers and become proactive in their job search is going to be a drastic change in the recruitment industry in 2018. Seekers will start utilising social media platforms and short video to get an organisations’ attention. K-commerce will also be utilised to learn new skills, specifically technology that is growing so fast that if you went for a college degree, it would be obsolete by the time you graduate. This allows job seekers to add experience to their resume that they’ve learned from a top educator to expand their skill sets for better job opportunities.
4. VAT A hot topic this year is the VAT tax starting in 2018. With the addition of the consumer-based tax on the supply of both goods and services, some individuals will no longer see the UAE as a tax-free region. Depending on where job seekers might potentially relocate or be from, if they’re only incurring a VAT tax of 5 per cent and no additional taxes or minimal taxes in their home country, they might not be discouraged; however, individuals that are currently living beyond their means in the UAE might not be as interested in extending their contracts without further negotiation. For individuals that will be on international assignments, it’s recommended that their Foreign Service Premium potentially increase slightly to cover the offset of the VAT tax. Depending on the pay scale of SME ADVISOR
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LinkedIn has an amazing recruitment platform, which can be utilised to source and find top talent.
MICHELE ROSS, STRATEGIC JOB SEARCH & CAREER COACH, MICHELEROSSONLINE.COM
SME ADVISOR
the employee, this could be a few thousand dirhams a year, which is cheaper than recruiting and training a new candidate. Recruiters will need to be fully knowledgeable of the VAT tax and the implications it will have on local and international hires. This will be an ongoing concern that will need to be addressed with recruitment teams in 2018. 5. Personal and business branding SMEs will be making significant investments in marketing and sales for 2018; however, the big winners will be the SMEs that invest in business branding techniques and provide their employees with personal branding training to utilise on social media to attract the best talent. A strong business brand is more than just how your customers recognise your business. A strong brand is reflected in everything from your logo, customer service style, uniforms, business cares, marketing materials and the impact you have through your social media channels. Larger organisations are developing training programmes to help their employees with personal branding. They understand the reach technology now has and the impact this can have on finding top talent. SMEs can have the same focus on business and personal branding by investing within k-commerce at a fraction of the cost and utilise an educator that specialises with SMEs and building their social media presence. Selfies of a company picnic, videos of team building activities and individuals writing about their experiences on different social media platforms is
paving the way for individuals to want to work with your organisation. 6. LinkedIn There are plenty of social media platforms making waves; however, this year my recommendation is to keep your eye on LinkedIn. With the new addition of video to this platform, the reach of potential job seekers is vast. LinkedIn has an amazing recruitment platform, which can be utilised to source and find top talent. On the other spectrum, as an SME, you can now give individuals a birds’ eye view into your organisation to understand your objectives, your culture and your ethics. Do you want to learn about a candidate, understand their communication skills or online presence? It is more than likely you can find them with a bit of research. With video content being the future of LinkedIn, you can now personally get to know candidates before an interview and they can get to know you. A great objective to have with LinkedIn is to create followers, post articles and videos to start engaging with talent to get a great return on your investment of time…not money. There are many factors that will be influencing recruitment in 2018; however, the trends you’ll see this coming year are making waves in the recruitment and human resource professions. As technology and communication continues to improve, the candidate pools will increase. This doesn’t necessarily mean top talent, but an influx of applicants. Hiring the right recruiters to manage your recruitment and hiring will set your SME up for success in the year ahead.
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READY FOR A RETAIL RENAISSANCE? The past five years have introduced a level of retail disruption never experienced before. The ability of retailers to keep up pace with the rapidly evolving needs of the customer is forcing them to remain competitive. Ultimately, they must complement their transformation agenda with a targeted strategy to provide a more tailored, valueadded customer experience to win. Andrew Phipps, Head of UK & EMEA Retail Research at CBRE, examines the shifting dynamics.
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EDITOR’S PICKS 01. Physical stores remain important, we’ll see online only retailers opening more stores. 02. The speed of delivery has dramatically increased and the cost of delivery (for the consumer) has dramatically decreased.
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Many online brands have a much greater passion for innovation and just testing the market – they know that new is important and many established retailers don’t.
SME ADVISOR
What are the biggest changes in retail you have noticed over the past five years? The growth of online retailing. The impact of online has been greater than many people think and the adoption of the smartphone means that everyone can access online retail more easily than ever before. The speed of delivery has dramatically increased and the cost of delivery (for the consumer) has dramatically decreased. People expect items to be delivered the next day and free of charge and they don’t expect to pay for returns either. The industry in some sectors has integrated and some brands that were in evidence five years ago are no longer to be seen on the high-street or in the shopping centre. The other main area is in the speed of manufacture and design to store. Particularly with fast fashion. Customers expect to see a new product in store on a very frequent basis
and this puts a lot of pressure on retailers that do not have such a highly-developed supply chain. How important is the role of technology in addressing the needs of the consumer? It’s becoming more important to understand how consumers want to interact with technology. There shouldn’t be an assumption that just because a technology exists that is relevant for all sectors and all shoppers. Technology must make the consumer journey easier or at the very least more enjoyable, technology can’t become a barrier to customers, it mustn’t make shopping harder. What technologies do you see making the most impact on the retail space? Technologies that enable retailers to show the consumer all the products in a dynamic and interesting manner. Allowing people to
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Augmented reality will develop to a point where people can easily see all the information they require about any product they wish
interact on a different level with individual items, being able to see, touch, sense, experience product whether in the physical or augmented world. I think augmented reality will develop to a point where people can easily see all the information they require about any product they wish. It will change the role of the sales associate in-store and further reduce the requirement for physical staff. Will mobile devices play a major role in shaping consumer behaviour? Mobile devices have already changed people’s expectations. The mobile device gives access to every item from anywhere in the world. The device is the bringer of knowledge, it empowers people with insight that only professionals could have had a short time ago. The mobile device will just become more integrated into every shopping journey. What trends do you foresee in retail over the next five years? ϭϭ Predictive analytics – the ability for retailers to truly understand what people need and when they need specific items. This will take away the mundane elements of shopping to be replaced by using the time to do something more interesting/ enjoyable. ϭϭ Shopping centres becoming just centres – we’ll see people using these centres as community hubs that allow them to do a large range of different things, not just shopping. People won’t even necessarily go to these places to shop, they’ll go for the experience and will expect items to be delivered that day or the next day. ϭϭ We’ll see a proportion of major cities start to seriously address the role of the motor vehicle, it will be heavily
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debated and some cities will look to pedestrianise parts of main shopping streets. Automation will become more commonplace – at different points in the shopping journey, from order placement to fulfilment.
What is next for physical stores and retailers? How will we see in-store shopping experiences evolve? Physical stores remain important, we’ll see online only retailers opening more stores. The online and off-line parts of shopping will become more closely integrated and people won’t think in terms of distinct ways to shop. Physical stores have to push hard on the experience elements – they need to really create a point of difference and make shoppers want to visit. What are the major pain points that retailers need to address and improve on? The in-store offer needs to improve – there are too many tired looking, outdated stores that still expect people to visit. Store staff need to truly become experts in all the brand has to offer – they have to sell a vision and excitement around the products. Finally, how do you see companies like Alibaba and Amazon disrupting the retail space? Major online companies understand their customers and simply have so much data it’s hard to imagine there is a point that they don’t understand. Many online brands have a much greater passion for innovation and just testing the market – they know that new is important and many established retailers don’t.
SME ADVISOR
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RETAIL REIMAGINED MAJOR DEVELOPMENT
REGIONAL GAME-CHANGER
Amazon bought Whole Foods for US$13.7 billion, which was a turning point in the retail landscape. All eyes have been on the retail giant as it steadily gains market share. It is particularly interesting to note that the retailer has been entering the physical space; Amazon Go’s cashier free stores are setting new benchmarks in what future of stores will look like.
Andrew Phipps, Head of UK & EMEA Retail Research at CBRE, said: “The future of retail is going to change more than we could ever imagine. At CBRE we have taken the time to think about what will change and what it will mean for consumers and the
4 out of 10 RETAILERS ARE AT THE RISK OF SHUTDOWN IF THEY DON’T CONSIDER DIGITAL TRANSFORMATION ACCORDING TO CISCO.
85%
OF RETAIL EXECUTIVES ARE CONSIDERING LAUNCHING IN-STORE DIGITAL INITIATIVES, REPORTS CAPGEMINI RESEARCH.
54%
OF RETAIL EXECUTIVES BELIEVE THAT THE OF THEIR STORES IS MOVING TOO SLOWLY, ACCORDING TO RESEARCH BY CAPGEMINI.
35%
OF CUSTOMERS WANT TO SEE MORE COMPANIES USE CHATBOTS IN THEIR CUSTOMER HELP CENTRES. (UBISEND 2017 CHATBOT REPORT)
SME ADVISOR
retail industry. Physical real estate remains important as a sales channel and increasingly as a communicator of the brand and a demonstrator of experience.”
TRENDS SHAPING RETAIL 01 Virtual reality takeover: Several prominent brands are integrating VR experiences within their showrooms to enable potential customers to enjoy the product’s features before purchase. The beauty of such technology is that it can transform an ordinary physical space into an immersive experience. Moreover, it helps customers visualise how the product or service will fit into their daily lives. virtual nursing assistants and so on.
02
03
Chatbots will enhance customer experience:
Retailers will leverage social media platforms:
Chat apps are gaining popularity to help companies with routine tasks such as customer support to answer standard questions, assisting with returns and providing 24/7 responses.
Vend’s Retail Trends and Predictions 2018 Outlook Report says: “As more consumers embrace instant messaging apps such as Facebook Messenger and WhatsApp, we can expect retailers to use these platforms to talk to customers and streamline communications. For instance, if a shopper wants to track their order, they can just “ask” the retailer on Messenger, and a chatbot can automatically retrieve the shipment information.”
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RIDING THE WAVE OF CHANGE: TRANSPORT Global stock of electric vehicles1
(Thousands) 1 Battery electric vehicles and plug-in hybrid electric vehicles
2,014
2,000 1,265
1,000
715 183 1
2
2
5
7
17
388
65
0 Sources: International Energy Agency Global EV Outlook 2017: A.T. Kearney Analysis
MAJOR MOVE
China has a new mandate according to which automakers must ensure one in every 10 cars is either an electric vehicle or hybrid electric vehicle by 2019.
ROAD TO THE FUTURE – KEY DEVELOPMENTS 01 Vehicle assistance systems:
10 million SELF-DRIVING CARS ARE EXPECTED TO BE ON THE ROAD BY 2020.
15%
OF NEW VEHICLES SOLD BY 2030 COULD BE FULLY AUTONOMOUS. (MCKINSEY)
61%
ARE HOPEFUL ABOUT THE FUTURE OF AUTONOMOUS VEHICLES. (FORD) SME ADVISOR
Automation in vehicle systems are helping improve safety of drivers with features such as automatic emergency braking, lane-change assistance, roadblock alerts and so on. Many new cars on the market already have these features and automakers are increasingly incorporating these to enhance their offer. While autonomous cars aren’t still fully on the road, these systems are taking us one step closer by creating semi-autonomous vehicles.
02
03
Self-driving cars:
The era of ‘car-centric’:
While there’s still some time before these will be adapted on a mass-level, there’s already adoption across larger automakers. A report by AT Kearney remarks: “Most drivers have already enjoyed the first wave of autonomous driving with features such as navigation systems, in-car entertainment systems, lane-assist technologies, traffic warning systems and sensors, and self-parking cars. In the second wave, Google, Tesla, and Uber are aggressively popularizing the idea of self-driving cars.”
Coining a new terminology in their report, AT Kearney says: “The future of autonomous driving will have less to do with the mechanics of the vehicle and almost exclusively to do with forms of interconnection and car-centric communication. This is the future hardware side of connected mobility. It underscores why alliances and partnerships are the ideal ways to make autonomous driving desirable and practical. No company has a base of competencies broad enough to establish a global, 360-degree system for navigation, control, and automation, built on a stable stationary and mobile broadband network.”
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MANUFACTURING: FACTORIES OF THE FUTURE MAJOR DEVELOPMENT
REGIONAL GAME-CHANGER
Global conglomerate Unilever kick-started its production plant in Dubai, with an estimated investment of AED 1 billion.
In line with Dubai’s “Industrial Strategy 2030”, the economy is looking to fuel the manufacturing sector. According to the
US$3.9 to US$11.1 trillion
Dubai Department of Economic Development, the sector is expected to contribute 25% to the country’s overall GDP by 2025.
IS THE POTENTIAL ECONOMIC IMPACT OF IOT APPLICATIONS IN 2025 WITHIN MANUFACTURING ACCORDING TO A RECENT ESTIMATION BY MCKINSEY.
US$1.2 to US$3.7 trillion IS ALLOTTED TO IOT APPLICATIONS WITHIN THE FACTORY ENVIRONMENT.
30 robots per 10,000 workers IS THE AVERAGE RATIO OF MAN TO MACHINE IN CHINA’S INDUSTRIAL SECTOR.
56%
IS THE BELIEVE THAT THE BENEFITS THAT AI ADDS IN TERMS OF PRODUCTIVITY OUTWEIGH EMPLOYMENT CONCERNS ESTIMATED SHORTAGE OF HEALTHCARE PROFESSIONALS AROUND THE GLOBE WE WILL FACE BY 2035. (WHO)
TRENDS SHAPING MANUFACTURING 01 The era of smart manufacturing: This new paradigm is seeing a range of technologies like robotics, IoT, 3D printing and data analytics being integrated into traditional manufacturing processes. Companies are beginning to embrace these technologies to increase productivity and profitability. In fact, many manufacturers are looking at digitization as a set requirement, not an option, to stay relevant in an increasingly connected infrastructure.
02 The role of IoT: IoT has the potential to digitize factory objects to an extent where processes become so flexible that factory owners can benefit from: cost efficiency, flexibility, reduced time cycles and cheaper labour. The biggest advantage of all, however, is that connected devices give factories the freedom to create more customised options for their customers and gain a competitive edge.
03 Putting people at the forefront: It might not seem intuitive but one of the biggest aspects driving the future of manufacturing is people. PwC experts explain: “Manufacturing has traditionally been Industry 4.0 has significant implications for the way in which a company chooses to organise itself and its delivery model. Companies will need to make sure staff understand how the company is changing and how they can be a part of it.”
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FUTURE OF EDUCATION: WHEN TECHNOLOGY MEETS TEACHERS REGIONAL GAME-CHANGER “A number of countries in the MENA region—including Egypt, Turkey, Morocco, Jordan, the UAE and Tunisia— have successfully positioned themselves in the global ICT-enabled services and ICT outsourcing sector. To harness the sector’s full potential, and ensure the market’s future skills needs are met, governments across the MENA region should encourage vocational training within the ICT sector itself, and provide support and recognition to specialised capacity-building and certification programmes, such as micro-credentials, addressing the needs of individuals, institutions and industry.” – The Future of Jobs and Skills in the Middle East and North Africa by the World Economic Forum
58%
THINK THAT AI CAN IMPROVE THE STATE OF GLOBAL EDUCATION
58%
SEE AI REPLACING TUTORS IN THE NEXT FIVE YEARS
40%
OF FREQUENTLY ASKED QUESTIONS BY STUDENTS CAN BE ANSWERED BY VIRTUAL ASSISTANTS
SME ADVISOR
TRENDS SHAPING EDUCATION 01
02
Personalised learning:
Technology meets teaching:
Schools and educational institutions are quickly realizing that when it comes to learning one size doesn’t fit all. There is an emergence of customised learning modules to suit the individual needs of the students.
There has also been a lot of discussion about the clever integration of technology into everyday objects rather than the use of additional devices. This can be demonstrated with the example of a digital desk. What if traditional wooden classroom desks were replaced with interactive display desks, where students have the option to access materials, collaborate with one another and ask questions? While this kind of development would be extremely beneficial, the biggest problem is the cost of implementing such technology.
03 Educators need to strike the right balance: The education sector will need to reshape itself in line with the fourth industrial revolution and come to terms with the ‘man meets machine’ analogy to create new possibilities. The challenge for educators lies in creating a balance between traditional techniques and digital innovations to create learning experiences that keep pace with market changes.
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HERALDING A NEW ERA IN HEALTHCARE TALK OF THE TOWN
“The recent widespread adoption of disruptive technology in healthcare is enabling breakthroughs in prevention, diagnosis and treatment, benefitting millions of people worldwide. The Middle East is set to be a major beneficiary of these technological advancements, as we continue to witness fast-paced population growth, and the consequent urgency to develop world-class healthcare systems. These innovations are also critical to putting our region on the map as brand-creators rather than brand-adopters.” - Badr Jafar, CEO, Crescent Enterprises
By 2021 GROWTH IN THE AI HEALTH MARKET IS EXPECTED TO REACH US$ 6.6 BILLION. (ACCENTURE)
By 2020
HEALTH DATA IS GROWING SO EXPONENTIALLY THAT BY 2020 IT IS ESTIMATED TO DOUBLE EVERY 73 DAYS. (IBM)
12.9 mn
IS THE ESTIMATED SHORTAGE OF HEALTHCARE PROFESSIONALS AROUND THE GLOBE WE WILL FACE BY 2035. (WHO)
REGIONAL GAME-CHANGER US$ 800 MN PLEDGED BY UAE-BASED NMC HEALTHCARE TOWARDS INVESTMENTS IN HEALTHCARE IN 2018.
TRENDS SHAPING HEALTHCARE 01
02
03
Artificial Intelligence (AI) presents opportunity:
An increased focus on patient experience:
Connected healthcare:
AI is quickly gaining traction in the healthcare market with its many applications in areas such as preliminary diagnosis, dosage accuracy checks, virtual nursing assistants and so on.
Healthcare institutions grapple with the reality that their services or technological capabilities are no longer sufficient to create a competitive edge. They need to make significant strides in the realm of patient experience to differentiate themselves. One of the top priorities will be enabling the patient to access healthcare resources 24/7 using mobile applications.
IoT is helping connect medical devices and improve the process of disease diagnosis as well as treatment. Activity trackers have seen widespread usage across the sector with more sophisticated version directly capturing and transmitting user data to a doctor. Other applications are also being implemented wherein clinicians and researchers can monitor the progression of diseases by using sensors and machine learning to access real time symptom information. SME ADVISOR
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AVIATION: TAKING OFF INTO THE FUTURE TRAVEL COMPARISON
REGIONAL GAME-CHANGER
The Middle East: additional 322 million passengers a year on routes to, from and within the region by 2036. Total market size: 517 million passengers.
In one of most prolific moments of the year, Dubai tested the world’s first self-flying taxi. The city has announced its
Europe: additional 550 million passengers a year. Total market size: 1.5 billion passengers.
plan to unveil an aerial taxi to carry passengers across the city.
North America region: additional 452 million passengers a year. Total market size: 1.2 billion passengers. (Source: ARC 2018 Air Travel Outlook Report)
By 2018
1 BILLION PASSENGER JOURNEYS ON PLANES WILL BE IN-FLIGHT CONNECTIVITY (IFC) ENABLED. (DELOITTE GLOBAL)
10%
PASSENGERS ARE WILLING TO PAY FOR IFC WHERE AVAILABLE. (DELOITTE GLOBAL)
40%
OF WORLD AIR TRAFFIC WILL CONSIST OF TRAFFIC BETWEEN EMERGING COUNTRIES BY 2036. (AIRBUS) SME ADVISOR
TRENDS SHAPING AVIATION 01 Biometrics to streamline passenger experience: From automated fingerprint scanning to eye scans, identification systems at prime airports are being automated and improved to decrease passenger waiting times and enable passengers to move faster. It also means that staff members can be employed across additional security checkpoints. Even at baggage drop off stations, self-service options are being offered at some international airports to reduce human involvement.
02
03
Connectivity on-board:
Data is key:
An Airbus report points out that “more than 16,000 aircrafts will be equipped with in-flight Wi-Fi by 2025”. Most airlines are moving towards fullconnectivity options to give passengers a more personalised experience.
Research by futuretravelexperience.com says: “Big data has been a buzzword for airlines and airports for a number of years already, but as the industry continues its efforts to exploit the opportunities presented by the vast pools of data and big data tools at its fingertips, data science is now very much in focus. The role of data scientists is increasing in importance in the air transport sector.”
I ngographic of the month 052
T H E Y E A R 2017 – I N S M E F U N D I N G It has been an action-packed year on the funding front. From Series A funding to bridging funds, SMEs across diverse industries saw investors fuel their growth with money. Here’s a timeline of some of the prominent funds raised.
January
February
March
Company: Visage
Company: Enerwhere
Company: Modanisa
Offering: HR start-up combining crowdsourcing and artificial intelligence to improve recruitment.
Offering: Solar generators and rooftop systems.
Offering: Online-fashion retailer based out of Turkey that offers women’s clothing and accessories.
Amount: US$ 420,000 Investors: Dubai Angel Investors and others
Amount: AED 1 million Investors: Via crowdfunding platform Beehive
Amount: Undisclosed Investors: Wamda Capital, STC Ventures
April
May
June
Company: Iyzico Easy Payment
Company: Fetchr
Company: Careem
Offering: A fintech start-up that enables e-commerce portals to accept online payments.
Offering: GPS-enabled delivery application.
Offering: MENA-based ridehailing application.
Amount: US$ 41 million
Amount: US$ 150 million
Investors: Venture Souq, Iliad Partners, NEA
Investors: Kingdom Holding Company, Daimler AG
Amount: US$ 15 million Investors: International Finance Corporation, Amadeus Capital Partners, Vostok Emerging Finance
SME ADVISOR
I ngographic of the month 053
July
August
September
Company: Yalla Pickup
Company: PayTabs
Company: Souqalmal.com
Offering: Mobile application and web-based logistics solution provider focusing on large goods.
Offering: Online payment solutions provider.
Offering: A comparison website for users to compare financial products as well as insurance, mobile plans, etc.
Amount: US$ 270,000 Investors: The Box
Amount: US$ 20 million Investors: Undisclosed
Amount: US$ 10 million Investors: Riyad Taqnia Fund (RTF), UAE Exchange Group, GoCompare Group
October
November
December
Company: Beehive
Company: Eventtus
Company: Bayzat
Offering: Online platform for peer-to-peer lending.
Offering: Creating engaging event apps.
Offering: Insurance and HR solutions using technology.
Amount: US$ 5 million
Amount: US$ 2 million
Amount: US$ 5 million
Investors: Riyad Taqnia Fund (RTF), Mohammed Bin Rashid Fund (MBRF)
Investors: Cairo-based Algebra ventures, US-based global venture capital seed fund 500 Startups.
Investors: Silicon Badia, BECO Capital, Hamed Kanoo Co LLC.
SME ADVISOR
Top C hange makers 054
A DEFINITIVE SOLUTION TO YOUR NEVERENDING PAPERWORK Co-founders Avira Tharakan, Thomas Tharakan and Shameem Jaleel have created a platform that makes documentation storage and authentication easier (and more secure!) than ever before. The challenge is to get users on board. We catch-up with them to see how their platform is faring… SME ADVISOR
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EDITOR’S PICKS 01. Docswallet acts as a platform for e-submitting and e-sharing authenticated documents using blockchain technology. 02. Docswallet is currently processing 60,000 documents per annum and would like this to be about five million. 03. Avira’s model is not only dependant on its clients, but also on its service providers that need to be available to authenticate documents.
AVIRA THARAKAN, CO-FOUNDER, DOCSWALLET
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here were two things in common between Avira Tharakan, Thomas Tharakan and Shameem Jaleel. First, they were all well-established professionals in their 9-5 corporate jobs. And second, they were inundated with incessant paperwork. In a technologydriven world, the high level of dependence on paper was quite perturbing to them. So, the three set out to find a digital solution. Surely, there had to be a way to reduce fraudulent practices caused by paperwork and create a more trustworthy platform for information exchange. Rather than blindly following their hunch, they wanted to find data to support their concept and assess its viability. They undertook extensive market research in collaboration with KPMG and IIT Madras. The findings indicated that the best way to verify a document was always from its source and the cheapest way to transmit w verified or authenticated documents was through the internet. These outcomes were compelling enough for the trio to go ahead with their business concept. Docswallet was born. How does it work? Think of Docswallet as a digital locker for all your documentation such as transcripts, certificates, degrees and so on. Users need to log into the platform, select the institution that they would like to receive the document from and fill out an order request. They then receive the official document in their digital locker directly from the issuing authority, which they can further share online without any hassle of printing, etc. Talking about how his platform is solving a specific market challenge, Tharakan explains: “Citizens lose a lot of time and effort in getting their documents and having them authenticated or verified by third parties. Issuing authorities have to manage huge
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Think of Docswallet as a digital locker for all your documentation such as transcripts, certificates, degrees and so on.
repositories of papers and are quite slow when it comes to authenticating or verifying documents submitted to them officially. To solve this problem, we developed a web application called Docswallet that acts as a platform for e-submitting and e-sharing authenticated documents using blockchain technology. The application creates a network of document issuing organisations such as universities, banks or corporates to share digital documents with relying parties (i.e. visa offices or corporates) after receiving the consent of the document owner (i.e. student or employee). The application also helps prevention of fake documents.” Showing signs of growth Docswallet has a clear proposition and a user-friendly application. It’s no wonder then that it has a rapidly growing user base. It currently processes 60,000 documents per annum. On the finance front, the company has raised US$ 500,000 from friends and family and the latest investment of US$ 1.1 million came from a private investor based out of Abu Dhabi.
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“We have already broken even in May 2014. For each digital certification request, Docswallet charges the user. In certain cases, Docswallet charges each time an authenticated document is shared. We get verifiers and documentissuing bodies such as universities, banks, chambers of commerce onto the Docswallet platform and charge our candidates for the service,” remarks Avira speaking of the business model behind the growth of his company. Interestingly, he also points out that the highest revenue vertical for Docswallet is the education market as it earned US$ 110,000 for the month of Oct 2017. The revenues were predominantly
education checks for employment and academic transcripts. Avira believes a major turning point in his business was when they decided to pivot to the blockchain. They started using hyperledger within their platform. This has helped them improve the security and sanctity of the documents being authenticated. He also credits the country’s vision towards digitalisation as a major factor driving the growth of his company. “The leadership has announced that all documents should be in blockchain by 2020 and this has helped build our sales momentum to enable organisations in UAE to be paperless,” he shares.
Jumping minor hurdles along the way At the time of inception, Avira struggled with gaining client trust. “The first client is always difficult to get, as they do not have the confidence to be the first. Clients always want to see a well-known brand in the system before they join,” he admits. Avira’s model is not only dependant on its clients, but also on its service providers that need to be available to authenticate documents. “The challenge is to connect organisations that were not connected before. We have to create a network of document issuing organisations and receiving organisations for citizens to apply for a job, visa and higher studies without using paper. The larger the organisation, the
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this to be about five million. For this to happen, it will need to sign-on government organisations that issue mass paperbased documents. It also needs to ensure that citizens using those documents use Docswallet as a platform of exchange for authenticated documents. Sharing a few pearls of wisdom from years of strengthening ties within his industry, Avira advises fellow business owners to collaborate and continually reach out to new members of the community to discover mutually beneficial ways of working. He believes that “the traditional silos that have divided governments, philanthropies and private enterprises for decades need to be replaced with networks of partnerships working together to create a globally prosperous society”.
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Entrepreneurs should focus on finding users rather than perfecting their technology.
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efforts to convert them into the Docswallet network will be higher due to the number of stakeholders involved.” Partner to prosper The challenge of building a network can only be combatted by creating long-term partnerships. Avira knows that all too well as he cleverly adds: “The key for any start-up is to collaborate. No start-up journey can be completed alone and you need partners, vendors, customers etc. We are partnering with universities in India. We are also in the process of signing on financial institutions to make their branches paperless. We are currently at the Startupbootcamp at Dubai Silicon Oasis and through their partners we are reaching out to offices about the benefits of being paperless and to be on the blockchain.” Docswallet is currently processing 60,000 documents per annum and would like
Keeping up pace with industry trends Docswallet is currently strengthening its proposition and market position in UAE and India, but it’s already receiving interest from companies in markets such as the US. Avira is eying expansion and hopes to enter these markets in the foreseeable future. In the meantime, his energies are focused on bucking industry trends and ensuring his strategy is aligned to market needs. “All our long-term strategies and short-term actions will be moulded by a set of core values that are shared by each institute, organisation or associate we bring to the global online document verification network. Digitisation and automation will be the key areas to focus on within the industry. Most of the mass technologies adopted are for people to travel faster, communicate easier and be more productive. The middle men in any business will be removed from the ecosystem through digitisation and manufacturing will go into automation. Blockchain and AI are two things to watch out for,” he concludes.
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THE TRUCK TRANSFORMATION Elie El Tom, Founder, Yalla Pickup, has ventured out into a place where he could use technology to solve a problem and make a big impact. With his trucking app, he’s made humble strides towards achieving his dream. We take a look at how far he’s come…
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lie El Tom wants to make booking pickup truck services as easy as booking an Uber. After spending four months on market research and gathering intelligence to understand the market, the entrepreneur identified the gap for reliable, timely truck service. With a BE in Civil Engineering and certification in Project Management, Elie is far out from transportation in terms of his background. What attracted him to this sector? “I remember looking at pickup trucks and wondering – why isn’t there a platform to streamline easy pickup and delivery through large vehicles? With Expo 2020 around the corner, I knew that connectivity would be a key driver of businesses and any concept based on that idea would work. So, I tested the initial market and decided to launch Yalla Pickup,” says Elie. The company launched in 2016 – at the prominent GITEX exhibition – and was soon part of the acceleration programme Sheraa. This is where Elie further developed his go-to-market strategy and gained mentorship on various aspects of his business. It also helped him to get a seed round funding of US$ 400,000 from the Box Self-Storage and Moving Company as well as from Dubai Silicon Oasis Authority.
EDITOR’S PICKS 01. The company launched in 2016 – at the prominent GITEX exhibition – and was soon part of the acceleration programme Sheraa. 02. What’s particularly appealing about Elie’s offer is that his drivers are all carefully vetted and come with prior experience.
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Riding high Anyone that has attempted to move a large item from point A to point B knows the pains all too well. You must find a trustworthy truck driver to transport it for or alternatively go through an agency and risk paying a hefty fee. The next hassle is finding the right size for your goods and of course, not to mention monitoring timely delivery. Elie’s solution to this problem is simple: he has created an app to do it all for you.
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Elie is now working on the release of the second version of his app. He also has plans to expand further across the UAE and tap into the KSA market.
Using Yalla Pickup, users can select their pickup and drop off locations via google map. For frequent travel, you can save your locations for future orders. Then, users can select the size of the pickup truck and schedule the time of the delivery. All this at an affordable price with easy payment options. What’s particularly appealing about Elie’s offer is that his drivers are all carefully vetted and come with prior experience. We understand that whatever you’re transporting is important and valuable to you, and as such we make it a point to only invest in reliable, experienced drivers. They all must undergo training after they’re hired, there are certain traits we keep a keen eye out for, which allow us to determine whether they’ll be a good fit for the company or not. Our recruitment processes are quite stringent and non-negotiable, and that enables us to maintain the highest standards possible,” he explains.
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The trucks are all fully insured and so are the goods that they carry. Outside of the actual transaction, the app is also enhancing the customer experience by providing features like tracking history, order status and so on. “We’re also proud to have been recently nominated for the Transport and Logistics award at the Sharjah Entrepreneurship Festival. Our unique app has taken Dubai by storm, which is a testimony to the time, effort and relentless dedication that went into its creation. The Yalla Pickup app is recognised for its user-friendliness, its efficiency, and of course its usefulness. We also consistently work on it daily, to ensure it always remains relevant.” A bumpy ride The biggest challenge for the company has been educating and training its drivers and helpers. “We’ve faced problems onboarding drivers and training them to be aligned with our mission of an on-time, safe, reliable and transparent service,” remarks Elie. “To combat this, we’ve created an onboarding process, which involves a comprehensive driver selection checklist,
a proper induction system and incentive schemes based on performance.” Building traction as an early-stage business has also been a challenge for Elie as it’s not easy to introduce a smart service and expect people to accept it straightaway. It’s been twice as difficult for the entrepreneur as he must convince both end-users and vendors to use his platform. “It hasn’t been an easy journey; we’ve faced difficulties in terms of the set-up cost, streamlining processes to offer a seamless client experience, recruitment and onboarding vendors. But, the benefits offset these challenges. There is a growing ecosystem within the region that supports SMEs through mentorship and incubation programmes.” Journey into the future Elie is now working on the release of the second version of his app. He also has plans to expand further across the UAE and tap into the KSA market. The entrepreneur believes that there is plenty of room for growth within this industry. “There is an overall 20 per cent expansion in the logistics industry in the coming
Established: May 2016
Employees: 12
Employees: 7 employees and 3 advisors Unique selling point: We’re offering a fleet management system on our backend to our business clients. Challenge takeaway: Whatever your mind can conceive, you should believe it so that you can achieve it.
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The biggest challenge for the company has been educating and training its drivers and helpers.
three to five years. We plan to seize the opportunity by introducing new verticals and improving our offer with additional value-added services.” For now, however, he’s focusing his energy on improving the customer experience. He believes that ultimately it is his ability to dream big for his customers that steers his business towards success. “We’ve witnessed a 200 per cent growth month-on-month in terms of revenue and we’ve grown from a team of 2 to 12 in less than a year. This is all because we’ve dared to dream big to transform the truck pickup industry for our clients. And, we will continue to envision how we can leverage tech advances to continue improving this mode of transportation. This industry is no longer about the physical cars or trucks, it’s about technology and that’s really exciting!”
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An app that uses dynamic pricing to boost restaurant sales As a fresh Mechanical Engineering Graduate from Texas A&M at Qatar, Hamza has little to no experience of operating within the F&B space. But, that doesn’t deter him from pursuing his dream and creating a business that he truly believes will help restaurants sell better. So, is he succeeding? We find out…
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n a clothing or electronics store, when retailers are left with excess inventory that they want to clear out it’s quite normal to see them offer serious price reductions or organise a clearance sale. So, why should it be any different for food outlets? This is exactly the question that Hamza Abdurrahman asked himself when he noticed the high levels of food wastage in restaurants and places around him. He wondered if restaurateurs would be able to clear out food faster if prices were slashed down at the end of the day. “I observed a problem around me and came up with a solution. The problem was that the buffet at our dorms was too expensive and the food they had for lunch or dinner used to be thrown out at the end of the mealtime. The solution seemed to be to sell the excess food at a reduced price at the end of the mealtime. I wanted to deploy a model that
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would enable F&B outlets to implement this,” remarks the young entrepreneur. To combat this market challenge, Hamza rounded up funding from close friends and family and start developing a mobile application called Kiwi (his company is called Halakiwi). The application’s purpose was to give leading restaurants a platform to feature their offers and discounts in a user-friendly manner. Simultaneously Hamza undertook market research to test the feasibility and receptiveness of his concept. “Market research is the most critical aspect of starting a business. The feedback we received from literally shaped our offering. We learnt that the problem we initially set out to solve i.e. tackle food wastage wasn’t the right way to approach outlets. Rather, the real-time functionality of our app could be better applied to offering dynamic prices
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Blockchain applications are going to be big and they are going to affect every industry including F&B.
Established: Febuary 2017 Employees: A team of 4: 2 Founders and 2 interns. Unique selling point: Get free vouchers to avail off-peak discounts from restaurants around you. Challenge takeaway: Being an entrepreneur isn’t as sexy as its portrayed. Most of the time you’re disheartened that you’re not achieving what you’d envisioned or that things aren’t going your way. You just got to keep going and have a strong belief in your vision!.
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for restaurants to increase sales during off-peak hours.” The app then shifted its core offer to “restaurants boosting sales during off-peak hours” by offering special discounts during those times. The app is completely free for users. Hamza believes that the time spent on making this change was worth the effort and resources. “We’re in a dense market segment: F&B apps. I think it’s very important to identify your market segment and ensure a solid product-market fit before execution,” he remarks. The realities of start-up life Hamza’s app is gaining traction – both in terms of restaurants and end-users. He currently has over 1500 users and is
successfully targeting communities like Dubai Academic City, Knowledge Village, Dubai Silicon Oasis and so on. “We love doing collaborations. Currently, we are working with student clubs in universities. We are always open to any offers for collaborations within our market space.” In terms of restaurants, Hamza celebrated signing his first paying restaurant in November 2017 and more recently signed Cha Cha Chai in December 2017. On the investment front, he has garnered interest from investors willing to invest in the team. But, Hamza is keen to bootstrap for another few months so he plans to hold out until he can get an investor familiar with the F&B market in the UAE; someone that can help open doors with bigger restaurant brands for Kiwi.
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IN A NUT SHELL Hamza’s story is a great example of how data-driven market research can help companies enhance their value proposition and gain more customer traction. Don’t be afraid to tweak your business model if the market demands it!
Even with all the positive advancements the start-up is enjoying, he’s still grappling with the realities of start-up life. Looking back at some of the hurdles he’s faced, Hamza shares: “We experienced communication problems with our tech partner and that increased our gestation time. It was unfortunate and easily avoidable if we’d taken time to draft a legitimate contract covering all the aspects of project completion. We also had a beta test executed in Sharjah. This brought to light plenty of operational problems with restaurants and it made me realise that our sales process was seriously flawed. We were talking to restaurants as though we were trying to sell them our idea. We learnt that the right way to talk to them is by showing them figures and projections of how their sales will
improve if they sign up with us. And, that made a lot of difference.” Of course, these challenges have made Hamza a hardened entrepreneur as today he finds himself better positioned to lead his start-up to new heights. “I’ve learned to always get any agreement on paper whether it is with your team, paying customers, users, or anyone else. Don’t take legal matters lightly. Always listen to your market, have an open mind and be ready to accept the fact that you may need to pivot or that your business plan if it’s not sustainable,” he advises. Onwards and upwards Hamza is now firmly focusing on the future of his app and is looking at ways to further his user base. “The short-term plan is to become
the number one F&B app for students. The long-term dream is to introduce this concept of dynamic pricing across other industries like groceries, cinemas and so on. The UAE is a big market that we want to focus on for right now. We are also considering emerging technologies keeping in mind the industry trends. Blockchain applications are going to be big and it’s going to affect every industry including F&B. 2016 was the year for AI and many apps already have some element of AI included in them even though the user may not always be aware. We would love to sign up a major fast-food chain like Burger King, Hardee’s, KFC, etc. If anyone is reading this from any of the major fast food brands (or any restaurant from university areas), please hit us up on contact@halakiwi.com,” beams the unstoppable entrepreneur.
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Dedicated to making a difference
Spandana Palaypu, Founder and CEO, ZoEasy, opens up about life as an entrepreneur.
SPANDANA PALAYPU FOUNDER AND CEO ZOEASY
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EDITOR’S PICKS 01. One of the biggest turning points in ZoEasy’s journey has been getting selected to be a part of 1776, Dubai Future Accelerator’s arm for early-stage businesses. 02. ZoEasy raised US$ 160,000 in a seed round from Idein Ventures (a Global VC Firm) and private investors, in September 2016.
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s much as we talk about technology revamping hiring and job hunting, there is still a segment that is heavily dependent on paperwork, referrals and conventional routes: blue-collar workers. “Most blue-collar workers migrate due to financial desperation and rely on a network of low qualified intermediaries (middle-men) who expose them to high costs, fraud and other illicit practices. By using technology to cut out middle-men, manage expectations and alleviate surprise factor, we can create a win-win situation and enhance the overall hiring experience for job seekers and employers,” remarks Spandana Palaypu. She is the Founder and CEO of UAEbased start-up ZoEasy, which is an online platform that matches blue collar job seekers with their ideal employers (and vice versa) in the most accurate, transparent and ethical manner. Since launching her business over a year ago, Spandana has managed to quickly set a strong foundation for her platform. She has developed a candidate base of 65,000, which she is now further classifying based on skills and psychometric testing. She also raised US$ 160,000 in a seed round from Idein Ventures (a Global VC Firm) and private investors, in September 2016. The first round of funding has been used for a variety of things such as team building, product development, business development, global market research and expansion etc. “Yes, we’re progressing at breakneck speed. This is one sector where possibilities are endless. The key driver is the vast scope of this subject, especially with regards to the geographic reach vis-a-vis the potential for educating and empowering blue collar job seekers. We’ve
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This is one sector where possibilities are endless. The key driver is the vast scope of this subject, especially with regards to the geographic reach vis-a-vis the potential for educating and empowering blue collar job seekers.
just completed a pilot but commercial operations are yet to take place. However, based on our results and the rate at which our database has expanded, the outcome is in line with our business plan and projections, which is 100 per cent year-onyear growth rate,” she says optimistically. Building a path to the future One of the biggest turning points in ZoEasy’s journey has been getting selected to be a part of 1776, Dubai Future Accelerator’s arm for early-stage businesses. “1776 has been a great platform for us in terms of access to mentors, investors and even potential clients. In fact, we are now preparing ourselves for Pre-Series A. Our team has grown to seven employees and three advisors. Due to the exposure we gained, we were able to invite the Chief Minister of Andhra Pradesh, India, to visit ZoEasy. He was very impressed with what we’re trying to achieve. We are now working on a Joint Action Plan with AP Govt. of enhancing
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the skills and placing 200 candidates to begin with.” This is just the beginning of Spandana’s plan to partner with key entities within the space. She is now focusing her energies on establishing partnerships with governments and skill development programmes across blue collar source regions such as Africa, South East Asia and the Indian Sub-Continent. She is also looking at conducting extensive market research on the host side (e.g. Rest of the GCC / Middle East, Singapore, Hong Kong etc.) for future expansion. “Exploring synergies with source country governments via their embassies and consulates to help out distressed migrant blue collar workers is our objective. I’m considering partnerships, mergers and acquisitions and am already in negotiations with two well established companies who provide specialist blue collar workers. I’m confident that this project will have a positive impact on a global level and the size and value potential of the market is huge. Trials and tests Managing blue collar workers is currently ZoEasy’s biggest challenge. “We want to make a difference. However, getting these job seekers to understand the concept can be a bit difficult as there has been no change in the system for decades. A lot of times, they tend to fall prey to unscrupulous agents even though we offer better alternatives as they simply haven’t heard of or are not used to such a method of working.” She adds: “It’s not negatively impacting us in any way, it’s just the time spent on each candidate is slightly more in the earlier stages. We have to constantly educate job seekers on the benefits that such a system could bring about, especially in finding a job with a better salary and a good working environment that suits their skills.”
Innovative solutions Spandana stands by the belief that being transparent from the get-go will help her get around most hurdles along the way. “By providing full transparency from the beginning, we are able to manage expectations and alleviate the surprise factor. We follow a strong training and reporting mechanism. We improve upon our SOPs on a regular basis and achieve our productivity goals based on the feedback we receive through this mechanism. Our mantra is engaging with blue collar workers in a short but effective manner. Blue collar workers tend to be chatty, and the time taken per candidate placement goes beyond a reasonably expected timeline. Considering the impact we wish to make on this section, it is a happy occupational hazard. Using technology to address this issue is on the cards. “ The good thing about the sector Spandana is operating in is that there is no specific platform which is exactly like hers giving her the competitive edge. Yes, there are similar ones, but not with the same offering. “Online talent platforms are mainly white collar focused hence, companies have to rely on offline agencies to fulfill their blue-collar requirements. By bringing in technology and managing expectations, we are able to enhance the overall hiring experience and make it convenient, accurate and transparent for blue collar job seekers and employers,” she highlights. On the horizon Spandana has set a target date and is now working backwards to achieve it. “Our aim is to positively impact 100,000 blue collar workers in five years. We’ll be starting off with GCC expansion followed by the rest of the Middle East and other advanced markets such as Singapore, Hong Kong, Canada etc. On the source side, we are already establishing networks with governments and skill development programs in Africa, South
Established: July 27, 2016
Employees: 7 employees and 3 advisors Year on year growth: 100% Unique selling point: Through technology, we manage expectations and alleviate surprise factor to create a win-win situation for blue collar job seekers and employers. Challenge takeaway: You can do anything you set your mind to!
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Considering Expo 2020 is coming up, there has been a tremendous growth in the number of blue collar job opportunities available.
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East Asia and the Indian Sub-Continent,” she shares. In terms of trends she foresees, she says, “Considering Expo 2020 is coming up, there has been a tremendous growth in the number of blue collar job opportunities available. There’s absolutely no technology involved in this sector at the moment, hopefully through our platform, it will be more tech driven with greater transparency especially for job
seekers and employers! Also, through tech implementation, we hope to see positive changes in regulatory frameworks (particularly in source countries) which focus on enhancing job creation within this sector rather than pre-empt or postmortem a problem.” “Just believe in your ideas and go with the flow! Stay positive no matter what comes your way, always listen to your well-wishers and remember to thank those who help you along the way.”
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CREATING COMPELLING CUSTOMER EXPERIENCES Joe Manuele, Group Executive, Customer Experience and Workplace Productivity, and Rob Allman, Group Senior Vice President, Customer Experience and Collaboration, Dimension Data, share their thoughts on the top customer experience trends to watch in the year ahead.
JOE MANUELE, DIMENSION DATA GROUP EXECUTIVE - CX AND COLLABORATION
ROB ALLMAN DIMENSION DATA’S GROUP COMMUNICATIONS PRINCIPLE DIRECTOR CONTACT CENTRES
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EDITOR’S PICKS 01. Providing a seamless customer experience means organisations must be able to react to communication that doesn’t fit into their traditional contact centre model. 02. The ongoing reduction of cost, and growth through digitisation is critical to remaining competitive.
Trend 1: The gap between leaders and laggards is widening In 2018, we foresee that the gap will widen between those organisations leading the transformation of their customer experience, and those that have fallen behind. Our 2017 Global Customer Experience Benchmarking Report reveals that many businesses are facing an ‘uncomfortable truth’ when it comes to the digital transformation of their customer experience. While the overwhelming majority (89 per cent) of organisations claim that this is critical to their survival and a top strategic priority, over half (51 per cent) of respondents are failing to act. In 2018, we expect to see massive growth among businesses that are aggressively executing a clear strategy. The outlook is less positive for those with organisational aspiration but poor execution. ϭϭ Does it have to be a radical overhaul of the business? It depends on how mature your current digital strategy is. If all you do is answer the phone, and your competitors have an active integrated social, digital, contact centre and physical capability, then you need a more radical transformation. It’s also important to look for ways to reduce costs, systems, and people. Be aggressive about retiring parts of your legacy capability so you can free up money to invest and enable your digital capability. Trend 2: Mastering the omnichannel experience remains an ongoing battle Today, businesses are supporting an average of nine customer contact channels to deliver a multichannel experience. We expect that to rise to 11 in the next six months or so. It’s therefore
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not surprising that delivering a seamless customer experience across all of these channels is an ongoing struggle for most organisations. Providing a seamless customer experience means organisations must be able to react to communication that doesn’t fit into their traditional contact centre model. When adopting a mobile-first strategy, businesses also need to consider whether their networks can support an increase in this kind of traffic. These channels need reliable and highly secure network connections. Another challenge is getting different channels to interact with one another. This is especially true for large, established incumbents that have not broken down operational silos across sales, marketing, and distribution. On the other hand, disruptive innovators have the benefit of being able to look at their customer experience strategy and supporting operating models as a greenfield, and apply ‘blue sky thinking’. They don’t have incumbent business or channel silos to break down. Trend 3: The rise of proactive customer experience – powered by IoT IoT allows contact centres to gather and analyse data from millions of transactions. We predict this will raise customers’ expectations to unprecedented levels in 2018. Organisations in the financial services, media and communication, and manufacturing industries are leading the charge, and we expect the trend towards what we call ‘proactive customer experience’ to accelerate. ϭϭ Intelligent appliances: Bosch have sensors embedded in their washers and dryers. These can alert the service centre when the appliance isn’t performing optimally, and
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Today, businesses are supporting an average of nine customer contact channels to deliver a multichannel experience.
they contact you via your preferred channel to say: ‘We’ve noticed there’s something wrong with your dryer. It’s still under warranty. Would you like us to send someone to fix it?’ In some instances, Bosch can even fix the problem remotely and notify you afterwards. This is the kind of proactive customer experience we can all start looking forward to as more organisations start embracing IoT. Trend 4: Machines are becoming partners rather than tools The ongoing reduction of cost, and growth through digitisation is critical to remaining competitive. Self-service, underpinned by artificial intelligence
is becoming the new normal. In 2018, we expect many organisations to continue looking to reduce the cost burden associated with their physical environments, such as high street offices, contact centres, and the agents who work there. Another challenge is the increasing number of contact centre channels. Agents are expected to perform more functions, but their tools haven’t evolved and many are complex to use. That’s not efficient for the business or rewarding for the agents. Our 2017 Customer Experience Benchmarking Report reveals that transaction complexity is contributing to absenteeism levels that are currently double those seen in 1997.
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eople and machines P will combine their respective strengths and compensate for one another’s limitations, ultimately enhancing the experience of the customer.
ϭϭ The hybrid workforce: We also
predict a shift toward implementing a ‘hybrid workforce’. In a hybrid workforce, people and machines combine strengths and compensate for one another’s limitations, enhancing the customer experience. We foresee a shift in 2018 towards agents performing higher value, more complex tasks, and increasing their focus on providing assisted service to more digitally primed selfservice channel engagements, where required. People and machines will combine their respective strengths and compensate for one another’s limitations, ultimately enhancing the experience of the customer. This approach is also important in ensuring that organisations can maintain a ‘human touch’ and move from the world of providing mass service to mass personalisation. There will be times when a robot simply can’t satisfy a customer. Automation, artificial intelligence, analytics and machine learning are some of the biggest channel investments that organisations will be making in the
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year ahead. But it’s important for businesses to ensure they have the digital infrastructure and strategy in place to support a hybrid workforce. Trend 5: Location-based mobile customer communication is driving competitive advantage We predict that increased use of wireless beacon technology will enable organisations to take customer experience to new heights in 2018. Beacon technology ─ a variation of Bluetooth – enables your mobile device to alert downloaded applications when you move into a certain area. It’s already being used extensively in the retail sector. It allows stores to track customers in realtime, and then push timely, personalised
messages and content to them. With beacon technology, the network becomes a tool that organisations can use to drive greater customer engagement and create more targeted marketing campaigns. However, to reap the true benefits of beacon technology, businesses need wellarchitected, stable wireless networks. There’s potential to use beacon technology in other industries, and we expect to see some interesting use cases emerge over the next 12 months. Hotels are already looking at using beacons to replace room keys, and airlines are using beacons to improve their interactions with passengers in airports. It’s also moving into the workplace where it’s improving employee communication and collaboration.
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D ISRUPTION O F EC O NOMIES ARE WE READY FOR IT? World-renowned business futurist Charlie Ang is known for his pragmatic views on technology and its impact on our lives. Here, he shares insights from his repository of data-driven research.
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EDITOR’S PICKS 01. Are we on the brink of a techno-economic revolution that will pit the industrial-age creations against an accelerating train of intelligence-based technologies? 02. In this new era, digital cognitivebased technologies, including artificial intelligence, smart robotics and autonomous vehicles, will power the intelligence economy.
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he world is at a strategic inflection point. Recent events point to the intense stress faced by the existing social-economic-political order. The global economic slowdown, environmental degradation, antiglobalisation rhetoric and rising populism in the West are symptoms that the current system is finally reaching its growth limits. Conversely, the advent of the sharing economy, meteoric boom of startup ecosystems, revitalised interest in space exploration, and technological advancements in recent times are positive indicators of a brave new world ahead. Are we on the brink of a techno-economic revolution that will pit the industrial-age creations against an accelerating train of intelligence-based technologies?
Where now, where next? World Economic Forum founder Klaus Schwab predicts that profound change is ahead of us: “In its scale, scope and complexity, what I consider to be the Fourth Industrial Revolution is unlike anything humankind has experienced before.” Silicon Valley-based Singularity University – a global community that inspire, educate and empower leaders to apply exponential technologies to solve humanity’s grand challenges – is founded on the belief that technology is accelerating the rate of change and propelling human progress towards take-off along the exponential curve. The first phase of the industrial revolution, which occurred between 1760 to 1820, give birth to the Mechanical Economy. Foundational inventions, such as the steam engine, mechanisation and locomotive, were pioneered. The second phase from 1870 to 1914 heralded the “true” Industrial Economy and was characterised by the combustion engine, electricity and steel. Similarly, in the modern era, the knowledge revolution has been unfolding in a two-stage fashion. The 1969 to 2015 period saw breakthroughs in computing, with the advent of the microprocessor, personal computer and Internet giving birth to the Information Economy. The next phase, or the Fourth Industrial Revolution is now upon us. In this new era, digital cognitive-based technologies, including artificial intelligence, smart robotics and autonomous vehicles, will power the intelligence economy. While the opening phases of the industrial and knowledge revolutions achieved only linear improvements to productivity, economic growth and societal change, the latter stages bend the gradual curve towards the exponential vertical. The leap from information economy to intelligence economy will flip the roles of workers and machines; from a system of workers as the primary operators of
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In this brave new world, age-old doctrines need to be re-examined and seemingly hypothetical questions require serious discourse.
machines that propel the economy, to an automated organism where machines are the new operators – albeit invented, engineered and optimised by innovators. Now Comes the Digital Disruption of Economies Disruptive innovations are much cheaper substitutes to existing products, methods or resources. Such innovations can cause the disruption of individual businesses, and the disruption of whole industries at the aggregate level. In extreme cases, national economies are next in line to be disrupted. For instance, advanced fracking was the disruptive technology that sparked the shale gas revolution, disrupting conventional energy companies and the oil and gas industry at large. Entire economies in oil and gas exporting countries have been disrupted, bringing oil prices down from US$130 (S$180) to the new normal of US$50 per barrel price. When prolonged, this economic disruption can cause painful
ramifications. Already, Venezuela, the country with most proven oil reserves, is confronted with severe political unrest, economic collapse and food shortages. In the next decade or so, I expect intelligent technologies to create the same domino effect on businesses, industries and economies, possibly on an even more epic proportion and widespread basis. Intelligent technologies will be a cheaper, and eventually better performing, substitute to human resources, threatening to disrupt trillion dollar industries and national economies. Ultimately, the underlying political systems, which are inherently “industrial”, would be severely undermined in the post-industrial age. Prospects of technological unemployment Many blue as well as white collar professionals will be affected by this “creative destruction” of jobs. At risk are not merely the millions of routine factory and
transportation jobs, but also “predictable” white collar work. A McKinsey Global Institute report estimated that automation of knowledge work will generate between US$5.2 trillion and US$6.7 trillion a year of economic impact in 2025. In its “Digital Disruption” paper, Citibank warned that the coming of the “Uber moment” in banking could eliminate 1.8 million or 30 per cent of total jobs in the United States and Europe between 2015 and 2025. In Asia’s AI Agenda survey by MIT Technology Review (Nov 2016), 71 per cent of senior human resource executives think that advancements in artificial intelligence and robotics will lead to substantial job losses over the next five years. Nascent industries and new occupations will blossom, but the new jobs are expected to be a fraction of those destroyed. Furthermore, new occupations usually require remarkably different skillsets and higher qualifications from those SME ADVISOR
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Nascent industries and new occupations will blossom, but the new jobs are expected to be a fraction of those destroyed.
which were automated. The fear is that under-qualified youth and rising numbers of the unemployed could become chronically unemployable. “Industrial” governments next at risk Today, many governments in the West are already grappling with myriad economic challenges, from deepening wealth disparity, burgeoning national debt, lacklustre job growth to ageing societies. Developing countries, on the other hand, are pre-occupied with uplifting their economies through industrial development, resources extraction and workforce education. Should technological unemployment ensue, many countries will be ill-prepared to withstand severe shocks to their political, economic and social realms. Tremendous and unrealistic pressure would be piled on governments to save the day. Imagine the political carnage, in say China, India or Indonesia, if millions of jobs in the factory or offshored back offices are eliminated in a flash. Or if advanced countries are battered by 30 per cent unemployment rate. Alibaba founder Jack Ma cautions that “In the next 30 years, the world will see much more pain than happiness. Social conflicts in the next three decades will have an impact on all sorts of industries and walks of life.” SME ADVISOR
Post-industrial, Post-capitalist In this brave new world, age-old doctrines need to be re-examined and seemingly hypothetical questions require serious discourse. As Al Gore puts it, “National policies, regional strategies, and longaccepted economic theories are now irrelevant to the new realities of our new hyper-connected, tightly integrated, highly interactive, and technologically revolutionised economy”. For instance, without a strong middle class, who will pay to consume goods and services? What is the risk to national stability when unemployment reaches chronic levels? How should governments overhaul their rigid political structures and even constitutions to administer their fractured countries? Would basic guaranteed income or negative income taxes become a necessary evil? In sum, how can we design a post-capitalist and post-industrial political, economic and social model that is fit for the new epoch? There are no quick and easy answers but it is crucial that we initiate global conversations, experiment with fresh ideas and ponder alternative systems to pre-empt the “black elephant” challenges brought about by intelligent technologies.
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Don’t fret – there’s an app for everything. We round-up some of the most creative (some a tad bit too creative) ones in the market over 2017.
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For your shopping. IKEA Place is IKEA’s new app that allows users to choose any product from their catalog and virtually place it within a space in their home or office. A 3D image of the furniture you select is placed where you point the camera on your device. What’s particularly impressive is that the image is true-to-scale and realistic, which is terrific to decide whether you want to make a purchase. This is probably one of the most refreshing apps of 2017, as it uses augmented reality to enhance user experience. As the app’s description very rightly remarks, “you can stop wondering and start doing”. The app is available for use on iOS devices.
For parents looking to monitor their child’s smartphone interaction. This was one of the most notable launches of 2017, Facebook’s Messenger Kids is an app that helps exercise better parental control in terms of messaging. It looks to solve one of the biggest issues that parents face when their kids access messaging channels online. Parents get to pre-approve a selective list of contacts and their kids can interact only with them. None of the messages can be deleted or cleared out from the app, which means parents can monitor chats if required. Finally, the Messenger doesn’t need to be linked to a Facebook account and is free to download. It is available on iOS devices.
To get smart about travel bookings
To help you with design dilemmas. How many times have you tried to amend a creative design only to realise that you don’t have the right font? Or, how many times do you come across a font that you like but can’t seem to identify what it’s called? WhatTheFont is the perfect solution. The app allows users to click a picture or upload the picture from your phone with the font you’d like to identify and it recognizes the font. Not only does it tell you about the font in the picture, it also shares similar matches and inspirations. So, obvious question: what happens when you post a picture with cursive writing? Well, the app has over 90% accuracy and it uses a deep learning algorithm to find the right font. The only time the app might not give you the right response is when you upload or click an image that’s in low quality. The app is free and is available on Android and iOS.
Yes, yet another travel app that claims to be doing things differently. But, hear us out. Introducing Hitlist, a travel app that focuses on your interests rather than travel dates or cheap options. The app is designed to appeal to travel junkies and those passionate about discovering new places. The way it works is that you enter the destination of your preference and the app crunches data to perfect your itinerary giving you the best possible options in terms of fares, hotels and things to do. So, the next time you start planning your trip and are looking for some adventure, try Hitlist. It’s available on Android and iOS.
To help you get organised Productivity apps are always a huge hit because users love a way to get organised and get things done with a few clicks. The latest app on the market is DropTask and it’s not your typical workflow app. It uses a visual, infographic style format to display your tasks. Think of a whiteboard, where you can add and drop different elements. This userfriendly format helps the app stand out from its rivals. The app also has standard features like a built-in calendar to manage schedules and messaging feature for one-on-one interaction. The app is available on Android, Windows and iOS devices.
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INVENTION OF THE MONTH: THE TASTY ONE TOP The concept: The product itself is beautifully designed: it’s a hexagonal shaped stove with a crystal glass surface that has sensors to track and monitor temperatures. It’s compact and has touch power control buttons. In terms of functionality, it does everything a stove can do like precision temperature cooking, sous vide, etc. It also has connectivity features like Bluetooth, app connectivity and an inbuilt thermometer to ensure certain foods are cooked at specific temperatures. Find out more at https://tastyshop.com/ collections/tasty-one-top.
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The challenge it addresses: For those that love tableside cooking, this is the perfect solution. But what really sets this product apart is that it connects with the popular food app Tasty and automatically adjusts cooking temperatures and setting to match the recipe you’ve selected! Not just that, it’ll even prompt you when to act according to your recipe instructions. So, if you need to stir, for instance, it tells you. It is truly ingenious because it makes cooking a very intuitive process and has cleverly integrated it with a mobile application.
Do you have an ingenious invention that you’d like to share with us? Tweet to us @SMEAdvisorME using #IngeniousInvention!
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