How can we become a Digital Country?
Our most interesting challenge is the digitization/digitalization and digital transformation of Pakistan! People often confuse these terms, treating them as interchangeable. In reality, each has a distinct meaning.
“Digitization” essentially is taking analog information and encoding it into zeroes and ones so that computers can store, process, and transmit such information. Digitization is the process of changing from analog to digital form. It’s the information that’s being digitized, not the processes! (Gartner’s Glossary). Most organizations in Pakistan, including banks and telco operators, are at this stage despite claims to the contrary.
“Digitalization” is the process of employing digital technologies and information to transform business operations. Automation is a major part of the digitalization story, shifting work roles and transforming business processes. The acquisition of digital skills is now an essential prerequisite for individuals, industry, the bureaucracy, and the judiciary. Digitalization is a profound transformation! When a bank reinvents its on-boarding process for clients, the results include dramatically reduced costs and a market-beating customer experience!
“Digital transformation” is quite distinct from digitalization. An organization may undertake a series of digitalization projects, ranging from automating processes to retraining workers. Those who believe that there is nothing more to digital transformation than digitalization are making a profound strategic mistake. Digital transformation requires the organization to deal with change overall – making it a core competency as the enterprise becomes customer-driven end-to-end. Digitization and digitalization are essentially about technology. Digital transformation is about the mindset, the customer, and the customer experience!
(Jason Bloomberg – Forbes / Brookings Report)
The real opportunity is creating and ensuring a digitally enabled society! The big opportunity is imparting real knowledge, real information, meaningful and constructive education, and real skills! It’s about bringing meaningful content and services for the benefit of the entire population, such as HealthTech, AgriTech, WeatherApps to assist in AgriTech, FinTech, eCommerce, and most of all EdTech – online education for all!
Why do businesses fail in the early stages in Pakistan?
Business failure stems primarily from a lack of clear vision, poor and indecisive leadership, failure to innovate, financial mismanagement, and failure to adapt to change. What is required is agility, foresight, and a constant focus on innovation and customer satisfaction. Companies need to be prepared to pivot and do it fast!
Without clear, long-term goals, teams drift aimlessly. Often, people are looking busy, posturing, marketing, and branding with nothing of underlying substance. In a world that is changing at warp speed, a clear strategic vision is crucial for staying ahead of the competition and the environment! Effective execution of that vision is critical!
Leadership is not bestowed upon a person just because his or her business card has the title of CEO or a C-level position. Leadership comes from leading by example, by a confident and disciplined individual making decisions based on facts and common sense and aligned with the vision. Indecisive leaders will lead to a business’s downfall. There are so many businesses with leaders lacking the necessary skills to survive change. The worst is leadership deciding they know it all and can do everything in-house!
Sound financial management is also critical. It is vital to have good financial knowledge and awareness. Poor investment decisions, sometimes driven purely by a whim with the desire to grab headlines, can lead to financial disaster. Prudent financial planning will distinguish a thriving business from a struggling one.
The only companies that will survive intense competition are the ones that recognize that it’s the customer who pays their salaries! Ignoring customer needs leads to disaster!
Are you satisfied with the current educational system? What changes do you suggest?
Our current education system is not creating a workforce pipeline to take advantage of the global shifts! Our current education system is rooted in colonial times. The de-facto madrassah system is the other alternative. In terms of technology, we have made some great leaps forward in the last 20 years with connectivity and data in the last 7/8 years. We have a proliferation of startups and technology entrepreneurs and now VCs. Some bright young people are stepping out of colleges and seeking opportunity, but in the long term, we are simply not prepared!
Major surgery is required to re-engineer the entire educational system, both in Government and the Private Sector. We need more Government incentives for investment rather than enforced caps on school fees! Technology education needs to be introduced from the primary level. Technology-based vocational training is critical. Initiatives like e-Learning, m-Learning, Digi Skills are great – we need lots more! We desperately need technology initiatives on a war footing – immediately and nationwide! The current spend of 2.2% of GDP on education needs to be urgently rethought in significant terms! We need to declare a national emergency in our education system!
