04 June 2015, Lagos – A study has put a monetary value to sustainable innovations as well as new opportunities in Africa, stating that the continent can deliver $350 billion per year in extra revenue and cost savings.
Global management consulting company, Accenture and a voluntary coalition of South African and multinational companies known as the National Business Initiative (NBI) Wednesday released the report on the continent titled:
“Reimagining Africa’s Future: A Blueprint for Sustainable Business in Africa” at the ongoing World Economic Forum (WEF) in Cape Town, South Africa.
Accenture and the NBI together with African and global business leaders from across the continent, partnered to develop this innovative new study with the aim of helping businesses operating in Africa to identify and deliver key innovation opportunities to build a more sustainable future.
The report, according to a statement was based on consultations with over 70 CEOs and world business leaders from Africa’s leading companies, and suggests that scaling innovations in four categories – new consumption opportunities, collaborative operating models, resource efficiency, and trust through transparency – can help drive development across the continent.
The report offers a blueprint for unlocking these high-value opportunities, advising companies to focus on three key transformation steps.
“Firstly, crafting a corporate strategy that drives clear business and stakeholder value based on information from the field. Next, evaluating the internal organisational requirements to deliver new sources of revenue, as well as the external and internal specifics of establishing an operating model to deliver shared value. Lastly, delivering on the strategy—systematically transforming their supply chain, operations and products and services,” it added.
Three business leaders were selected as‘Champions’ to spearhead the initiative study based on their commitment and significant contribution towards sustainable business practices across Africa. They were the President of the Nigerian Stock Exchange (NSE),Aigboje Aig-Imoukhuede; Chief Executive Officer of Safaricom Limited,Robert Collymore; and Chief Executive Officer of FirstRand Limited,SizweNxasana.
Speaking on the launch Aig-Imoukhuede stated: “We need a new era of enlightened leadership. We must ensure we are delivering much more than just profits – we have to actively improve people’s lives.”
He further stated that: “Business is not just about market share or market capitalisation – it is about creating a better future. It’s clear we have to work together on sustainability to make this happen.”
*Obinna Chima – Thisday