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Digital, Technology Force

65 percent of children entering primary school today will ultimately end up working in completely new job types that  don’t exist yet.   Technology is changing the way we live.
22 Apr 2017 11:00
Digital, Technology Force
Participants of Fiji Institute of Accountants congress at the Shangri-La’s Fijian Resort & Spa on Yanuca Island on Friday, April 21, 2017.

65 percent of children entering primary school today will ultimately end up working in completely new job types that  don’t exist yet.

 

Technology is changing the way we live. What does this mean to your business?

With the theme “Embracing the Fundamentals of Success”, the 45th Fiji Institute of Accountants (FIA) annual congress, which started yesterday,  gathered more than 400 accountants, business leaders and other invited people.

The programme started with an opening speech from FIA president, Jerome Kado, where he acknowledged all the participants and the major sponsors, Westpac and Vodafone.

Mr Kado is expecting feedback at the end of the event today.

He was followed by the chief financial officer, Westpac International, Rod Jackson on the major mega trend forces impacting the economy, politics, social and economic landscapes.

These include;

Technical breakthroughs;

Demographic and Social change;

Shift in global economic power; and

Climate change and resource scarcity.

 

Rapid Urbanisation

With digital and technology as one of the main forces, he said digital created enormous opportunities, challenges and risks in the business world.

With the introduction of social media and other digital platforms, it is now the way of living, he says.

From Fiji’s perspective on the applicability and adaptation of the global mega trends, managing director for FMF Foods Ltd, Ram Bajekal, shared his thoughts on how the issue that is now affecting Fiji can never be denied.

“Trends that are observed by means of data analysis and recognised by government that it’s really happening now. It’s not something that we can wish away or deny. The issue is,  how is Fiji coping and preparing for these trends because it will hit us,” he said.

He added data was now our new currency and new capital as a business person.

“It allows us to target our customers but how are we managing our data, how we using the digital revolution to enhance the business, how has it disrupted other businesses and how they are benefiting from it and how are we managing this,” Mr Bajekal said.

Digital revolution has its advantages and disadvantages in businesses and countries, but what’s important is how we manage it, he said.

He added from the employers’ point of view, digital revolution was causing a lot of threats, because of artificial intelligence which was threatening jobs. However, from the customers view, power of digital makes one feel equipped with better and accurate information sitting at their own comfort zones.

“Technology is meant to make our lives easier,” he said.

Mr Bajekal also elaborated on few other points which include;

Demographic and social change that is also contributing to the Mega trends; and

How Fiji can engage youths into occupations more rewarding.  What we need in our education system that would up-skill our youths of the future.

“65 percent of children entering primary school today will ultimately end up working in completely new job types that don’t exist yet,” he said.

Urbanisation

“How are we preparing for the massive influx of people moving from rural to urban areas in the next few years?

“How will we cope with the road infrastructure, water and electricity supply housing, sanitation, so we need to prepare ourselves for the challenges of urbanisation,” he said.

 

Climate Change

“Climate change is a pressing issue and it is important for us as we are a small country and most of our living is in coastal areas,” Mr Bajekal said.

Referring to our presidency for the COP23, he hopes that it would help to reverse some of trends that had happened.

Some of his suggestions were:

We need to maintain our food security serenity;

Retirement homes and villages and get the government of Australia and New Zealand to outsource our resources as we have 40 percent of our income depends on tourism; and

Make Vanua Levu a tourist destination, putting more resorts and attraction sites.

EDITED BY: IVAMERE NATARO

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