Culture of innovation critical for business moving into the next decade

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The co-founder of Rancard, Kofi Dadzie, has singled out a culture of innovation as vital for businesses looking to take advantage of trends that will shape businesses in the next decade.

Speaking on the topic, ‘Digital Economy; trends that will change your business in the next decade as part of this year’s Citi Business Festival on the Citi Breakfast Show, Mr. Dadzie said businesses that have thrived in recent years have exhibited an ability to take advantage of changes in their industries.

He cautioned that catching up when you have fallen behind the trends can be really difficult.

“Whether a business is big, medium or small, what is most critical is the culture of innovation because businesses that we perceive as big today or having become big started as small,” he said during the Citi Business Festival on-air series.

“At the heart of this is a culture of innovation or a culture that not only embraces change but harnesses change so that your business model is defined by change and innovation whether your focus is a particular area of trade and experience for your customers,” he explained.

Mr. Dadzie advised businesses to be mindful of the changes in their respective industries which are expected to come as the years go by.

“What is fundamental about this trend of change; the rate of introduction and adoption of significant new technologies that disrupt former ways of doing businesses, former ways of organsing markets, formers ways of engaging markets [is going to happen at an increased pace].”

In all, the key points that businesses must be mindful of in the next decade are connectedness, increased communication, and increased change, according to Mr. Dadzie.

This year’s edition is hinged on five thematic areas, namely:

Week 1: Digital Economy – Building a cashless society and the opportunities for business and job creation.

Week 2: Doing business in Ghana.

Week 3: AgriBusiness – Feeding Ghana with a sound import substitution strategy.

Week 4: Trade –  AfCFTA: Opportunities for investment & Job creation in Ghana.

Week 5: Oil and Gas  – The opportunities for indigenous businesses.

The week one conversation on the ‘Digital Economy – Building a cashless society and the opportunities for business and job creation, has been concluded to make way for the next topic.

There will be virtual business fora live on Citi TV every Tuesday from 11:00 am to 1:00 pm for the entire month.

The weekly radio on-air series on the Citi Breakfast Show is themed to correspond with the virtual fora.

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