Managing Director at global consulting firm Kearney Africa, Theo Sibiya, says the improvement of technology infrastructure in the South African business sector could attract investment.
He says South Africa can also attract skills and talent that could be applied in businesses around the world.
“We’re seeing a significant rise in that and there’s an opportunity, both to leverage that in terms of tourism but also in terms of creating work opportunities,” says Sibiya.
Kearney Africa’s Year-ahead Predictions 2021 research paper suggests that effective trend forecasting might be essential for businesses amid the COVID-19 pandemic.
According to the study, the 5 key trends to look out for are:
- Localisation of global value chains will accelerate
- Green hydrogen projects will increase rapidly
- Rising food insecurity will lead to increased investment in agricultural and food tech
- The number of digital nomads will rise as remote work continues
- The battle over misinformation will intensify
Adapting to changes affecting businesses
According to the study, forecasted business opportunities will emerge in multiple industries, including the agricultural sector.
Sibiya says the agricultural sector is one of the industries that will have more business opportunities emerging, as the continued focus on food security is a key trend.
“Africa is blessed with tracts and tracts of arable land that could be used to produce not only for the African continent, but to be a major supplier of food for the rest of the world,” adds Sibiya.
Sibiya says businesses should consider alternative solutions that can be adapted to the current changing environment.
“What we’re seeing is a world that is in a state of reassessing what the norm is, everyone talks about ‘the new normal’. We are saying, there is no real ‘new normal’ but a ‘normal’. What that looks like is having a plan, being aware of the key trends as we’ve identified but also being more flexible,” says Sibiya.
Sibiya breaks down some of the biggest business trends to look out for in 2021:
