e4<\/a>, says he\u2019s seen many businesses using this slower time to find ways to stand out amongst competitors \u2013 and it will pay off in the long term. \u201cSlow economic growth is currently a global phenomenon, which has had a massive impact on profits and losses, putting discretionary spend on the back burner. So, we\u2019ve been in talks with many of our clients about embedding technology into their environment to either optimise their digital ecosystems or improve operational efficiencies to create unique selling points.\u201d<\/p>\n\n
Some have looked to improve customer onboarding, for example, to reduce their costs to acquire customers and to then improve customer retention. Others have opted to reduce manual processes to improve turn-around times and customer experiences, he says. \u201cWhatever pathway they choose, smart business leaders are working on market differentiation and optimised expenditure to ensure growth \u2013 now and into the future – in a contracted economy.\u201d<\/p>\n
\n
At e4, this way of thinking has led to some exciting new avenues. With over 20 years\u2019 experience in proptech and consumer finance, e4 is now piloting use cases of its products in the investment space. \u201cWe want to build a platform to remove the reliance on paper and reduce lead times for investment portfolio transfers,\u201d explains Phillips. \u201cWe\u2019re also working with large fund administrators to improve the way they measure, monitor and report on impact investments, particularly addressing unemployment, and skills development. Ultimately, this will ensure more effective use of South Africans\u2019 tax money, bettering the country at large.\u201d<\/p>\n
\n
The company has also branched out abroad, repurposing and expanding on its intellectual property to solve property challenges in the UK, he says. \u201cWhile the two home buying ecosystems (in SA and the UK) are similar in many ways, there are a lot of nuances that distinguish them. In South Africa, we were instrumental in digitising the back end of several processes, while in the UK, the focus historically was more on digitising the identification of asset and homebuyer. We\u2019re now looking to solve specific bottlenecks and blind spots in the home buying fulfilment process, with a land-and-expand mindset. As we become embedded in the UK ecosystem, we\u2019ll explore other avenues where we can add value there. We already have a 20-year track record of solving similar challenges in other markets, and a wealth of experience to draw from.\u201d<\/p>\n
\n
One of e4\u2019s key strategies going forward is also to gain market share in the local conveyancing industry \u2013 again, building on its existing strengths but targeting a new market. Says Phillips: \u201cWe\u2019ve done a lot of research and allocated significant investment to build on our existing offering and develop a market-leading technology product in the conveyancing arena. Because of our dominant footprint in the banking industry, we can provide insights to conveyancers about banks\u2019 digital journeys so they can align their processes and procedures to walk in tandem with the banks and never get left behind.<\/p>\n
\n
This will improve their standing on the banks\u2019 panel of approved attorneys, driving better transaction volumes. We also view every firm as a key partner, working closely with them to determine what their ideal solution looks like. For some, it means very little tech capabilities and simply optimising turnaround times. For others, it could mean removing the friction of switching technologies, such as assistance with effective training. We can glean incredible insights into a firm\u2019s processes to improve procedures and timeframes \u2013 ultimately improving revenue.\u201d<\/p>\n
\n
While it may be tough going\u00a0for a while to come<\/a>, forward-thinking companies can ensure that they\u2019re ready for an economic upturn, says Phillips. \u201cUse this downtime wisely to think of ways to improve processes and efficiencies and create new business avenues \u2013 and to capitalise on existing revenue streams when the time comes.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"With interest rates at their highest\u00a0in over a decade, South African businesses and consumers have certainly been through the wringer. But this has also led to some creative thinking that could reap benefits for years to come. Grant Phillips, Group CEO at digital transformation specialists\u00a0e4, says he\u2019s seen many businesses using this slower time to […]<\/p>\n","protected":false},"author":1,"featured_media":14368,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-14367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/14367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/comments?post=14367"}],"version-history":[{"count":0,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/14367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media\/14368"}],"wp:attachment":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media?parent=14367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/categories?post=14367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/tags?post=14367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}