Connect with us

Finance

Wema, Access, Flutterwave, others win Accenture Nigeria Innovation index 2018

Published

5 years ago

on

In today’s highly competitive markets, innovation is critical for competitive advantage.

Ideas are the new currency, but having good ideas is not enough, said Accenture Nigeria as outliners for its 2018 Nigeria Innovation Index were unveiled.

Organisations who will retain and grow market share are those who generate better ideas and implement these ideas at a faster pace, Accenture reiterated.

Against the backdrop of disruption, driven by digital, only organisations that seamlessly integrate innovation into everything they do will achieve sustainable growth and retain competitive advantage.

Banks and Fintechs participated in the maiden Accenture Nigeria Innovation Index, providing insight on how they leverage innovation to stabilize and drive growth for maximum benefit.

“On average, organizations invest 35 percent of annual revenues in innovation and realise a 40.5 percent return.

However, a few outliers invest 22 percent of revenues and achieve returns of 61 percent – 1.5x the market average” said Accenture Nigeria Country Managing Director, Niyi Yusuf.

“We are calling these organizations Innovation Leaders. As we dug deeper to understand what they do differently to achieve such returns on their innovations, a number of key themes stood out as differentiating factors. Strategy, Innovative Culture, Talent, Collaboration, Business Intelligence and Digital; Innovation Leaders scored significantly higher across these areas than other organizations,” he further explained.

Leadership make significant investments in innovation strategy and lay a solid foundation for a high performing innovation culture, ensuring a steady flow of ideas from an engaged workforce.

“Innovation Leaders prioritise projects, foster a strong collaboration culture central to their innovation strategy, use digital as a business enabler and revenue generator, leverage the power of ecosystems to gather intelligence and apply insights that help them differentiate offerings in the market.” said the Managing Director – Financial Services at Accenture Nigeria Toluwaleke Adenmosun.

The Index indicates that Innovation Leaders are cultivating their people to be innovative – encouraging employees to share ideas openly and promoting the use of interactive tools and digital platforms for collaboration.

95 percent of Innovation Leaders are giving more control to their employees to ideate and offer strong incentives as a reward for innovative ideas.

Rewards include: opportunities to collaborate with different business units, professional development, varied work assignments, personal recognition and financial grants.

Only 56 percent of all organisations recruit new people with specific skill sets to support innovation-related activities, versus 100 percent of Innovation Leaders.

Another differentiating theme is collaboration, the ability to break down silos and collaborate within and outside the organization gives Innovation Leaders a distinct edge in ensuring long-term success.

13 banks and 17 Fintechs participated. Table by TechEconomy.ng.

There is a stark contrast in how Innovations Leaders and the rest of organizations generate ideas.

“100 percent of Innovation Leaders make use of dedicated multi-functional innovation teams as well as external platforms and channels to generate new ideas compared to 28 percent of other organizations. Innovation Leaders clearly see opportunities in leveraging the broader ecosystem: 85 percent look to academia, clients, customers and suppliers to crowdsource information to innovate,” said Adenmosun.

Innovation Leaders leverage Business Intelligence and Analytics to drive their innovation agenda.

The explosion of data and, importantly, analytical solutions to help make sense of the data, has significantly improved how organizations make decisions; enabling them to approach opportunities, risks, partnerships, and customers differently – with foresight not previously available. 70 percent of Innovation Leaders (others 14 percent) emphasize Business Intelligence and Analytics.

Complementary use of traditional data-gathering methods and newer digital platforms provided the opportunity to tap into big data and social media channels to stay in touch with market perceptions, see what competitors are doing, generate ideas and react with precision.

Digital technologies are adopted by Innovation Leaders to drive efficiencies and operational excellence.

All Index participants indicate that Innovation investments focus on business improvements, especially process modification and/or automation (100 percent).

Organizations are beginning to weave innovation into the fabric of how they think and serve customers; focusing on improving existing products, adding new products to their portfolio and delivering a positive end-to-end customer experience which translate into significant cost efficiencies.

Digital capabilities are a competitive advantage for optimizing customer value.

By investing in digital, Innovation Leaders improve their cost-to-serve and response times to customers.

These organisations use digital technologies: social media for product and service promotion and technology apps to improve service delivery and, ultimately, customer satisfaction.

“Innovation is a foundation for growth and business sustainability in a digital era, so getting the right people, business, technology and innovation structures in place is vital. Nigerian Banks and Fintechs are on the right path”, said Adenmosun.

The Innovation Index provides some insight into how organizations in the Banking sector are building strong innovation engines by investing in innovative skills, fostering a collaborative culture, leveraging digital technologies and tools, encouraging open idea-sharing and measuring impact.

The journey to turn ideas into solutions with wider economic and social impact is a dynamic one.

Organisations need to mature progressively across the Innovation Value Chain – creatively strategize, openly ideate, deeply absorb, successfully execute and continuously measure success.

Accenture winners

Representatives of the winners

“It is my hope that Accenture can partner with Banks and Fintech companies to drive their innovation agenda and engage strongly with their customers – re-imagining the future and bringing it to life” said Adenmosun.

Related Topics:

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

Continue Reading

Finance

AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC

Published

8 hours ago

on

April 27, 2024

By

The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid by the immediate past governor of Kogi state, Yahaya Bello, for his children attending the school.

In response to a letter addressed to the Lagos zonal commander of the EFCC, the school said $845,852 was paid in tuition “since the 7th of September 2021 to date”.

AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.

“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.

Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty-Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.

We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).

No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”

In a chat with The Cable, the spokesperson of the EFCC, Dele Oyewale, confirmed that the school has refunded the money.

‘’The money has been paid into public account,” Dele Oyewale was quoted as saying

Continue Reading

Finance

Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge

Published

4 days ago

on

April 23, 2024

By

The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.

EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.

EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu

Counts one to four of the charge, read,

“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

This and three other charges were stated against him. They read;

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

Continue Reading

Finance

Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him

Published

1 week ago

on

April 19, 2024

By

The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.

The order for the withdrawal was contained in a police wireless message. The document with reference number:

“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.

Please, above, for your information and strict compliance.”

Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.

This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.

From EFCC

In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.

From National Immigration Office

And read;

“I am directed to inform you that the above-named person has been placed on the watch list.

Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.

Continue Reading

Trending