Page 57 - IRMSA Risk Report 2021

HEAD OF THE FORENSICS TECHNOLOGY SOLUTIONS DIVISION
PWC
JUNAID

AMRA

EXPERT OPINION

For businesses, the opportunity exists to accelerate a 5 years.
transformation towards digital operating models, while
enhancing productivity. When it comes to the Fourth The following transformative technologies have been
Industrial Revolution (4IR), technology has demonstrably identified:
helped societies manage the Covid-19 crisis and provided 1. Artificial Intelligence (AI): The use of AI is gaining
a window into the benefit of technology-enhanced ways of momentum. This will accelerate as the technology
learning, working and producing – from telemedicine and matures and the use-cases become better defined.
logistics to the knowledge economy. There is potential For example, PwC is already leveraging AI technology
for a new era of innovation, growth and enhanced to speed up investigations through the use of
technology in the service of governance, environmental natural language processing on unstructured data.
and sustainability (GES) goals. 2. Augmented Reality (AR): Augmenting a virtual world
into the real world.
Although lockdown has had economically destructive 3. Block chain: Block chain creates trust because it
effects, it has also had some positive effects. These represents a shared record of the truth. Trusted
include: data will help power other new technologies to
Fuelling the tech-enabled, contact-free economy (including dramatically increase efficiency, transparency and
telemedicine, online retail, and social-distancing delivery confidence.
and logistics, which promise to boost employment in 4. Internet of Things (IoT): IoT is moving towards more
certain areas and sectors); changing mindsets and intelligent devices – not just passive monitoring but
making remote working acceptable, thus widening the also performing actions based on what the sensors
net of available resources and roping in those who or devices might be detecting. An example in the
previously may have been precluded from employment mining industry: sensors that can be used to detect
based on their geography; prompting businesses to air quality or even ground stability.
repurpose their industries (for example: producing PPEs/ 5. 3D printing: Due to the advancements in 3D printing,
ventilators) and adopt new technologies such as 3D the manufacturing industry will be revolutionised.
printing; accelerating technologies such as AI, drones, This presents a cyber risk whereby organisations’ IP
robotics and genetic engineering to enhance productivity and schematics become critical and will be targeted
and competitiveness; fast-tracking the implementation of by attackers due to the ease of production.
online learning portals and creating the opportunity for 6. Virtual Reality (VR): Creating a simulated experience
home-based learning across all societal levels. in a virtual world. For example: organisations
simulating disasters using VR glasses, to show
As a developing nation, we can leverage off developed employees how to react in a real disaster.
nations and avoid incurring huge R&D costs and/or trial- 7. Robotics: There are huge advances in the building of
and-error costs. We can also deploy the latest technologies robots, with hydraulics being replaced with synthetic
without being tied down by legacy technology. Some materials that look and feel like human tissue.
of the challenges preventing South Africa from taking 8. Drone Technology: Drones are unmanned vehicles.
advantage of these advances include: This includes flying drones, terrestrial drones or
• Digital spectrum allocation delays and indecision. even submersibles that can be remotely controlled
Infrastructure is indeed the cornerstone of modern or fly autonomously following embedded route plans
society, consisting of a grid-like network of roads, rail, (working in conjunction with onboard sensors and
water supply, electrical grids, the built environment GPS). From surveillance to distribution, the uses for
and digital networks. such technology are endless.
• High input costs (electricity; water supply and
availability; transport and logistics). Businesses are starting to use a combination of these
• Skills deficit/mismatch, which constrains the country’s technologies to fast-track business transformation.
industrial development. Refining problem-solving skills, deepening computational
• “Red tape”, limited incentives and seed capital to abilities, thinking systematically and, most importantly,
assist entrepreneurs in starting new businesses. mastering the social world are critical to succeeding in
the 4IR.
PwC recently analysed the top 250 emerging technologies
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and have compiled a list of 8 technologies believed to be
! the most transformative to organisations in the next 3 to

Sources: Communication and Digital Technologies Notice-591
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