Your business generates a lot of data from both internal and external sources. Unfortunately, most of this data is noise if it is not analysed into insights to inform your leadership decisions. Big Data Technologies, advanced analytical models and computational methods have helped many organisations uncover inefficiencies and internal bottlenecks to growth. Take a case of Umeme, one of the key players in Uganda’s Electricity Supply Industry. Any electricity transmission and distribution company across the continent, can save money, reduce risk, and improve the reliability of critical assets while reducing both technical and operational losses through leveraging on enterprise data…
The size of Uganda’s banking sector, 2020
The banking sector in Uganda has seen steady progress over the years. In 2003, there were 14 commercial banks with a total asset base of Ugx 5.116 trillion, representing average assets per regulated bank of Ugx. 0.37 trillion. By the end of the year 2019, the sector’s total assets had risen to Ugx. 33.380 trillion, representing average total assets per regulated bank of Ugx. 1.28 trillion, representing a percentage asset base growth of 251% over the 16 years. Afriland First Bank from Cameroon also joined the financial sector to increase the number of regulated commercial banks in the country. The…
What is risk management in simple terms?
Risk management is not just about preventing surprises or bad things from happening. It has a lot to do with innovation. If your risk management department does not provide you with insights to improve your business, it is high time you changed the staff. According to ISO 31000:2018, risk management is the impact of uncertainty on corporate objectives. This means, if you do not have any set objectives, you cannot experience risk. The starting point in the risk management process is to define the organisation objectives: what are your objectives at risk? Let us take a simple example of a…
What is the relationship between risk management and innovation?
How does risk management help with innovation? To understand the relationship, study the pictures below and answer the questions that follow: Picture 1: T Model risks Name the four risks present in the T-model above? What risks do you see? Of course, you may have noted weak frame, the car cannot run fast as it could skid, passengers are not safe due to weather vagaries, and poor navigation, etc. Taken together, those risks make it risky to move in the car. Something must be done. And that is where innovation comes about. Now study the next car: Picture 2: New…
Winning with a digital strategy: welcome to Bank 5.0, part 1
The coronavirus pandemic has created a sense of urgency for the digital bank. In this coronavirus times, banks are now talking about the bank 5.0 to mean a bank of the future that is highly advanced and sophisticated when it comes to anticipating and meeting customer needs. However, to win with the digital agenda, automation must be at the core of the entire banking ecosystem. In these three-part digital series, Mustapha B Mugisa, Mr Strategy explores, bank 5.0 – a digital bank of the future. An advanced digital bank keeps customers away from the banking hall. That is the kind…
How can I fire my business partner?
I have a business partner. But we do not have any legal agreements binding us. How do I fire him or her? Never again enter into any business relationship without a legal agreement. Without one, the presumption is that you had one. Because it is your word, against theirs. A good agreement provides for entry, expectations from either side (objectives of the partnership), exit conditions, and redress in case of any disagreement. Without an agreement, review the value addition of your partner. Are you tired of him or her due to poor performance or no effort at all? Have they…
