Why women entrepreneurs should embrace technological innovations

As technology advances, conversations around the opportunities and risks posed by automation and digitisation on the future of work especially among women entrepreneurs have inevitably increased.
Women entrepreneurs including those in farming have been urged to embrace innovative technologies. / File
Women entrepreneurs including those in farming have been urged to embrace innovative technologies. / File

As technology advances, conversations around the opportunities and risks posed by automation and digitisation on the future of work especially among women entrepreneurs have inevitably increased. It’s unbelievable to think that twenty years ago, the flexible work structures, environments, work life balance and various roles that have become fundamental to running many businesses with the help of technology did not exist.

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Nibaruta Mahoro

As technology pushes many entrepreneurs and start-ups towards a future of increased automation and productivity, we also face the impending reality of jobs disappearing.

And with such high losses, it’s understandable why so many people are terrified of the future of work. But in between the panic, it also presents an opportunity.

So how will these changes affect women in business?

The more visible effects would be summarized as loss of jobs, creating successful entrepreneurs and digital nomadism.

Women are likely to lose more jobs than men as we move towards a future of increased automation.

Roles in office and administration are most at risk of disappearing in the near future and all of which tend to have higher proportions of women.

“If the current trajectory continues, women could face 3 million job losses globally and only half a million gains.

That’s more than five jobs lost for every job gained. We may be heading towards an even bigger gender gap” once said Mara Swan of Manpower Group.

We also know that women entrepreneurs are more successful and ambitious, according to a 2016 BNP Paribas Global Entrepreneur Report.

Where 90% of the female entrepreneurs who took part in the survey expected to see an increase in profits within the next year and were reporting higher revenues than their male counterparts.

Therefore to survive as a woman in business you will have to innovate and embrace technology to become more competitive and relevant.

For example the women entrepreneurs must tap into digitalization to be able to enjoy a reduction in the cost of doing business but also   expand market share.

By sharpening their digital skills and data literacy education, women in business are poised to become more profitable in what has rather become a competitive globalized trade.

The writer is a senior tax advisor at KPMG.

The views expressed here are personal and do not represent views and opinions of KPMG.

 

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