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Excelling by numbers

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Ever wondered how psychics seem to ‘know’ quite a lot about their clients? I was watching one video the other day on You Tube. It was about one psychic who was predicting peoples’ futures. After watching it, I was very intrigued; not because of the fact that the people confirmed the predictions to be true afterwards, but because of the ‘method’ he used to make those predictions.

I likened the method to what is called predictive analytics, also known as advanced analytics.Predictive analytics is using new and historical data to forecast activity, behaviour and trends. It is just a matter of making great hypothesis by using algorithms combined with past events, situations etc. There are variables that can be measured and analysed to predict the behaviour of an individual, a group of people or how a product or service is going to perform in the market.
Some businesses have seen this to be the future solution to transcending through the margins of meeting market needs and saving the business from producing or rendering a service that may not be needed.

Let us look at a simple example. Let us say a gym has implemented a predictive analytic model for the business as a result of the fact that it is difficult to predict whether clients would renew and pay for their membership especially if they have the choice to suspend it for a period of time. By using the model, the system might predict that a certain individual(s) may not renew their membership. This prediction is due to the historical data and it gives the owner of the gym an idea of a possible loss in which a remedy can be formulated before the damage is done. For instance, an incentive may be offered to these particular individuals in an attempt to make them continue their membership, but not coercing them into it.

As a leader, you can also use this method to retain your staff. Let us say that there is an employee who is hardworking but is sort of ‘neglected’ (and most of the time not intentionally). They are given almost each and every problem to solve and it seems like the weight of the company is on their shoulders, but still they never disappoint to deliver. They seem loyal and there is nothing suggesting that they are looking for a different job, except their CV shows that they have never worked for more than two years in any one of the companies they have worked for previously.

The particular employee has been with the current employer for three years now and has recently started to further his studies. With this trend, a predictive model can predict the outcome from this particular situation and give HR enough time to react accordingly. This can save businesses on losing very essential resources. Have the ability to anticipate and drive better business outcomes. Become a decisive competitive factor in your industry.

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Matambo calls on financial sector to pick GDP

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Finance Minister, kenneth Matambo

Finance Minister Kenneth Matambo has announced that government is committed to support financial service sector to prop up the country’s Gross Domestic Product (GDP).

Currently contributing over 13 percent to GDP, Matambo said the sector has potential to increase its share. “Hence government’s interest in the sector,” said Matambo addressing delegates at the inaugural Botswana Insurance Holdings Limited (BIHL), Global Financial Summit.

The country has built a strong, resilient and fast growing financial sector underpinned by a robust regulatory framework. The finance minister who is expected to step down next year, noted that government’s commitment to the financial service sector has this year been buttressed by a number of laws passed in July relating to money laundering activities.

In addition, Matambo said the continued investment in the development of information, communication and technologies (ICTs) backbone infrastructure is also to support local banks’ rising appetite for online services.

The Minister said the country remains committed to maintaining micro-economic stability to spur private sector participation in the economy. “Our vision is to become a high income country by 2036,” said Matambo, challenging the private sector to step forward and help government to develop the country, bemoaning the low levels of financial inclusion and shallow domestic capital markets.

He said the private sector should come up with more initiatives to develop further the local capital markets. The Minister’s sentiments were also shared by Martin Davies, Managing Director for Emerging Markets and Africa at Deloitte who has challenged the country to start dealing with its low manufacturing value add.

“How do we start to diversify beyond the single commodity economy,” quizzed Davies, adding that manufacturing increase is vital for low inequality across the country.

“Inequality results in bad public policy, as the state starts to believe and think they have to intervene more,” said Davies, highlighting that the country needs to move away from the absolute concept of state drive growth. Meanwhile, minister Matambo has applauded the private sector for leading economic dialogue in the country through events such as the BIHL Global Finance Summit.

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First Lady advises women entrepreneurs

Keikantse Lesemela

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First lady, Neo Masisi

First Lady, Neo Masisi has urged women entrepreneurs to bring change in the economic development of the country and the rest of Africa.

Speaking during the Lioness Lean in Africa breakfast on Friday, Masisi said women entrepreneurs are remarkable engines of economic growth and job creation. “I believe women entrepreneurs hold incredible potential and credentials on the continent because Africa has the highest percentage of women entrepreneurs in the world.

It is projected that millions of much needed jobs will be created over the next decade and these will be created predominantly through small businesses which are mostly run by women,” said Masisi.She highlighted that women entrepreneurs are also the most powerful engine for equitably distributing growth and they are also solutions for addressing inequality on the continent.

“It is a proven fact that for many generations, women understand the simple concept of barter and commerce. These are the role models of our past and our present and they will continue to inspire new generations to do more for business to grow,” she said.

The Lioness Lean In Breakfast Series brings together inspirational and successful women entrepreneurs to share, inspire and connect with the next generation of great women-led start-ups.

The platform is based on a breakfast networking and speaker presentation format, which has been organized in locations across the African continent for the past year by Lionesses of Africa, empowering over one million women entrepreneurs across the continent.

Stanbic Bank Botswana Head of Personal Markets, Omphemetse Dube said they are pleased to bring the Lionesses of Africa Lean In platform to Botswana once again to bring together women entrepreneurs in the country and help to nurture their growth further.

“Botswana is blessed with a number of thriving female entrepreneurs, and the potential for the next generation of talent is strong. Platforms such as this are therefore paramount in growing the cause and we as a bank are proud to help champion that movement further,” said Dube.

Founder and CEO of Lionesses of Africa,Melanie Hawken noted that Gaborone is a growing and exciting centre for women’s entrepreneurship in Africa. “This is a must-attend event for women entrepreneurs in the country as it gives them the opportunity to hear the inspiring entrepreneurial stories of women who are building great businesses here,” she said.

The annual Lionesses of Africa event allows entrepreneurs to benefit from the insights and advice of women entrepreneurs who have seen and experienced it all and to also provide an excellent opportunity for networking.

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