E-Business

Re-imagining the Business School Model

Published

4 years ago

June 29, 2020

Kindly share this post

By Austin Okere

This pandemic has uncovered the soft underbelly of our unwillingness to think beyond the present and anticipate future eventualities.

There have been various experiences and pronouncements regarding the education of our youth in the past couple of weeks. At the local secondary level, my son’s school completed the syllabus for the current term through online classes at home.

Far afield, the Harvard University is offering 67 online courses for free to help academics through lockdown and quarantine; while Coursera is partnered with 192 institutions from 43 countries and offering more than 3,200 online courses in 13 languages.

In sharp contrast, the Kano State Government has ordered all schools to stop online classes immediately, while the Academic Staff Union of Universities (ASUU) through an interview of their President, Prof. Biodun Ogunyemi with the Punch Newspaper has declared that E-Learning cannot work in Nigeria.

In his TED talk on the three ways to plan for the very long term, Ari Wallach canvasses: Trans-generational Thinking (thinking beyond just your own lifetime), Thinking of possible futures and not just one future, in case of eventualities. And having a 30-year horizon in our thinking process, not just the next couple of years.

I wrote this article four years ago, when I was invited as the Keynote Speaker at the GBSN/EFMD joint Conference at Accra, Ghana in November 2016.

It seems that the chickens have come home to roost.

The EFMD is a leading international network of business schools and companies (820 members from 82 countries) at the forefront or raising the standards of management education and development globally. EFMD runs the EQUIS and EPAS accreditation systems as well as the EFMD Deans Across Frontiers development programme (EDAF) and is one of the key reference points for management education worldwide.

The GBSN is a nonprofit organization dedicated to strengthening management, entrepreneurial and leadership talent for the developing world through better access to quality, locally relevant education. GBSN harnesses the power of a network of nearly 70 leading business schools that share a dedication to their mission to build management education capacity for the developing world.

Even though I spoke about Business Schools. The insights stretch across the whole educational system. The Chinese use the same expression for Challenge and Opportunity because they are the two sides of the same coin.

We should not waste the crises of this painful pandemic, but rather exploit the opportunity to plan for Sustainability in our education system across all levels.

Time there was when an MBA from an Ivy League College will guarantee you a very lucrative high-profile job. This seems no longer to be the case.

I must tell you this story about a Kenyan lady who was settled in the UK. She had borrowed heavily to do an MBA at a business school hoping that this will secure her future.

Three years after graduation, she was facing eviction from her Council accommodation for back rents and no job in sight, albeit with a huge student loan overhang.

You cannot but empathise with her in her confusion, when through streaming tears, she told the court bailiffs how disappointed she was that she did everything right and felt rather short-changed by the system.

In my view, the real questions become: Are we setting the right expectation for Business School aspirants? Have schools missed the train of the Digital Revolution? Why are they refusing to innovate in today’s age of Digital Platforms?

After over a decade of being an Entrepreneur-in-Residence at Columbia Business School in New York, and serving on the World Economic Forum’s Global Agenda Council on Innovation and Intrapreneurship, these are my insights about the need to re-imagine the Business School model to produce graduates who can thrive now and into the future:

We need to start teaching people to learn “how to learn” than just to learn to master something, in this fast-disruptive world.
The inverted classroom should be the new norm – the creative contribution of the class with a facilitator is much more effective than the messianic delivering of long lectures by a “professor”.
To what extent are business schools allowing influence from markets – is there a concept of Entrepreneur-in-Residence or Professor of Practice attached to the school, linking industry experience and market expectation with learning concepts in business schools?
Are we empowering students to create their own entrepreneurial or intrapreneurial spaces after graduation – today’s knowledge workers prefer to sell their time and talents to many organisations and be paid on an outcome basis than get stuck in a “9 to 5” job with one company – For example, Upwork provides a platform for matching requirements with skills in the shared economy.
How can we encourage business schools to explore structures that teach how to leverage the need for inclusiveness, by bringing products and services to non-consumers through low-cost efficiencies and wider availability than fierce competition in a shrinking pie of current consumers?
How can education reach more people more affordably? Massive Open Online Courses or MOOCs is gradually taking the toll off traditional schools leveraging the ubiquity of broadband and connected devices – how well have we embraced the concept of MOOCs – concerns around quality of programs and teachers, while relevant, should not stop this viable way of reaching more people. They should be seen as a complement to traditional business schools than competition, especially in emerging markets, where 80% of the world resides, and are more likely to be excluded in formal settings.
It is important for Regulation to catch up in this new area, as we open the door to online education and degrees

Clearly, hoping for an automatic lucrative job after an MBA is now a myth. The reality is that you should think along the lines of Bring Your Own Work (BYOW) to the party – this speaks to the need for deep entrepreneurial empowerment in the business school curriculum, and alignment to industry and social realities.

In my view, it is an indictment on the education system that many companies are now acting as their own incubation centres with University-like academies for new employees, following the apparent disconnect between graduating students and the job requirements of today. I believe that Universities should be collaborating with these centres to obtain valuable feedback for their curricula.

The biggest threat to success is success itself. Business Schools have been very successful over centuries. It is difficult to simulate hunger when you are full. You get into a comfort zone, and complacency sets in. You tend to assume an arrogance borne out of a false sense of invincibility that prevents you from opening yourself to any new ideas.

As change is the only constant in life, the ability to learn, unlearn and relearn, and continuously adapt has become crucial for survival and sustainability in the education sector. The global leadership space is like a game of musical chairs; always one chair short, to eject whoever is not able to adapt fast enough. Business Schools have to get on the innovation train in order not to be left behind on the tracks.

We used to say that big fish eat small fish, today it seems that it is the fast fish that eats the slow fish. It seems to me that there is no better time for deeper collaboration between town and gown than now.

Austin Okere is the Founder of CWG Plc, the largest security in the technology sector of the Nigerian Stock Exchange, and Entrepreneur-in-Residence at CBS, New York. Austin also serves on the Advisory Board of the Global Business School Network, and on the World Economic Forum Global Agenda Council on Innovation and Intrapreneurship. Austin now runs the Ausso Leadership Academy focused on Business and Entrepreneurial Mentorship.

Kindly share this post

E-Business

Flexify Solutions Launches CyberAgric App to Revolutionize Agricultural Sector in Nigeria

Published

11 hours ago

May 8, 2024

Comms Week

Kindly share this post

Flexify Solutions, a leading tech-based firm in Oyo State, has introduced “CyberAgric,” an innovative solution designed to drive food production in Nigeria.

This is in recognition of the crucial role of modern agricultural practices in ensuring food security.

Food security is a top priority for every nation, and Nigeria is no exception.

CyberAgric is a cutting-edge mobile application that leverages artificial intelligence (AI) to support Nigerian farmers, particularly those involved in cash crop cultivation such as cassava and maize.

The app’s groundbreaking features include early disease detection, with the capability to identify diseases like Cassava Brown Streak Disease (CBSD) in cassava leaves within the first two weeks of infection.

By utilizing smartphone cameras, farmers can capture images of their crops and receive real-time analysis and recommendations, empowering them to take proactive measures to protect their crops and ensure optimal yields.

Moreover, CyberAgric is designed to function offline, ensuring accessibility for farmers in remote areas with limited internet connectivity.

Speaking on the significance of CyberAgric, Johnson Oyeniyi, CEO of Flexify Solutions, emphasized the app’s accessibility and educational value. “Our goal with CyberAgric is to ensure that every Nigerian farmer, regardless of their location or internet access, can benefit from advanced agricultural technology,” said Oyeniyi.

“Beyond disease detection, the app serves as an educational platform, providing farmers with the latest agricultural best practices and expert resources.”

Flexify Solutions collaborated closely with Cybermate Technologies to tailor CyberAgric to the specific needs of Nigerian farmers.

The app initially focuses on cassava and maize cultivation, addressing the critical challenges faced by farmers in these sectors.

Through advanced AI-driven disease detection capabilities, CyberAgric aims to mitigate the impact of crop diseases and enhance food security in Nigeria.

Flexify Solutions Ltd is a global company specializing in disruptive digital solutions. With a strong focus on innovation, Flexify Solutions excels in crafting AI solutions optimized for mobile platforms and driving transformative change across industries.

With a proven track record in mobile app development, Flexify Solutions seamlessly integrates cutting-edge AI technologies to create intelligent solutions that resonate with users and drive success.

Kindly share this post

E-Business

Global Mobile Banking Malware Grows 32% in 2023

Published

13 hours ago

May 8, 2024

Chike Onwuegbuchi

Kindly share this post

Kaspersky has released its annual Financial Threats Report for 2023, offering a detailed analysis of the evolving financial cyberthreat landscape.

The report reveals significant increases in mobile banking malware and cryptocurrency-related phishing, signaling growing threats to digital financial assets.

The previous 12-months has witnessed a substantial rise in the number of users encountering mobile banking Trojans, with attacks on Android users surging by 32% – contrary to 2022.

The most prevalent banking trojan was Bian.h, accounting for 22% of all Android attacks. Geographically, Afghanistan, Turkmenistan, and Tajikistan recorded the highest share of users encountering banking Trojans, with Turkiye leading mobile banking malware attacks, with almost 3% of users affected (2.98%).

While the number of users affected by financial PC malware saw an 11% decline in 2023, Ramnit and Zbot were identified as the predominant malware families, targeting more than 50% of affected users. Consumers continued to be the primary target, comprising 61.2% of all attacks.

In 2023, financial phishing remained a significant threat, accounting for 27.32% of all phishing attacks on corporate users and 30.68% on home users. E-shop brands were identified as the top lure, with 41.65% of financial phishing attempts.

Additionally, PayPal phishing represented 54.78% of phishing pages targeting electronic payment system users. The report also highlighted a 16% year-on-year growth in cryptocurrency phishing, with 5.84 million detections in 2023 compared to 5.04 million in 2022.

E-shop phishing was identified as the most prevalent, recording 41.65% of all financial phishing pages. Amazon emerged as the most mimicked online store, accounting for 34% of phishing attempts, followed by Apple at 18.66% and Netflix at 14.71%. PayPal was the most targeted payment system, with 54.73% of attacks.

Cryptocurrency-related phishing and scams continued to grow, with Kaspersky preventing 5,838,499 attempts to follow cryptocurrency-themed phishing links – a 16% increase on 2022. Scammers mimicked cryptocurrency exchanges and offered coins in the name of large enterprises like Apple.

“Money has always been a magnet for cybercriminals, and a substantial portion of malware attacks are financially motivated. The surge in mobile malware witnessed last year highlights a concerning trend in cybercrime.

“With the emergence of new and aggressive malware strains, attackers are evolving their tactics to target mobile devices more aggressively. This underscores the imperative for individuals and businesses to maintain heightened vigilance, update protective measures, and fortify device security accordingly,” commented Igor Golovin, a security expert at Kaspersky.

Kindly share this post

E-Business

Payment Link Integration as Growth Driver for E-commerce Businesses

Published

13 hours ago

May 8, 2024

Ugo Onwuaso

Kindly share this post

The African e-commerce market grossed USD 277.1 billion in 2023 and is projected to reach USD 939.8 billion in 2023. However, with a global cart abandonment rate of 70%, many of which are related to payment issues, there is a clear need for ecommerce businesses in Nigeria and beyond to provide seamless and efficient transactions to increase their revenue and scale. An effective payment solution for e-commerce businesses is payment link integration.

Payment link integration emerges as a powerful tool for e-commerce businesses to facilitate payment in a convenient and streamlined way. This SeerBit article delves into what a payment link is, how it works, and its benefits for your ecommerce business.

What Is a Payment Link?

A payment link is a unique, shareable URL that directs the customer to a secure payment page where they can make payment for their purchase. This method ensures a seamless and streamlined payment process for customers, particularly removing the need for a physical card or a card terminal. A business can generate this link for any specific transaction and send it directly to the customer through one of several possible channels (email, social media, SMS, etc.).

Payment links make payments convenient for both businesses and customers. Even e-commerce businesses without a website can receive payments online with a payment link. For e-commerce businesses with websites, online payment link integration allows them to boost sales by selling their products on other platforms beyond the business’ website.

Here’s How Your E-commerce Business Benefits from Payment Link Integration
Implementing payment links in your e-commerce setup can offer several advantages that streamline the purchasing process for you and your customers. Here are some reasons why you should integrate payment links for your e-commerce business:

Customer Experience and Convenience
Payment links provide a convenient way for customers to complete transactions without having to navigate through a complex checkout process. This improves the customer experience during shopping as they can pay with ease. With just a click on the payment link, customers can quickly and easily make a purchase, reducing the likelihood of cart abandonment.

Flexibility
Payment links offer your business flexibility in receiving payments, as they can be customised for different types of transactions. It supports multiple payment methods, such as credit/debit cards, digital wallets, bank transfers, etc., allowing you to cater to your customer’s preferred payment method. Consequently, you have more successful transactions and an increased customer satisfaction level.

Improved Cash Flow
With payment links, the speed and efficiency of payments increase. Consequently, this helps to improve your business’s cash flow. The accompanying ease of payments also means that customers are more willing to part with their money, thereby boosting your bottom line.

Security
Payment links are typically hosted on secure payment gateways, ensuring the safety of sensitive customer information during transactions. By leveraging trusted payment providers and encryption technologies, you can instil confidence in your customers and protect their data from unauthorised access.

Reduces Payment Processing Error
Payment link ensures efficiency in the payment process, leaving little room for processing errors. It also ensures that customers don’t have to manually type in their payment information, hence cutting out the risks of human errors, such as wrong billing address or credit card information in the payment process.

Mobile-friendly
As mobile commerce continues to grow, having a mobile-friendly payment solution is crucial. Payment links are inherently mobile-friendly, allowing customers to complete transactions directly from their smartphones, whether they’re on the go or at home.

Tracking and Analytics
Payment links often come with built-in tracking and analytics features that provide valuable insights into customer behaviour, transaction trends, and sales performance. By analysing this data, you can make informed decisions to optimise your ecommerce strategy and maximise revenue.

How To Create a Payment Link for Online Payment
Creating a payment link to receive online payment involves the following steps:

Choose a payment gateway provider
The first step is to partner with a reliable payment gateway like SeerBit that offers payment links as part of its service. Read our blog post on what to consider when choosing a payment provider to help you make the right choice. A few factors to consider are your business needs, security, compatibility, and pricing structure. SeerBit easily checks all the boxes.

Create a SeerBit account
Once you’ve decided on SeerBit as your payment gateway provider, the next thing is to create your SeerBit account. This is a straightforward process that involves providing your business’ information and completing the KYC process for compliance.

Access and set up the payment link feature
SeerBit offers payment links as a part of its service. Once you’re logged in, you can create a payment link in your dashboard which you send to your customers. This link works for both one-time and recurring payments.

To set up your payment link, go to “Payments” on your dashboard, click on “Payment Links,” then “Create Payment Link” and fill in the required details. A link will be created afterward which you can send to your customer via email, messenger apps, social media, invoice, or QR code.

Conclusion
By integrating payment links into your ecommerce business, you make payments very convenient for your customers and considerably improve your customer satisfaction. SeerBit payment link offers you an easy payment collection process while allowing you to cater to your customers’ payment needs. SeerBit also uses the best security tools and the latest encryption and tokenization technologies to ensure the security of transactions and customer payment information.

Kindly share this post