There’s no question that technology can be transformational for businesses.
These risks are important to bear in mind because, while software and other technology services are typically imported or licensed overseas, South African businesses will usually bill their own customers in South African rand. South Africans will be painfully aware of this in the current uncertain global climate – after hitting a rate of R13.41 against the US dollar in June 2021, the rand had weakened by 25% at the end of May 2023 – and for businesses, the impact on any major expenditure would have been substantial.
Using the right payment solution is one way in which these risks can be mitigated the overall upfront cost impact reduced and the long-term costs managed. Payment solutions should therefore look at issues such as:Project management by aligning payments to the benefits over the useful life of the technology solutionThe ability to defer initial payments until the project goes live
To stay relevant in a world of rapid change in technology – the rise of ChatGPT and similar language models that are likely to have commercial applications in the near future are just one example – expenditure on new solutions is not a nice to have but an essential.
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