E-Business

Social Media: How Millennials Are Impacting the Future of Communication

Published

7 years ago

January 7, 2017

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Email was once at the forefront of convenience. Used as a way to quickly send messages and share files from anywhere in the world, it was — and, for many, still is — a primary tool to communicate with friends, family, and colleagues.

However, a Business Insider’s Intelligence report shows that, over the past several years, the proliferation of chat apps, SMS, and social messaging platforms has largely displaced this more traditional form of online messaging.

In 2016, instant messaging and texting (e.g. SMS and chat apps) made up 35% of communication, globally, according to Deloitte, up from 29% in 2014.

Meanwhile, email accounted for 22% of communication in 2016, down from 29% in 2014. And as these communication channels enhance their capabilities and add more functionality, the threat to email’s sustainability will increase.

But is email the next legacy technology to fall prey to obsolescence? The short answer is no. However, it’s worth looking more closely at shifting user behavior when it comes to online communication — whether it’s at home, on-the-go, or in the workplace.

Hand-Held Communication
The saturation of premium smartphones in many mature markets, and the existence of mobile-first economies such as China, means that mobile devices are everywhere.
This gives users immediate and consistent access to other people and businesses with the touch of a button through means like social media, chat apps, and email.

Global MAU
Among these three modes of communication, chat apps are making the biggest waves, largely because they over-index in terms of total number of users and engagement rates. For context, chat apps like WhatsApp and Facebook Messenger rival email hosts like Google in terms of users, with each reporting over 1 billion people using their services at least once each month.
Moreover, combined, the top four chat apps boast more than 3 billion monthly active users globally, surpassing the top four social networks.

This proliferation is beginning to impact the way people communicate, not only with each other, but with businesses, too.

Chat apps are altering consumer behavior. The wide adoption of chat apps and texting is remodeling the way people communicate online, including via email. A study by Adobe found that almost 70% of respondents believe text messaging is resulting in shorter, less formal emails.

Customer Service 2
Chat apps are replacing email as the preferred mode of business-to-consumer interaction. More and more millennials — those between 18 and 34 years old — are finding that chat apps are a more reliable and convenient way to reach brands and service providers, according to an Ovum survey of millennials in the US and Germany.

Around half of respondents noted they preferred to interact with a service provider via chat for several reasons, including the desire to achieve a swift resolution to a problem and the idea that they don’t have to use a separate service or app to achieve this resolution.

Communication in The Workplace
Several trends that have emerged over the past 18 months or so point to the decline of email as the primary mode of communication in the workplace.

These range from an overall shift in user behaviour to the widespread adoption of chat apps, which boast a growing list of functions and capabilities.

The emergence of less formal, more engaging modes of workplace communication is most obvious in the adoption apps like Slack and the growing trend in using social networking apps such as Facebook Workplace. Chat apps are proving successful in the workplace for several reasons:

Chat apps are convenient. Chat apps support quick and easy-to-access communication, and enable businesses and users to communicate with those who may not have an email address. For instance, many doctors in Brazil use WhatsApp to converse with patients, schedule appointments, and share test results.

They are used as a collaboration tool. Chat apps like Slack offer employees the ability to engage with multiple colleagues at one time as well as instantly upload and share documents and files without having to leave the app, potentially enhancing productivity.

They enable businesses to monitor workplace communication. Some chat apps enable businesses to retain and read employees’ correspondence, and gather statistics on the frequency, volume, and times of conversations.

Security
Internet security is increasingly becoming a priority for both businesses and consumers as threats from hackers become more prevalent.

A survey of 1,250 registered US voters showed that a decisive 84% of respondents consider personal data protection very important, according to Purple Insights.

Chat apps provide an appealing alternative to email by offering superior data security. For example, following Hillary Clinton’s notorious email scandal, her staff began utilizing Signal, a highly secure chat app that encrypts data automatically. And while not all chat apps provide the same level of security as Signal offers, a majority of the big-name apps provide varying degrees of data and communication security for consumers. Here are a few examples of such apps:

WhatsApp supports end-to-end encryption, which makes it extremely difficult for anyone other than the participants of an interaction to gain access to messages’ contents. In fact, the technology is “about one of the best safeguards you can have in place,” according to health data attorney Katie Kenney.

Snapchat, the popular image-sharing app, offers ephemeral messaging, meaning that messages, photos, and videos disappear after being viewed or after a certain amount of time.

Other chat apps offer users the ability to opt in to encryption. That’s because artificial intelligence (AI) powered virtual assistants and software require access to the information users are putting into their messages in order to work. However, these chat apps also recognize the importance of personal security. A compromise is to allow users to choose when they encrypt their messages.

Here are two examples:
Google Allo, Google’s new chat app with baked-in Google Assistant lets users choose to turn on end-to-end encryption for their correspondence. However, turning on this feature comes at the loss of Google Assistant.

Facebook Messenger recently added support for opt-in ephemeral messaging, called Secret Messages.

Like Snapchat, users can allot a set amount of time their messages can be viewed before they’re deleted permanently. As with Google Allo, Messenger requires access to user data to power the increasing number of functions users can access within the app, such as location information and data within messages.

In the workplace, though, businesses still face serious risk to enterprise security by implementing chat apps. Viruses, spam, malware and phishing attacks, data leakage, and inappropriate use are among some of risks associated with employing chat apps in the workplace.

Why Email Won’t Die
Despite current trends, email maintains an entrenched position as a trusted form of communication among consumers. Because of this, email will persist as a legacy mode of communication, both within the workplace and between private correspondence, much as using pen and paper has since the proliferation of the internet. In fact, we project that it’ll be at least five years before most of the younger generation of users join the workforce and further diminish email’s relevance in the workplace.

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E-Business

Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups

Published

2 hours ago

April 25, 2024

Chike Onwuegbuchi

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As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.

The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.

Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.

Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.

He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.

“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.

“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.

With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.

“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.

“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.

On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.

“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.

“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.

Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.

Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.

Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.

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E-Business

Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

Published

17 hours ago

April 24, 2024

Comms Week

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Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.

Charles Emembolu, founder of Dexude,

This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.

The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.

Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.

Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”

L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude

Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”

Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.

Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.

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E-Business

SOPHiA GENETICS Announces Syndicate Bio as First Liquid Biopsy Customer in Africa

Published

1 day ago

April 24, 2024

Chike Onwuegbuchi

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SOPHiA GENETICS, a cloud-native software company in the healthcare space and a leader in data-driven medicine, has announced that Nigeria-based Syndicate Bio has signed on to implement MSK-ACCESS® powered with SOPHiA DDM™.

Syndicate Bio is the first lab in Africa to adopt the MSK-ACCESS® assay via the SOPHiA DDM™ Platform, and the first company to make comprehensive genomic profiling and liquid biopsy widely available to patients throughout the entire continent.

The implementation of this new technology will further existing work from SOPHiA GENETICS, Memorial Sloan Kettering Cancer Center (MSK), and Syndicate Bio to advance health equity on a global scale.

There are roughly 1 million new cancer patients each year in Africa and currently, comprehensive genomic profiling and liquid biopsy testing options are not widely available.

This means that patients are forced to forego this testing or travel out of continent for these testing options. Syndicate Bio’s implementation of this new offering will provide cutting-edge liquid biopsy testing to many of these patients and will help progress the company’s goal of advancing genomics and precision medicine in an area of the world that has been historically underserved in these areas.

“Partnering with SOPHiA Genetics to bring MSK-ACCESS® powered with SOPHiA DDM™ to our lab is a monumental step in accelerating the cancer treatment and research landscape across Africa, beginning in Nigeria. Next-generation sequencing technologies in oncology and liquid biopsy, which this collaboration enables, hold the potential for creating a leapfrogging opportunity in the oncology treatment and research landscape in Africa,” said Abasi Ene-Obong, PhD., Founder, Syndicate Bio.

“Through this collaboration, we aim to enable the widespread application of precision medicine in oncology across Africa, and thus contributing to the improvement of patient outcomes across the African continent.

“We believe our scientific expertise, combined with AI-enabled technologies and data-driven solutions enabled by SOPHiA GENETICS, presents a unique opportunity to fundamentally transform the journey of cancer patients through non-invasive cancer analysis, predictive genetic testing, and effective precision medicine.”

Syndicate Bio is driving genomics and precision medicine initiatives across the world’s most diverse regions through large-scale partnerships with governments, industry, and other stakeholders. Through its work, Syndicate Bio is making local impact while accelerating drug discovery and development.

By focusing on Africa, Syndicate Bio is poised to make a significant impact, starting with Nigeria, by introducing its pioneering clinical oncology offerings in an underserved region.

Through this endeavor, Syndicate Bio aims to improve cancer diagnosis and treatment for African patients. This initiative not only facilitates local next-generation sequencing (NGS) testing and liquid biopsy testing but also extends access to clinical trial participation, empowering patients and healthcare providers alike.

MSK-ACCESS® powered with SOPHiA DDM™ is a decentralized version of a highly validated ctDNA test developed by MSK that involves the deep sequencing of 146 key cancer-associated genes, and will augment Syndicate Bio’s tumor profiling capabilities, allowing them to utilize a small blood sample to generate a comprehensive report in an efficient and expedited time frame.

The use of liquid biopsy is less invasive than traditional biopsy, and can help simplify patient monitoring, whilst driving the uptake of precision medicine.

The offering combines the sophisticated analytics, state-of-the-art algorithms, and decentralized, cloud-based offerings of the SOPHiA DDM™ Platform, with the scientific and clinical expertise of MSK in cancer genomics to provide a best-in-class liquid biopsy solution.

“In our mission to democratize data-driven medicine, our decentralized global network and unique set of partnerships enable us to help reach underserved populations, just as those that are served by Syndicate Bio,” said Philippe Menu, MD, PhD., Chief Medical Officer, SOPHiA GENETICS.

“By implementing this solution, Syndicate Bio will make a measurable impact throughout Africa, while also helping to generate an unparalleled and comprehensive dataset and provide invaluable insights and knowledge to shape the future of global healthcare.”

In late 2023, SOPHiA GENETICS and MSK announced they are working in partnership with AstraZeneca to bring the world-class MSK-ACCESS® powered with SOPHiA DDM™ testing solution to countries and regions around the globe, including underserved areas where access to testing remains scarce.

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