Leveraging Digital Technology To Boost Nigeria’s MSMEs
Small and medium scale companies are the inspiration of Nigeria’s economic system. Due to digital know-how, it’s price noting that in style e-commerce platforms have thus far performed a key function in boosting and accelerating MSMEs within the final 7 years.
A major variety of MSMEs are using on these platforms to achieve thousands and thousands of shoppers in Nigeria and throughout Africa. As we speak, these MSMEs are raking in additional income in comparison with the previous.
The very fact is, there’s a hyperlink between know-how adoption and the MSME sector progress, with some stating that MSMEs who had been early adopters of eCommerce platforms doubled their annual income a lot sooner than their counterparts who had been reluctant to affix the rising tide of e-commerce.
This text explores the 5 main methods through which know-how will encourage progress within the MSME sector.
Making a digital enterprise
Pondering by and executing a digital enterprise mannequin requires a elementary shift in technique as a result of it’s utterly totally different from offline enterprise.
On this case, you both convey out a brand new providing or take the prevailing providing to market in newer methods. This implies having the ability to discover applied sciences such because the Web of Issues and Synthetic Intelligence to make the shopper expertise seamless.
The alternatives for digital know-how in MSMEs are quite a few.
It solely requires very robust enterprise understanding to have the ability to analyze what the ecosystem seems to be like, have a really robust understanding of the shopper and their insatiable expectations to having the ability to devise an acceptable technique to create the digital enterprise that meets their wants.
You possibly can’t afford to function your corporation as if it exists in a vacuum any longer. The rise of social media networks comparable to Twitter, Fb and Instagram means your clients are merely a click on away, and customers can now join with out regard to a ographical impediment, monetary background, and even social standing.
Certainly, prior to now, there have been very restricted avenues for purchasers to boost their queries however now as a enterprise, you might be prone to incur an unfavorable rant or a nasty evaluation on Fb.
That is why as a enterprise, you shouldn’t compromise on requirements as a result of what goes on on the Web stays on the Web.
Because of this should you earn a nasty repute, it’s going to stay with you. It is because of this that companies massive and small fear about their digital footprint and an excellent variety of organizations have specialists who’re looking out for potential “bad press” and are out making the rounds making an attempt to be proactive.
Elevated curiosity in and wish for safety
Companies of all sizes should be more and more conscious of the necessity for enhanced safety.
The rise in cyber-crime has additionally led to an elevated curiosity in defending knowledge, coaching staff and incorporating IT into each side of the enterprise.
On the very least, a corporation must be dedicated to defending knowledge with backups, integrating patches and updates frequently and coaching all staff to identify the indicators of hassle.
Digital know-how has additionally elevated the benefit with which we will all keep in contact, work together and interact.
Whether or not it’s having your co-workers and staff accessible through textual content/video chat at a second’s discover, or having the ability to ship focused promotional e-mail blasts to pre-qualified clients after they’re purchasing at close by companies, the rise of cellular know-how has blended virtually seamlessly with communication software program to create an internet of real-time info.
Improved entry to info and knowledge
Digital Know-how has made it simpler than ever to analysis and discover knowledge with out leaving the workplace.
Enhanced entry to knowledge provides your corporation the flexibility to supply your customer support crew not solely a option to join with clients but additionally a option to immediately entry full buyer historical past.
Along with this, you’ll be able to present a greater consumer expertise for anybody who interacts along with your model.
Regardless of how massive or small a enterprise enterprise is, utility of digital know-how gives quite a few advantages together with people who facilitate the sleek working of enterprise operations.
These advantages are generally tangible whereas different instances, they’re intangible.
The underside line is that enterprise functions play a major function in growing profitability for companies whereas producing the outcomes that clients want.