Lanre Adedara, a passionate software engineer, has emphasized the critical role of technology in ensuring the survival of Small and Medium Enterprises (SMEs) in Nigeria. In a recent interview, he stated that without embracing digital tools, many SMEs would struggle to endure the current economic challenges.
Adedara highlighted that the world has transformed into a global village, making it imperative for businesses, regardless of their size, to adopt digital technology to remain competitive. He noted that in Nigeria, where larger businesses often overshadow smaller ones, technology serves as a vital buffer for SMEs.
He explained that adapting to digital trends is essential for SMEs to thrive in today’s market. “In this digital era, technology has become a powerful tool that small and medium-sized enterprises can leverage to grow and succeed amid tough global competition,” he said. The benefits of deploying appropriate technology for business operations are numerous, including improved efficiency, higher productivity, and expanded market reach.
One of the primary advantages of technology for SMEs is enhanced operational efficiency. With cloud computing, businesses can effectively store and manage their data. Tools like project management software and customer relationship management (CRM) systems streamline processes and improve communication, allowing small businesses to optimize resources and focus on growth.
Technology also enables SMEs to reach a wider audience. A well-designed website and a strong social media presence can attract customers globally. E-commerce platforms allow small businesses to sell products and services online, breaking geographical barriers and creating new revenue streams. Additionally, digital marketing tools provide targeted advertising options, ensuring marketing efforts reach the right audience at the right time.
Adedara pointed out that technology offers various tools to enhance customer engagement. From chatbots providing instant customer service to email marketing platforms keeping customers informed, technology facilitates real-time interaction. Social media platforms also allow businesses to gather feedback and build strong relationships with their customers.
Access to financial services has traditionally been a challenge for many SMEs. However, financial technology (FinTech) solutions are changing this landscape. Innovations like digital wallets, online lending platforms, and Buy Now, Pay Later (BNPL) systems provide SMEs with essential financial tools to manage cash flow, obtain credit, and offer flexible payment options.
Data is a valuable asset for any business. SMEs can utilize data analytics to gain insights into customer behavior, market trends, and operational performance. This information aids decision-making, helping businesses tailor their offerings and optimize pricing strategies. With the right analytical tools, even small businesses can harness the power of big data to drive success.
Cybersecurity is a growing concern for all businesses, but SMEs often lack the resources for robust security measures. Fortunately, technology offers affordable solutions, such as advanced encryption and multi-factor authentication, enabling small businesses to protect their data and operations.
Lanre Adedara stresses that technology is not just an option but a necessity for Nigerian SMEs. By embracing digital tools, these businesses can enhance their operational efficiency, expand their market reach, and ultimately thrive in a competitive landscape.
