By Princewill Ekwujuru
Opportunities abound in technology which Micro, Small and Medium Scale Enterprises (MSMEs) can explore to meet customers’ needs and grow their businesses, John Obaro, Managing Director of SystemSpecs, has said.
Obaro, who was represented by Head of Strategy, SystemSpecs, Seun Adesanya, at the recently held Vanguard Economic Forum on MSMEs in Lagos, narrated how technology could help small businesses start, grow and succeed.
Speaking on the theme, ‘The Role of Technology Adoption for Driving Growth and Innovation for MSMEs’, he cited the example of Remita which, according to him, has been instrumental to the success of several small businesses in the country.
He highlighted six things required for success in businesses and how technology can be deployed to provide them. These, he noted, include funding, innovation, infrastructure, accountability, cost optimisation and market expansion/growth.
“Our first priority should be creation of value – innovation. What could be unique in what you are bringing to the table? Innovation does not just come by sitting down, it comes from thinking, research, gathering intelligence, analysing reports, asking questions. As an MSME, the first thing to think of is what innovation am I bringing? Technology gives you access to information; where it has been done before, where it is currently being done, what are the challenges and what can I do differently? Technology helps in finding out what exists in the market,” he said.
He said although there is infrastructural deficit in the country, technology could provide an alternative, simplifying processes for entrepreneurs. “For instance, technology has revolutionised financial transactions with digital banking. Today, people don’t even need to go to bank to do any financial transaction, with the example of Remita, which has made it possible to pay any government agency at the comfort of your room,” he stated.