By Prince Osuagwu, Hi-Tech Editor

Lanre Adedara is a Software Engineer with a deep passion for leveraging technology to drive business success. The Fintech Enterpreneur In this interview tells Hi-Tech that but for technology, Small and Medium Enterprises would have gone extinct in the face of current economic headwind

The world has become a gobal village and any company, be it small or medium-sized, that does not embrace digital technology cannot be competitive as it will be operating at a big disadvantage.

One set of people who have not choice against deploying technological innovations in their services are the Small and Medium Enterprises. In Nigeria where the strong businesses emasculate the smaller ones the only insulation is technology.

In fact, Software Engineer, Lanre Adedara said it is in their interest to adapt to the digital technological trend in order to survive and not die prematurely.

For him, in this digital era, technology has become a useful and powerful tool that small and medium-sized enterprises (SMEs) can leverage on to grow and thrive in the midst of tough global competition. There are multiple benefits derivable from he deployment of the appropriate technology for business and industrial use by SMEs. The immense benefits range from improved efficiency, higher productivity, expanded and vast market reach, improved customer engagement, access to financial services, enhanced security, to leveraging data analytics.

Also listing the opportunities SMEs could derive from integrating technology in their services, he mentioned operational efficiency, market reach, customer engagement among others.:

How technology helps SMEs attain operational efficiency

One of the primary beneûts of technology for SMEs is the enhancement of operational efficiency. With the advent of cloud computing, businesses can now store and manage their data more effectively. Tools like project management software and customer relationship management (CRM) systems help treamline processes, improve communication, and increase productivity. This means that small businesses can do more with less, optimizing their resources to focus on growth.

Expanded market reach

Technology enables SMEs to reach a broader audience. With a well-designed website and a strong social media presence, small businesses can attract customers from all over the world. E-commerce platforms allow them to sell their products and services online, breaking geographical barriers and opening up new revenue streams. Additionally, digital marketing tools provide targeted advertising options, ensuring that marketing efforts reach the right audience at the right time.

Improving customer engagement

Technology offers various tools to enhance this engagement, from chatbots that provide instant customer service to email marketing platforms that keep customers informed and engaged. Social media also plays a signiûcant role, allowing businesses to interact with their customers in real-time, gather feedback, and build strong relationships.

Making financial access easy

Access to ûnancial services has traditionally been a challenge for many SMEs. However, FinTech solutions are changing this landscape. Innovations like digital wallets, online lending platforms, and Buy Now, Pay Later (BNPL) systems provide SMEs with the ûnancial tools they need to manage cash ûow, obtain credit, and offer ûexible payment options to their customers. These technologies make it easier for small businesses to operate and compete with larger enterprises.

Leveraging Data Analytics

Data is a valuable asset for any business. SMEs can use data analytics to gain insights into customer behavior, market trends, and operational performance. This information can guide decision-making, helping businesses to tailor their offerings, optimize pricing strategies, and improve overall efûciency. With the right analytical tools, even small businesses can harness the power of big data to drive success. Even when the future looks bleak and gloomy, leveraging dala analytics empowers company to take informed decisions.

Enhancing Security Cybersecurity is a growing concern for all businesses, but SMEs often lack the resources to implement robust security measures. Fortunately, technology provides affordable solutions. From advanced encryption to multi-factor authentication, small businesses can protect their data and ensure that their operations remain secure. This not only builds trust with customers but also safeguards the business from potential threats.