By Fola Daniel Adelesi
Technology is changing the way business is done and how customers are interacting with businesses in the 21st century. It is important for entrepreneurs to embrace technology in order to give their businesses a fair advantage over others. There’s no greater leverage for businesses today than the one provided by the different technology solutions around us. It will be a disaster to build a business today and not integrate technology.
In the early 90s when computers newly emerged into Africa, some workers whose jobs depended solely on their ability to use the typewriter refused to embrace the digital revolution. They were stuck to their typewriters while the world was fast moving towards the use of computers. Eventually, many typists lost their jobs because their skills became redundant.
Fast-forward to 2010 and the years after, many tech solutions have been created and introduced to the African market. These days, launching a new product is almost a monthly affair. Many businesses are becoming extinct because of their failure to observe market trends, make quick decisions and implement technology in their business to stay relevant in a competitive market.
The world is fast changing and here are some basic technological innovations that can give you leverage in today’s marketplace:
Point of Sale Machines: With a POS machine, you don’t need to carry cash around and it reduces the risk of losing money. It also saves you time from going to the bank to do transactions.
Online Banking/Mobile Money: Online banking and mobile money platforms make it easy and convenient to conduct business transactions anywhere and at anytime.
Social Media: With analytics in place, you can target who to advertise to on social media, and also get instant feedback on how your target audience is reacting to your campaign.
Mobile Applications: There is an app for almost everything. Applications on smart phones help entrepreneurs effectively manage their business and lifestyles.
Some of the benefits of embracing technology include the following:
- It drives online sales from any location
- It promotes your business to a larger audience
- It helps you deliver your products or services in a timely manner
- It Increase your turnover and reduces time wasted moving cash around
- It saves overhead cost due to automation
When startups embrace technology early enough, they tend to gain competitive advantage. There is no need to do things ‘the good old way’ when there are smarter ways to get them done. Embrace technology, reduce physical efforts and double your results.
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234Finance is an online hub that promotes African Entrepreneurship. We feature small and medium sized businesses on the platform, shedding light on the current and future developments in diverse sectors across Africa. We also provide free resources, share opportunities and events on our platform that entrepreneurs can benefit from and thrive in Africa’s tough business landscape.