The 21st century is undoubtedly digital. From Guttenberg’s printing press in 1436 AD to the almost omniscient Google Search Engine in our present day. Change in the consumption and supply of information in the last 50 years has been nothing short of phenomenal. For example, the Apollo 11, the first rocket to land men on the moon, was powered by a computer operating system that is a million times less powerful than the Current smartphone today! In other words, our smartphone is millions of times more powerful than all of NASA’s combined computing in the 1960’s.
According to Buckminster Fuller who created the “Knowledge Doubling Curve”; he noticed that until 1900 human knowledge doubles approximately every century. He observed that by the end of World War II knowledge multiplied by two every 25 years. Today, things are not that simple, as different types of cognition have different rates of growth. For typical example is nanotechnology. Nanotechnology knowledge increases two-fold every two years and clinical knowledge doubles every 18 months. On average human Understanding is doubling roughly every 13 months. According to IBM, the improvement of the “internet of things” will lead to the doubling of knowledge every 12 hours.
All of these have been on the back of a rapidly growing digital complex. Many businesses have gone digital but companies that cannot keep the constantly changing pace are left behind. The truth is that the world is rapidly changing, if your organization does not mount the horseback of digital technology, it will be left behind as well.
With this astronomical burst incapacity, the question that begs an answer is: How can you make sure your company is not left behind?
Here are 4 things you should do.
Guttenberg’s printing press changed the world in 1436. That is almost 600 years ago. The paper simply put, cannot keep pace with the speed of data in 2019. If your company is still entirely paper-driven, you should be very worried, why? Because paper is too bulky to lend itself to thorough analysis, which is the meat of today’s business. The apt analogy is that of a company in this current age that still keeps data on leather scrolls or stone tablets – the paper is today’s stone tablet. It just takes too much space and it is too rigid, too difficult to duplicate, transmit and analyse.
While you cannot entirely eliminate the use of paper in your organization, the ratio of its use is roughly proportional to how nimble your organization will be for the journey into the future. To survive in the digital world you need to take a look at all your processes and apply the question; “how can we go paperless?” to every single one of them.
Close to going paperless is going soft. Now, let us be clear, the way to reduce the clutter of paper is to pass information through digital channels; software and hardware. However, the power of software is not only in its ability to rid your company of paper, it does more. It impacts communication, technical processes, decision making, and transactions, virtually everything you do in your company can be “softened” with software.
You should take an audit of all the processes in your organization and ask, how and what can we “soften”? An important caveat here is that when you “soften” your company, it is always better to go local wherever you can. This means it is always better to work with local software engineers (or local software) who can build tailor-fit software solutions for your company. An American software, as nice and comprehensive as it might appear was most likely built to solve problems from an American point of view, which is usually different from the Nigerian or African point of view.
To make the most of software for your organization, therefore, it is better that you find local software solutions, build tailor-fit software or find a way to customize the foreign software for local use.
This almost sounds cliché, but sadly many African businesses do not get it. Many companies assume going online means having a website, and corporate email addresses for all staff. No, going online means a lot more than that. Approximately 98.3 million Nigerians have internet access in 2019 – this is more than the sum of the population of Benin Republic, Niger, Chad, Cameroon and Ghana! Going online means being able to grab revenue from this online population, being able to find innovative ways to not just advertise but engage the online market.
Again, you should lead this quest with questions. You should ask:
- Which of our revenue streams can we take online?
- What can we learn from how companies like ours in more developed countries are leveraging the internet (most times you do not need to reinvent the wheel)?
- How can we build locally relevant solutions on these lessons – locally relevant means considering the fact for example, that most internet users in Nigeria access the internet via mobile phones and they are data cost-conscious, so your solutions must be both data lean and mobile optimized.
These should be some of the leading questions your research and development team should start with. The future of business is completely online – do not miss the train.
Cloud-based technology is relatively recent and still largely poorly understood in Nigeria. A quick explanation will suffice – cloud-based refers to services, resources and applications made available to users from a cloud computing vendor’s servers.
Traditional business technologies are usually quite complicated and expensive. You typically would need an entire team of experts to build, install, configure, test, run, secure, and update them. When you multiply this effort across tens or hundreds of solutions your business will need, especially when you are trying to go paperless, soft and online you can only imagine the cost and complexity implications. This cost and complexity usually constitute a huge challenge to large businesses, small and mid-sized businesses don’t even stand a chance.
With cloud computing, you eliminate those headaches because you’re not managing hardware and software—that’s the responsibility of an experienced vendor. The shared infrastructure means it works like a utility: You only pay for what you need, upgrades are automatic, and scaling up or down is easy.
Cloud-based apps can be up and running in days or weeks, and they cost less. With a cloud app, you just open a browser, log in, customize the app, and start using it.
As cloud computing grows in popularity, thousands of companies are simply rebranding their non-cloud products and services as “cloud computing.” Always dig deeper when evaluating cloud offerings and keep in mind that if you have to buy and manage hardware and software, what you’re looking at isn’t really cloud computing but a false cloud.
Kindly share this article
Subscribe to our Blog
Want updates? Sign up for news, exclusive events updates, official statements and all noteworthy information in the banking industry.