Entrepreneurs urged to rethink strategy as ICT threatens old order
Entrepreneurs and professionals must rethink their business strategies to remain relevant in the face of inventions and innovations brought about by the Information and Communications Technology (ICT), experts say.
At a forum organised by the Professional Practice Group (PPG) of the Lagos Chamber of Commerce and Industry (LCCI) entitled, ‘ICT as an Enabling Tool for Professional Services: New Frontiers and Opportunities’, IT experts said technology was now right in the middle of every business, stressing that those who refused to key into it would be displaced or forced to go out of business.
“I don’t think that anybody would have thought five years ago that the biggest car company today (Uber) would not have one single car. I don’t also think that anyone would have imagined that the biggest hotels services provider today (Airbnb) would not own one single room,” said Tunji Adeyinka, managing director, Connect Marketing at the forum.
Adeyinka said recent research showed that 94 percent of certain accounting practices would be done fully on the computer within the shortest possible time, adding that digital acceleration was redefining the way the world did business.
Facebook has launched Workspace, which is displacing email as the primary mode of official communication. Workspace now makes companies have virtual presence. Similarly, IBM will launch its ‘Legal’ presence in December, which will enable users to have access to legal services without any contact with human beings. This could take jobs from lawyers, given that 90 percent of legal agreements could be made and signed online.
“The reality now is that there is tough competitive environment. The number of people who work for few years and then set up their own businesses is rising. There is also a shift in global in demographics, meaning we have a lot more of young people willing to use the Internet,” he explained.
He said research had shown that artificial intelligence would threaten traditional services within the shortest possible time, advising entrepreneurs to have a strong web presence and use e-meeting platforms rather than wait for people clients or customers to come physically to the office.
“The earlier we embrace the social media the better for us. Invest in smart phones and ensure that 60 percent of what you do on the computer, you can equally do on your phone,” he counselled.
Felix Rwang-Dung, MD, Horde Incorporated International, said the world was now moving to a sharing economy, whereby people who did not have would be connected to those who had. Rwang-Dung said he would it would be beneficial to entrepreneurs if they would embrace the ‘Ask an Expert’, which would enable them to locate those who needed their services.
David Bawa, chairman, PPG of the chamber, said the older professionals were now beginning to see the need to have online presence.
“One of our key objectives when we started was to reach out to young professionals,” Bawa said.
“We have achieved that to an extent, as 80 percent of members at the forum are new, and over 50 percent of the new members are young professionals.
“The cost-effective way of taking people out of poverty is through entrepreneurship. We now see that with a little download and an app, you can change the whole dynamics of your whole business,” Bawa said.
ODINAKA ANUDU