In the face of economic changes caused by fuel subsidy removal and the floating of the naira, Nigerian small and medium enterprises (SMEs) are encountering escalating operational costs and struggling employees amid a rising cost of living. A recent publication observing data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority suggests that the average daily PMS consumption in the country dipped by about 28% compared to the pre-deregulation period. To thrive in a rapidly changing environment, a business must find innovative ways to adapt and ensure survival.
Embracing digital transformation can be the way forward for Nigerian SMEs, presenting benefits such as increased efficiency, greater business agility, improved employee and customer experiences, and data-driven insights for growth.
1. Increased Efficiency
Embracing digital technology can revolutionise SME operations, paving the path for increased efficiency. Through process automation, businesses can streamline operations, save time, and eliminate revenue leakages. By reducing dependence on manual processes, the probability of human errors is minimised, thereby enhancing overall accuracy and productivity. Furthermore, digital transformation removes bottlenecks in business processes, enabling smoother and more streamlined workflows.
2. Greater Business Agility
Digital transformation empowers SMEs with business intelligence, allowing them to be proactive rather than reactive in their decision-making processes. With access to real-time data and analytics, businesses can anticipate potential challenges, and proactively develop solutions to mitigate them. The heightened agility is critical in a dynamic and unpredictable market, helping SMEs remain relevant and competitive for years ahead.
3. Improved Employee and Customer Experience
Digital transformation benefits businesses while enhancing the experience of both employees and customers. By incorporating automation, artificial intelligence (AI), and self-service tools, SMEs can create seamless and effortless customer experiences. Additionally, efficient internal processes enabled by technology can improve employee satisfaction and productivity.
4. Data-Based Insights for Growth
The digital era offers unprecedented opportunities for SMEs to harness data for growth. By digitising their operations, businesses gain valuable insights into customer behaviour, market trends, and operational performance. This data-driven approach allows SMEs to make informed decisions, identify new opportunities, and adapt swiftly to changing customer needs.
Nitalia Consulting empowers SMEs to embrace technology, ensuring their survival and sustained relevance. From assisting small clothing brands in establishing online stores to optimising global logistics services for growth, our mission is to help business leaders tackle their most pressing challenges.
In offering free consulting for small businesses, Nitalia encourages Nigerian SMEs to seize the opportunity to embrace technology, not only as a means of survival but for thriving growth. Similar to the present economic situation, the COVID-19 pandemic saw an acceleration in the adoption of collaboration tools, making it crucial for businesses to stay ahead of the times and explore new avenues for success.
Are you a Nigerian SME looking to transform your business with technology? Schedule a FREE consultation with our expert(s), and take the first step towards a digitally empowered future.
This is timely and highly needed for any organization thinking about scaling, access to data has simplified how organizations should approach growth, but first having the right structures and processes is key to digital transformation.
Nice piece 👌
Great read