MSMEs: Using technology to drive business
Micro, Small and Medium Enterprises (MSMEs) account for about 96% of all businesses in Nigeria; contribute 49% of the national Gross Domestic Product (GDP); and employ 84% of the country’s workforce (PwC MSME Survey 2020). The sustenance of NIgeria’s economy relies heavily on these enterprises.
Digitalisation and technology are key in the optimal operation of businesses in the 21st century. The evolution of concepts such as customer satisfaction, advertising and payment are results of the heavy involvement of digitalisation in today’s businesses. MSMEs that have embraced digitalisation and technology fare better. A study done in Turkey shows that 41.2% of 131 SMEs underwent technological innovations and this led to an operational efficiency of 96.9%.
This article shares practical steps and tools that MSMEs can adopt to improve operational efficiency and drive sustainable growth.
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