Africa is closely watched as the next big growth market. According to The National Bureau of Statistics (NBS), Information and Communication Technology (ICT), sector had contributed 18.44 percent to ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022. The sector emerged as the fastest growing one and is also rated the double-digit growth with 12.92 percent of the entire GDP assessment. This proves that technology has the potential to make underdeveloped countries prosperous. Access to technological innovation is providing a tremendous boost to many economies. In several ways, technology has affected every part of the sector. Nigeria, especially its private sector is leveraging emerging technological innovation for growth and profitability. Sectors like Agriculture, Education, Medicine, Transportation, Healthcare, and many more. It is also helping small and medium-scale businesses to improve efficiency and encourage growth. Technology is a part of our daily life and its quality is influenced by it.
Technology can contribute to the efficiency of a business’s output rate, allowing for larger quantities of products to be moved or of services to be rendered.
Time is the greatest commodity for any business. Well-managed time means more profits and growth for the company. Technology has proven to be a master at this with automation and task execution time of milliseconds. Technology can help you improve the way your staff carries out tasks. It can either speed up existing processes or allow new, more flexible ways of carrying out the job.
A while back, computers were not viewed as necessary. However, that didn’t stop tech-savvy companies from utilizing them to their fullest potential. Today’s tech landscape provides better options to improve the efficiency of your business. technology helps increase productivity, improve customer service, and gain a competitive advantage. With effective software and machines, the cost of operation is reduced and systems are made more effective.
In today’s world, It is necessary to streamline processes as your business continues to grow. Technology such as BPM software and content management solutions allows you to optimize your business processes. As such, you are restructuring repetitive paper-based processes such as account payable procedures and work order processing.
Additionally, modern communication systems improve operations through instant messaging, emails, and video conferencing. That way, critical information can be relayed as quickly as possible.
Globalization of business:
Technology in business made it possible for companies to achieve a greater reach in the global market. Thanks to technology, the world is now a global village and a network of states. Anyone can now do business anywhere in the world, even online. Technology has changed the way business and its activities are carried out. it has driven the development of electronic commerce, which has brought new dynamics to the globalization of companies. The diffusion of information technology has made production networks cheaper and easier and has been fundamental for economic globalization.
The Rise In Productivity:
Technology has helped in developing and producing at a higher rate in the economy. It has been achieved through proper utilization of human resources and using modern techniques in the production sector of the Indian economy. With Technology, we have seen an increase in productivity both among individuals and businesses.
A study found that 23% of workers experienced increased productivity levels as a result of using mobile applications and software tools. With an increase in remote work, these technological tools have come in handy. It has reduced and eliminated manual, time-consuming tasks for employees leaving them with the core of their work. This has proven to increase the quality of output from employees and individuals.
Discovery and Exploration of Natural resources
Modern technology helps in utilizing natural resources. Technological advancement is changing the way resources are utilized. Modern technological equipment has been built to explore our natural resources. Even, advancement in scientific knowledge has ensured that these resources are properly mined and utilized. According to McKinsey, A reduction in energy demand is expected over the next two decades as engines become fuel efficient and electric vehicles take off. Renewable sources of energy, including wind and solar power, will make major inroads into electricity generation, competing with fossil fuels. Data analytics, robotics, and the Internet of Things will bring considerable productivity improvements for resource producers.
Technology has undoubtedly played a huge role in Africa’s growth and development. There is still much more room for growth which will bring about more rise in the industry.