whether we like it or not, technology is reshaping the mode of governance, teaching, treatment of rare diseases, worship, association, business transaction and more. The positive impacts of technology in our contemporary society cannot be overemphasized. It has really imparted heavenly on the ease of doing businesses globally.
Gradually, the old ways of transacting business is phasing out with technology replacing and taking a new dimensions in business environment. With that been said, some businesses start up in Nigeria and even in West African countries is practicing the old nature of business operations which is accompanied by risk and severe losses as a result of errors and unintentional negligence. The core objectives of every firm and company is to minimize losses and make reasonable profits in a every sale. But going by the old fashioned way of doing businesses the probability is less than one without the input of technological innovations. Why? Decisions are made based on untrue facts and figures, this leads to heavy losses.
However, to succeed and explore the wideness of global market, captains of industries, CEOs and MDs should not ignore the new normal. Innovations cannot be swept under the carpet in fifth industrial revolution. With technological advances desrupting all industries, companies must innovate in order to stay relevant and not to be left behind. Business innovations is when companies implement new processes, ideas, services or products with the goal of boosting the bottom line. It could mean launching new and improved products or services which can lead to higher revenue.
In years to come, we will look back at 2020 as the moment that changed everything. Nowhere else has unprecedented and unforeseen growth occured as in digital and e-commerce sector, which boomed amif the COVID-19 crises. As lockdown became the new normal, businesses and consumers increasingly ‘went digital’, providing and purchasing goods and services online, raising e-commerce share of global retail trade from 14% in 2019 to about 17% in 2020.
Tech revolutional innovations have come to stay we can’t ignore, it’s very imperative to adopt it in every spheres of human endeavors especially in business sector to boost brands to international audience. To achieve this, innovations is the key.
