MSMEs Need Technology to Thrive – Systemspecs
Micro, Small and Medium Scale Enterprises (MSMEs) need to explore opportunities in technology to grow and meet customers’ needs, Managing Director of SystemSpecs, John Obaro, has said. He spoke yesterday, 28th of August 2018 at the Vanguard Economic Forum on MSMEs, in Lagos. Represented by the firm’s Head of Strategy, Seun Adesanya, he spoke on: The Role of Technology Adoption for Driving Growth and Innovation for MSMEs.
According to Obaro, SystemSpecs is not a financial institution but a facilitator. “What we do through “Remita” is that we help you move your money from where it is to where you want it to be.” He said a lot of opportunities exist in the country and described how technology could help small businesses start, grow, and succeed, using the example of “Remita” which has been instrumental to the success of some small businesses in the country.
He highlighted six things needed for businesses to be successful and how technology can provide them. These include funding, innovation, infrastructure, accountability, cost optimisation and market expansion/growth.
Obaro said innovation should be the first priority for a business owner. “Our first priority should be creation of value; innovation. What could be unique in what you are bringing to the table? Innovation does not just come by sitting down; it comes from thinking, research, gathering intelligence, analysing reports, asking questions.
As an MSME, the first thing to think of is what innovation am I bringing? Technology gives you access to information; where it has been done before, where it is currently being done, what are the challenges and what can I do differently? Technology helps in finding out what exists in the market,” he said.
He said although there is infrastructural deficit in the country, technology could provide an alternative, simplifying processes for entrepreneurs. For instance, technology has revolutionised financial transactions with digital banking. Today, people don’t even need to go to bank to do any financial transaction, with the example of Remita, which has made it possible to pay any government agency from the comfort of your room.