Technology key to defy Nigeria economic tests


LAGOS, (CAJ News) – NIGERIAN companies have been encouraged to embrace technology to weather the storm emanating from a severe economic recession.
Firms in the West African country are battling slowing sales and reduced earnings due to spiraling costs from high inflation and foreign exchange rates.
Businesses may have had to reduce or halt spending totally to manage cashflows.
However, the companies that will come out of the recession stronger must master the delicate balance between cutting costs to survive today and investing to grow in future experts said.
According to a survey by the Harvard Business Review, companies that deploy a specific combination of conservative and progressive strategies have the highest probability—37 percent—of breaking away from the pack.
The think-tank said these companies reduced costs selectively by focusing more on operational efficiency than their rivals do, even as they invest comprehensively in the future by spending on marketing, R&D, and new assets.
“This multipronged strategy is believed to be the best approach to surviving a recession and growing stronger into the future.”
MainOne, West Africa’s leading connectivity and data centre services company, MainOne noted that managers must aim at achieving the right balance between the technologies they want and the ones they need.
“Adopting digital technologies is a cost effective strategy to optimize processes and drive new and improved measurable business results,” Temitope Osunrinde, a publicist with MainOne, stated.
Outsourced data centre and cloud services speeds up a company’s time to market and improves service delivery.
“Companies can be reassured that their data is protected according to the highest standards thus minimizing their risk,” said Osunride.
Nigeria’s economic problems are attributed to the global recession in the oil industry.
CAJ News

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