By Omoniyi Oni

In the early 2000s, a small number of big businesses controlled Nigeria’s telecommunications sector. The majority of Nigerians communicated via landlines, which were inefficient. Then the mobile revolution began, spearheaded by businesses such as MTN and Glo. These companies recognised the potential of mobile technology to alter communication in Nigeria and capitalised on it. Mobile phones are now ubiquitous, and the telecommunications industry is one of Nigeria’s most profitable. What’s the lesson? Embracing technological innovations can help firms reach new heights.

Many organizations today do not think technology first, they see it as a should-have not a must-have. Technology is more than simply a tool in today’s ever-changing corporate environment; it is the cornerstone of success. Digital transformation is now a must, not just a trendy term. Businesses such as Interswitch, Flutterwave, and even more established companies like Dangote Group have demonstrated that incorporating technology into every facet of their business plan may result in previously unheard-of levels of development and innovation.

Success Stories

Take Jumia, which is sometimes described as the “Amazon of Africa.” Jumia, a little e-commerce business at first, used technology to transform buying in Nigeria. Jumia has become a household name by utilising data analytics, mobile technology, and effective logistics, making online shopping easy and accessible for millions of Nigerians.

Another such is the fintech startup Paystack, which transformed online payments in Nigeria. Paystack made it possible for many businesses to go digital by offering a secure and seamless payment gateway, which greatly aided in the expansion of Nigeria’s e-commerce industry. Their remarkable adventure ended in a historic $200 million acquisition by the world’s largest payment company, Stripe.

Why Tech Should Be at the Forefront of Your Strategy

1. Enhanced Customer Experience: Nigerian consumers are increasingly demanding seamless, personalized experiences. Technologies like machine learning, and big data allow businesses to understand customer preferences and behaviors, enabling them to offer tailored products and services.
   
2. Operational Efficiency: Automation and advanced analytics can streamline operations, reduce costs, and improve decision-making processes. For example, in the agricultural sector, companies like Farmcrowdy use technology to connect farmers with investors, optimizing farming processes and improving productivity.
   
3. Innovation and Competitive Advantage: Staying ahead of the curve with emerging technologies can differentiate your business in a crowded market. Companies that embrace technologies such as blockchain, mobile payments, and the Internet of Things (IoT) are setting new industry standards and reaping the rewards.
   
4. Scalability: Cloud computing and SaaS (Software as a Service) models provide businesses with the flexibility to scale operations without the need for significant capital investment. This scalability is crucial for Nigerian businesses looking to expand rapidly and efficiently.

Steps to Integrate Technology into Your Business Strategy

1. Assess Your Current Tech Landscape: Conduct a thorough audit of your existing technologies and processes. Identify areas that can benefit from technological enhancement.
   
2. Develop a Clear Vision: Define how technology aligns with your business goals. Create a roadmap that outlines your digital transformation journey, including short-term and long-term objectives.
   
3. Invest in Talent: Attract and retain tech-savvy talent who can drive your digital initiatives. Consider hiring a Chief Technology Officer (CTO) to lead the charge.
   
4. Foster a Culture of Innovation: Encourage experimentation and risk-taking. Create an environment where employees feel empowered to propose and test new ideas.
   
5. Partner with Tech Providers: Collaborate with technology vendors and startups to access the latest innovations. Strategic partnerships can provide you with cutting-edge solutions and expertise.

The Future is Tech-Driven

The story of MTN and Jumia serves as a powerful reminder that staying complacent in a tech-driven world can be detrimental. Embracing technology is not just about survival; it’s about thriving and leading in your industry.

Imagine a world where your business uses machine learning to predict market trends, and areas of opportunities with accuracy, where blockchain ensures transparent and secure transactions, and where IoT devices create interconnected ecosystems that optimize everything from supply chains to customer experiences. This is not a distant future—it’s happening now and will accelerate significantly in the next 10 years. The question is, will your business be at the forefront of this revolution or be left behind?

Investing in technology is no longer optional; it’s essential. By making tech the cornerstone of your business strategy, you’re not just preparing for the future—you’re creating it. The time to act is now. Embrace the possibilities, innovate boldly, and let technology be the driving force behind your business’s success.

Connect With Omoniyi Oni on LinkedIn

About the Author Omoniyi Oni is a leading product development and management voice in Nigeria. A transformational speaker, trainer, author and coach. having worked as a software engineer and product professional, Omoniyi uses his vast wealth of experience to guide and shape how organizations can leverage technology to transform their business processes, services and products. Although an introvert, he loves to give back to the community and, more importantly, the next generation of businesses and individuals who seek to transform the world with digital technology.