Adapt or die, SMEs told
SMALL and Medium Enterprises (SMEs) must adopt and deploy technology-related business solutions if they are to remain competitive and relevant in Zambia’s growing digital and connected economy says Vodafone Zambia Enterprise Director, Songezo Masiso.
Mr. Masiso said this during a business forum hosted by First National Bank (FNB), held in Lusaka.
He said that the SME growth and ICT usage in a presentation on “The connected future for SMEs.”
“Small and medium enterprises (SMEs) are the lifeblood of the Zambian economy. They account for most of all businesses and employ more than two-thirds of all workers. Thus, it is integral to ensure they are ably equipped with the tools to excel and thrive in the digital economy,” he said.
Mr. Masiso explained that the connectivity could help SMEs ride out difficult market conditions and enable them to increase their exposure to new markets.
He also said this could bring them closer to existing and new customers, cut costs and lower the barriers to entry.
Mr. Masiso said technology was fast-tracking small businesses into the digital age by reducing the capital investment required to operate and allowing SMEs to compete with larger, more established, companies.
“At Vodafone, we understand this and are working closely with a number of SMEs to bridge the technology and connectivity gap,” he said.”
Mr. Masiso said a global study carried out by Vodafone UK noted that the use of technology translated into better business results further suggested a strong correlation between greater technology use and both business performance and confidence.