Have you ever heard of the Japa syndrome? If you haven’t, you must be leaving under a noise-cancelling rock somewhere. “Japa”, a Nigerian slang for ‘running away’ is now fittingly associated with a popular trend, Nigerians escaping the hardship of the country.

The problem of worker migration is not unique to Nigeria, as many countries around the world face similar challenges. However, the scale of the problem in Nigeria is particularly significant due to the country’s large population, high unemployment rate, and lack of economic opportunities.  

According to a recent pew research survey, 45% of Nigeria’s adult population plans to relocate to another country within five years. That’s staggering if you realise that is half of 110 million Nigerians about the age of 18. This is in addition to the 64% spike within a year in the number of Nigerians studying in the UK.

What’s worse is a greater number of these migrants are skilled workers who have left their jobs to seek better opportunities abroad, particularly in developed countries such as the United States, Canada, and Europe. 

These workers often possess specialized skills and knowledge that are difficult to replace, which can negatively impact the productivity and profitability of businesses. Additionally, the cost and time required to recruit and train new workers can be significant, which can further strain the resources of businesses.

This article aims to provide an understanding of the causes of Japa Syndrome, strategies for solving it, and how Descasio can help combat the issue. It aims to provide insights to businesses and organizations to help them combat the negative impact of losing their workforce to this unfortunate phenomenon.

The Impact on Nigerian Businesses

The impact of worker migration on Nigerian businesses can be significant, affecting various aspects of their operations. Some of the most notable impacts include:

  1. Loss of Skilled Labor: The loss of skilled and experienced workers to Japa can be a major concern for businesses. These workers often possess specialized skills and knowledge that are difficult to replace, which can negatively impact the productivity and profitability of businesses.
  2. Difficulty in Recruiting and Training New Workers: Replacing skilled and experienced workers can be a difficult and time-consuming task. Businesses may struggle to find qualified candidates to fill the vacant positions, and the cost and time required to recruit and train new workers can be significant.
  3. Negative Impact on Productivity and Profitability: The loss of skilled workers can lead to a decrease in productivity and profitability for businesses. This can be particularly problematic for small and medium-sized businesses, which often lack the resources to effectively replace lost workers.
  4. Difficulty in retaining employees: The migration of workers from Nigeria to other countries can also create a culture of instability among employees who may feel that they too can migrate in search of better opportunities. This can lead to difficulty in retaining employees and maintaining a stable workforce.
  5. Brain Drain: The migration of skilled and educated workers from Nigeria can lead to a brain drain, where the country loses its most talented and educated citizens to other countries. This can be detrimental to the long-term development and growth of the Nigerian economy.

Possible Solutions To Japa

While the issue of worker migration is a complex and multifaceted problem, there are several solutions that Nigerian businesses can implement to mitigate the effects on their operations. 

Some of these solutions include:

  1. Government Policies to Address the Root Causes of Migration: The government can play a key role in addressing the root causes of worker migration, such as high unemployment and lack of economic opportunities. This can include policies to promote job creation and economic growth, as well as programs to provide education and training to workers to increase their employability.
  2. Businesses Investing in Training and Development Programs: Businesses can invest in training and development programs to build a skilled and experienced workforce. This can include programs to provide education and training to current employees, as well as programs to attract and retain new workers.
  3. Investment in Technology to Increase Efficiency and Automation: Businesses can also invest in technology to increase efficiency and automation. This can help businesses to become more productive and profitable and to reduce their dependence on human labour. At Descasio, we offer automation solutions businesses can adopt to mitigate the loss of workers through Japa.
  4. Partnerships and Collaborations with Other Businesses: Businesses can also form partnerships and collaborations with other businesses to share resources and expertise. This can include sharing recruiting and training resources, as well as collaborating on research and development projects to create new products and services.
  5. Encourage Remote working: Encouraging remote working can also be a solution to mitigate the impact of worker migration. With the advancement of technology, businesses can have their employees work remotely, even when they are in other countries. At Descasio, we offer remote tools like Google workspace to help businesses communicate seamlessly with their employees no matter the location.

It’s important to note that these solutions may not be a one-size-fits-all approach. And addressing worker migration will require a multifaceted approach involving the government, businesses, and individuals.

Conclusion

The challenge of worker migration is a persistent problem for Nigerian businesses, as it results in the loss of skilled and experienced workers and creates difficulties in recruiting and training new employees. This can negatively impact the productivity and profitability of businesses. However, as outlined in this article, there are several solutions that businesses can implement to mitigate the effects of worker migration.

It’s important to note that addressing worker migration will require a multifaceted approach involving the government, businesses, and individuals working together. Descasio can play a crucial role in this process by providing businesses with the tools and technology they need to become more efficient, productive and profitable. This can include solutions such as automation, remote work management software, and talent management platforms.

Additionally, we can offer businesses a wide range of services such as cloud migration, data analytics, and AI-based solutions to create a more efficient and productive work environment. This can help businesses to reduce their dependence on human labour and increase their competitiveness in the global market.

In summary, worker migration is a significant challenge for Nigerian businesses, but with the implementation of the appropriate solutions and the help of tech solutions providers like Descasio, it’s possible to mitigate the effects and contribute to the development of the Nigerian economy.

Data is the new oil. The world is going digital fast, and the data race has begun. With the digital transformation of businesses accelerating, organisations are increasing their investments in AI and Big Data technologies to gain a competitive edge. 

Some believe that by 2023, 90% of all network traffic will be driven by artificial intelligence as systems continue to learn at a rapid pace. What does this mean for businesses? It’s time to start being data-driven from now on! 

Data-Driven Companies

Digital transformation has redefined the role of businesses. They are more data-driven and technology-enabled companies, with their performance measured in real-time and their strategy aligning with their KPIs. The prevailing business environment is fast-paced and dynamic, with technological changes accelerating at a lightning speed. Businesses need to remain agile, innovative and collaborative to stay ahead of the curve. 

It is not just about adopting digital technologies but leveraging data to drive business outcomes. Data is the fuel that drives artificial intelligence, machine learning and predictive analytics. 

Here are six ways businesses can be data-driven in 2023:

Always be on the lookout for data sources

The first step towards data-driven business is to look for data sources. Enterprises need to go beyond their core business and look for data sources from the broader ecosystem. This is achieved by partnering with startups, data service providers, universities, and government organizations that are focused on data-driven initiatives. 

Data partnerships will strengthen your data set and support your ability to quickly pilot and test new solutions. Already having a large data set will allow businesses to build services that can be applied across industries.

Leverage AI and ML to make sense of the data

Once you have a good data set, you need to make sense of it. This is where AI and ML come into play. AI can be applied to every stage of the data pipeline. 

AI can assist in data sourcing, preparation, training, and model deployment. AI can help make sense of the data at each stage of the data pipeline by detecting patterns and anomalies, automating repetitive tasks, and providing insights that can drive business outcomes.

Build a data-driven culture

A data-driven culture is essential for businesses to thrive in a data-driven world. This can be achieved by creating the right environment that fosters innovation and creativity. Create a culture where data is celebrated, debated, and democratized. 

Leaders should be open to receiving numbers that challenge their assumptions. Data governance and transparency are must-haves for every organization. The data-driven culture will help businesses in leveraging the full potential of data. It will also help businesses in mitigating risks associated with data.

Establish real-time analytics capabilities

Real-time analytics is the need of the hour for businesses to be data-driven. Enterprises are empowered with the ability to generate insights in real-time. 

Decision-making can be made on the go, based on the latest data and insights. Data integration and governance challenges can be overcome with the help of technologies like Apache Kafka, Apache Spark, and Apache Hadoop. 

Beyond data integration, businesses must look for ways to make data more accessible to the end user. An integrated data approach across data-driven ecosystems and tools will help enterprises in delivering real-time insights and enrich the decision-making process. 

Visualisation tools can be leveraged to bring data to life and make it easier for non-technical users to engage with it.

Utilize transparently and trusted data sources

Transparency in data sources will be critical in a data-driven ecosystem. Data quality is the biggest challenge businesses face when it comes to data-driven initiatives. Data quality can be improved by investing in data governance practices. 

It is important to invest in data quality and governance to ensure that all data is clean, trusted, and accurate. Data governance can help in achieving high standards of data quality. It can also help in building data trust by making data transparent and accessible to everyone in the organization.

Data Scientist recruitment

The role of data scientists has evolved from being data-driven to data-driven. Data scientists must be more business-driven and have an impact on business outcomes. Businesses must hire data scientists who can provide value to their organization by leveraging data to provide insights and recommendations that can drive business growth. 

Data scientists must be equipped with the tools and skills to integrate their findings with existing systems and automate insights for broader distribution. It is also important for businesses to invest in hiring the right talent to make the most of their data investments. 

This can be achieved by hiring data scientists who are well-versed with the latest technologies and techniques in the data science field. They should have the skills and expertise to build models that can help in making better business decisions.

Conclusion

Digital transformation has redefined the role of businesses by making them more real-time, data-driven and technology-enabled. To stay ahead of the curve in this new digital world, businesses need to leverage data to drive business outcomes. 

This can be achieved by always being on the lookout for data sources, leveraging AI and ML to make sense of data, building a data-driven culture, establishing real-time analytics capabilities, and using transparent and trusted data sources.

Introduction

The use of big data has become more important than ever before. Businesses are using it to make better decisions and get a competitive edge in their industry. In this article, we’ll discuss some of the best ways to use big data in your business so that you can be sure that your organization is using it as effectively as possible.

Read More: 21 Digital Tools To Use For Your Business In 2023.

Real-Time Analytics Tools

Real-time analytics tools are used to process and analyze data in real time. They help companies make better business decisions, improve customer experience, and increase operational efficiency.

These tools can be used for more than just real-time processing – they can also be used on historical data as well!

Large-Scale Data Processing

Large-scale data processing is a powerful tool that can be used in a variety of ways. It’s not just for big businesses, though—it’s also useful for small ones too!

Large-scale data processing involves pulling information from multiple sources and combining it into one large collection that can be analyzed more easily than individual datasets. For example, if you have information about your customers’ purchases at various times in their lives (e.g., what did they buy last month? What did they buy today?), then large-scale data processing will allow you to analyze this information across periods and report on trends over time as well as between different types of products purchased by different customers (e.g., men vs women).

Data Visualization Tools

Data visualization tools are essential for data scientists, who use these tools to visualize their data and make decisions based on the results.

Data visualization tools can help you better understand your data, which in turn allows you to make better decisions. For example, if a business is looking at its sales figures over time and sees that they’re trending downward year-over-year but not by much (i.e., not enough to justify major cutbacks), then creating a plot of those figures might help them see what’s going wrong with their marketing strategy or product design—and maybe even identify ways that could be improved for things improve again later down the line!

Machine Learning Platforms

Machine learning platforms are a type of data tool that can be used to train and deploy machine learning models. They’re also used for creating new models or improving existing ones, which means they have many uses beyond just training neural networks!

As you might expect from the name, machine learning platforms are best suited for large-scale use cases. If you’re looking for an easy way to test how well your algorithm works on a large scale, then you should consider using one of these tools instead of building it yourself. This is especially true if you have experience with neural networks but aren’t sure what kind would work best for whatever application (e.g., image recognition).

Automation & Orchestration

Automation and orchestration tools are used to automate processes, whether it’s data processing tasks or data management tasks. These types of tools can help you process your incoming information more efficiently and make sure that you don’t miss any important updates. In addition, they can also be instrumental in helping you manage your existing data as well as identify new growth opportunities.

To keep up with the latest trends, businesses and data scientists need to adopt the right tools and techniques.

So what does this all mean for business?

It’s simple: the more you use your data, the more value you’ll get from it. And the best way to do that is by adopting open-source tools and techniques.

Open-source software is often less expensive than commercial products but also provides more flexibility in terms of scaling up or down depending on your needs. Real-time analytics tools allow businesses to gain insights faster than ever before—but they still require some level of expertise when using them properly (more on that later).

Large-scale processing platforms help companies process large amounts of data at once while reducing costs significantly over time through efficiencies gained through automation processes like batching​ or resampling​ techniques used by some machine learning platforms

Conclusion

We hope you’ve enjoyed our list of the top technology trends to keep an eye on in 2023. We’re covering a wide range of topics, from open-source tools and real-time analytics to large-scale data processing and machine-learning platforms. These are just some of the many ways that big data can improve businesses, but you should never forget that it is important for organizations to stay current with trends to capitalize on this technology as quickly as possible.

The big data analytics market is predicted to reach $103 billion by 2023, and the market has grown by 20 per cent this year alone. Many companies use big data creatively to gain insights that enable them to become and remain competitive in their field. For example, tech giants like Google, Microsoft, Apple and Meta have successfully leveraged the use of predictive analytics to continually stand out, sometimes designating them as big data companies.

Before we explore how businesses can leverage the power of big data, we must have a firm understanding of the term.

What is Big Data

IBM maintains that businesses around the world generate nearly 2.5 quintillion bytes of data daily! Almost 90% of the global data has been produced in the last 2 years alone.

Big Data refers to complex and large data sets that have to be processed and analyzed to uncover valuable information that can benefit businesses and organizations.

However, there are certain basic tenets of Big Data that will make it even simpler to answer what is Big Data:

  • It refers to a massive amount of data that keeps on growing exponentially with time.
  • It is so voluminous that it cannot be processed or analyzed using conventional data processing techniques.
  • It includes data mining, data storage, data analysis, data sharing, and data visualization.
  • The term is an all-comprehensive one including data, data frameworks, along with the tools and techniques used to process and analyze the data.

Types of Big Data

Now that we are on track with what is big data, let’s have a look at the types of big data:

Structured

Structured is one of the types of big data and By structured data, we mean data that can be processed, stored, and retrieved in a fixed format. It refers to highly organized information that can be readily and seamlessly stored and accessed from a database by simple search engine algorithms. For instance, the employee table in a company database will be structured as the employee details, their job positions, their salaries, etc., will be present in an organized manner. 

Unstructured

Unstructured data refers to data that lacks any specific form or structure whatsoever. This makes it very difficult and time-consuming to process and analyze unstructured data. Email is an example of unstructured data. Structured and unstructured are two important types of big data.

Semi-structured

Semi-structured is the third type of big data. Semi-structured data pertains to the data containing both the formats mentioned above, that is, structured and unstructured data. To be precise, it refers to the data that although has not been classified under a particular repository (database), yet contains vital information or tags that segregate individual elements within the data. Thus we come to the end of the types of data. Let’s discuss the characteristics of data.

Why Do Businesses Need Big Data Analytics? 

Surely, you would be thinking “why should I use it?”.

Undoubtedly, many businesses are unaware of the need for big data analytics. They must know that uncovering valuable insightful information can allow a business to improve value for consumers. It can be done by analyzing patterns in market shifts, trends, customer behaviour, and correlation between data. Presently, 96% of worldwide companies have confirmed the increased investment in Big Data. 

Besides, Data devices allow you to carve a whole information scene over the organization. Data investigation is the major perk you can relish. Besides, you can also guard delicate data through Big Data statistics. 

The fact is that Big Data is very useful for most businesses, as it allows you to guarantee information well-being and insurance. By enabling advanced software and analytics systems, and having high-power computing systems, big data provides a myriad of advantages to enterprises such as: 

  • Opportunities for revenue generation 
  • Improved customer support 
  • Enhanced marketing strategies 
  • Improved operational efficiency
  • Competitive advantages, and more

However, amidst all of these advantages, the single question remains looming in the head of business owners that is “How to use Big Data in business?’’

Improve Customer Engagement And Retention 

Every business owner understands the value of customer engagement. Surely, your first preference would also be creating an unmatched quality user experience to ensure customer engagement

However, sometimes, it becomes very daunting for businesses to retain customers even with a higher customer base. This happens when you don’t understand the need and desires of consumers. 

If you are slow in understanding the desire of your customer, you may end up losing your customers. Here comes big data into the picture. This technology stream allows businesses to analyze and observe customer behaviour, patterns, and trends in real-time. 

Simply, the more data a business collects, the more it can find patterns and trends to spruce up user experience. 

Currently, it is easy for businesses to collect data which means it will be easy to understand modern-day consumers through real-time data analytic strategies. 

Real-time customer analytics is very important to achieve business goals in current market scenarios and Big Data offers that insight. 

Gain Marketing Insights 

The naked truth of advertising and marketing is that “businesses have lost millions in devising the right strategy to boost the conversion rate. “ 

Surely, you would have also spent a lot of money in running advertising and still you won’t be able to get fruitful results. 

Big data analytics has the utmost potential to improve this operation for your organization by enabling you to match customer expectations. Besides, it also supports changing your company’s product line and devising powerful marketing campaigns. 

If you think it is not viable then let me tell you that “ after years of research and cautious enthusiasm, the advertising and marketing technology sector is now embracing big data”.

This sector is now making a more informed and decisive analysis of marketing and advertisements. The major aspects of these analyses are online activity, monitoring point of sales transactions, and detection of changes in customer trends. 

Gaining insights about customer behaviour and their buying patterns allows you to understand the likings and preferences of consumers. This similar approach is being illustrated by marketers and advertisers resulting in the creation of targeted and focused campaigns. 

You will be able to save money and ensure efficiency by leveraging targeted, and personalized campaigns. As per a report, big data analytics allows you to 

  • Predict Audience 
  • Improve targeted advertising 
  • Develop new content and  monetization 
  • Better media scheduling and more

Examples of companies that have used big data for market insight to scale include YouTube and Netflix. If you use these applications, you must be aware of how these platforms send suggestions and also show advertisements. Past searches and the watch history of users allow them to send the right interest to users which is all done through Big data analytics. 

Risk Management 

Businesses have to deal with several issues over time. Thus, it is essential to be prepared for any unprecedented risk and problem. 

To ensure damage control, industries opt for risk management processes. You already know how critical risk management investment is for an organization. 

Foreseeing potential risks and finding a mitigation policy is daunting for every enterprise. You may also visit business consultants to find a full-proof risk management strategy for your company. 

 In a recent couple of years, big data analytics has greatly contributed to this stream for developing robust risk management solutions. Now it can be used in several ways for risk management.

  • Fraud Management: Big Data systems compare external and internal data and offer faster fraud recognition with damage control caused due to fraudulent activities. 
  • Mitigate Money Laundering:  Big Data analysis can provide identification of suspicious transactions faster and alert the organization beforehand. 
  • Credit Risk Management: Big Data includes predictive capacity and provides sources of data to foresee user behaviour for credits and loans.
  • Operational Risk: Companies have to face several operational risks at times. Big Data provides improved control and knowledge over company interactions with clients to strengthen safety. 

Apart from these, Big data can be used for integrated risk management. So, it makes sense to use big data to ensure high-grade security in various company processes. 

Conclusion

While the big data concept is redefining the business world, it is essential to know how to streamline strategies and avoid using big data in an unstructured way. Big data can help boost business growth and enables small business to compete with larger corporations.

The year is coming to a close, and you know what that means: it’s time to think about how you want your business to end in 2022. Whether you’re looking at the future or just trying to get through this week, there are plenty of ways that technology can help make sure your company stays on track for success. 

And if you’re not sure where to start with new technology in your business, here are some ideas:

Cut unnecessary running cost

Cut down on office supplies costs by using digital copies instead of paper ones in most situations where there isn’t an obvious need for both forms.

For example, when creating PDF documents from scratch instead of making copies from scratch yourself; printing out pages without having saved them first onto hard drives beforehand; scanning documents into electronic format (e-mail attachments) rather than photocopying them manually every time something needs changing later down the road when another person needs accesses those files again after being transferred somewhere else between offices due to privacy concerns.

Support your employees with the latest technology solutions

Technology should enable your employees to perform at their best, so you need to set them up for success. Make sure the solutions you’re using do what you intended them to do, that they help your employees save time and become more efficient. Do they make your customer experience more enjoyable? Consider implementing an internal survey to learn which technology and solutions your employees need to help them do their jobs better.

Define your company’s culture

One of the biggest challenges for companies going forward will be maintaining their company culture in a remote or hybrid work environment. According to a study conducted by HR consultancy Robert Half, 73% of employees left their job due to poor company culture. With a record number of resignations in 2021, you want to create a company culture that is difficult to leave.

There’s no right or wrong company culture — it’s determined by what works best for your company when it comes to facilitating business objectives and growth and making sure your employees want to stick around. In general, employees are looking for transparency and well-defined roles and expectations. Some companies go all in on social outings, organizing happy hours, gaming nights and even company-wide virtual cooking classes.

How technology can help you grow your business in 2023

Technology is a great way to grow your business. Technology can help you reach more customers, save time and money, improve processes, find new opportunities and make better decisions.

Reach more people: With a strong online presence, you will be able to reach potential customers who may not have heard of or tried your products before. This means that when they search for “best dog food” on Google, they will see all of their competitors listed alongside yours – giving them more choice than ever!

Save time & money: When it comes down to getting things done in life we all know how easy it is just one click away from doing something (or buying something). With this ability comes some responsibility though… weighing up the pros versus cons before making any important purchase decision such as buying an expensive car or computer system etcetera does happen regularly which could mean saving hundreds if not thousands over time depending upon how often these purchases occur within each year so why not automate this process?

Take advantage of the right technology that’s going to keep growing

Another way to stay ahead of the competition in 2023 is by taking advantage of technology that’s changing rapidly. The only way you’ll be able to do this is by talking to experts in your industry and learning what they’re doing right or wrong.

What are some of the latest technologies out there? How do they work? What can you do with them? For you and your business to succeed, everyone on staff (and even clients!) need to know about these things to grow together as one team!

Technology is an excellent way for small businesses to compete with big companies.

As you’re preparing for the end of this year, it’s important to make sure that your company is ready for whatever comes next. Technology is a great way for small businesses like yours to compete with bigger companies.

Technology has become an essential part of business today. If you want your company or brand to succeed in the future, you must use technology as efficiently as possible.

The future is here!

Technology is changing how we do business. It’s helping small businesses compete with big companies and make money in ways that were previously impossible or far too complicated for anyone but the most tech-savvy entrepreneurs to consider.

The key to succeeding in this new world lies in turning an obstacle into an opportunity—and not letting technology become an obstacle in the process!

The year is gradually winding down and some companies are already setting out plans for next year that will position them ahead of their competition. Whatever plan it is, business owners must make adopting the following easy-to-use tech solutions as the number one plan for 2023. 

Interconnected management Software

The world is changing at a faster pace. The idea of having employees working from anywhere but the office was as rare as the purest form of a diamond. At the moment, 16% of companies globally are fully remote according to a study by Owls Lab. This shows that remote work is increasingly becoming the most preferred form of work lifestyle by workers, and to stay ahead of the curve in 2023, more companies will need to embrace flexible work-from-home schedules for their employees. 

To achieve this new form of work culture, companies must adopt the right interconnected management software that can connect seamlessly to their employees’ digital workspaces to provide a comprehensive and integrated look at all aspects of the business.

Customer interaction management platforms, for instance, can help keep track of the apps a company use for emails, online chats and phone calls as well as any client notes or profile updates it makes during those interactions. 

Having that management tool accessible from the same hub with inventory tracking apps and human resources software means that the company can log on to the same platform for a quick update or to complete a specific task in each area.    

A.I Tech

One technology that will give you the edge in a race against your competitors in the coming year is the use of Artificial Intelligence software for your business. In 2019, Startup companies using artificial intelligence received more than $7.4 billion in funding. Also, according to Gartner, technological research and consulting firm based in the U.S, the number of enterprises using AI in business grew by 270% between 2015 and 2019.

These stats show how crucial it is for businesses to adopt the use of AI software for a few of their business processes including sales and customer relations to easily track customer behaviour and provide accurate insight to make better and more informed decisions. Small Businesses may even employ kiosks to help customers with purchases or to answer any questions they may have with a product in the future.

As for Larger businesses and corporations, AI is usually used differently. Automated robots are being introduced to the workforce with programming to make calculations, such as redirecting harvesting equipment on farms for greater yield.  

Inventory and Management and Analytical Tools

Improper inventory management can lead to overorders and cause issues with cash flow. While business owners may not immediately jump to inventory management as a major need, it’s crucial to have a dedicated system for tracking which products are going in and out.

This has led to the creation of software built specifically to track inventory for small to medium-sized businesses. 

For greater insights into which products are doing well and which need to be revised or marketed better, a program that analyzes inventory can make a huge difference for a business unaware of how well a product is selling. Thankfully, there are plenty of applications that have been created for this, such as…

Inventory management software often offers integration with other software to provide business owners with a better sense of where they can improve. This information can include which payment method is most popular, which products may be underperforming, and when transactions seem to reach their peak. This type of data lends itself to helping companies perform better, even if they’re small and only selling a few different products.

Financial management tools

Keeping track of your business’s finances is critical for success next year and beyond. Investing in accounting software early on allows you to continuously monitor cash flow, track expenses and manage employee payroll. 

QuickBooks remains a popular option for small business owners due to its ease of use and scalability, while entrepreneurs with simple billing can turn to free software such as Wave.

Cybersecurity software

Most businesses utilize a network connection to some degree, be it internal data storage or an online point of sale system. While larger corporations often have complex data security systems in place, small businesses can also fall victim to a cyber attack if they do not take steps to protect themselves. 

Setting up cybersecurity software early in your business can protect the valuable company and customer data. A great place to start is purchasing antivirus software, which guards computers and networks against viruses and other malicious attacks. You may also consider purchasing a business VPN to ensure only authorized users can access your network.

Regardless of which specific tools you in the future, having the right technology in place will allow your new business to get off on the right foot toward lasting success.

The first half of 2022 has been one hell of half for businesses around the world. This year was supposed to be a recovery for most businesses from the impact of Covid 19 in the past couple of years. But the recovery was quickly cut short by some unexpected events like the invasion of Russia in Ukraine.

There’s no surefire formula for instant success, but you can boost your business’ growth before the end of 2022 with these tips below:

Automate Your Business Processes

Automation of the business processes helps reduces time, keeps costs low and drives revenue up. Also, it maintains a higher level of efficiency with low overhead costs. Choose business process automation to streamline operations on any level of your organization.

  • Reduces the manual management of Account Payable Information
  • Maintains security, approvals, compliance all you need
  • Cost savings and speeds up business processes
  • No late payment penalties, access to early payment discounts

The repetitive business processes like order filling, shipping, inventory management, purchasing, and billing are manageable through automation.

Work Management Solutions

Improving workflow management is more than just growth and productivity. Look for an automated workflow analysis tool that ensures workflow compliance in every step.

Workflow solutions have a substantial impact on any organization’s success.

  • Puts you in control of any business
  • Transform your business with your internal business procedures
  • Workflow approval processes in every department

Every organization has key business objectives – whether it is to improve productivity, reduce costs, conserve resources, mitigate risks, increase customer satisfaction or manage capital assets. The proper workflow management tool maps all these strategic goals leading to revenue growth management of your business.

Reduce your risks.

Risk is an inevitable part of starting and growing a business. It’s impossible to control everything, but there are many ways to limit internal and external threats to your company and its growth. One important resource to help you accomplish this is your business insurance provider.

For example, “the theft of employee data, customer records, and product designs can destroy a small business, generating significant costs and eroding customer confidence and loyalty. Not every business owner’s policy covers data breaches or other cyber losses. Small businesses should be prepared by seeking insurance products that help them recover, including those that cover the cost of remediation and lawsuits.”

As your small business grows, you may add space or equipment, create new products or services, or increase your operating and distribution footprint, so DeHetre recommends periodically reviewing your policy to ensure you have the right coverage.

Focus on your customer experience.

Customers’ perceptions can make or break your business. Deliver quality experiences and products, and they’ll quickly sing your praises on social media; mess it up, and they’ll tell the world even faster. Fast growth depends on making your current and potential customers happy with their experience.

The most successful small businesses exploit this advantage by bringing new and innovative products and services to market more quickly and developing and nurturing long-term customer relationships.

While engaging with your audience is crucial, personalizing the experience can boost and strengthen that relationship.

Be Adaptable

One trait that many successful businesses have in common is the ability to switch directions quickly in response to changes in the market. Lanng said that an agile approach to development, both in your product and your company, will help you grow more quickly.

By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best. It allows you to fail, pick yourself back up and keep going.

Look to current pop culture trends for an opportunity to become part of the movement when it makes sense.

By 2030, ten powerful converging technologies will entirely transform the way businesses work and engage with their customers. Here’s what you need to know:

Artificial Intelligence

Software algorithms that automate complex decision-making tasks to mimic human thought processes and senses. AI will exponentially speed up every aspect of human and machine interaction.

What is Artificial Intelligence

Artificial Intelligence is the combination of algorithms used to create intelligent machines. It is said that the next great leap in technology will not be systems that run faster and more efficiently, but rather a platform capable of anticipating our every need which is the foundation successful businesses are built upon.

Augmented Reality

Augmented Reality or AR as it’s fondly called is a visual or audio “overlay” on the physical world that uses contextualized digital information to augment the user’s real-world view.

It will be used to inform and amplify your interaction with all aspects of your everyday life, work and travel. Companies like Apple have already positioned themselves for the future with the design of the Apple Glass. The purpose of the Glass is to bring all of the information from your phone directly to your face.

AR will turn your gaze on almost anything in your surroundings, squint thoughtfully, and immediately view informational content about the object or activity of focus. Imagine the power it will give any businesses that adopt this technology now.

Virtual Reality

VR is an interface in which viewers can use special equipment to interact with a three-dimensional computer-generated simulation in realistic ways. Unlike AR which adds digital elements to a live view often by using the camera on a smartphone, VR is a complete immersion experience that shuts out the physical world.

The adoption of VR is poised to bring transformation to businesses that operate in the sphere of education, entertainment, medicine and more.

3D Printing

3D Printing is a machine that creates three-dimensional objects based on digital models by layering or “printing” successive layers of materials. It is used to fabricate bespoke ‘everything’ from homes and automobile parts to the replacement of human bio-tissues.

3D printing tech has brought massive innovation to the world. The technology has its imprint on virtually all industries. it is a sure-fire for any business to last the mile.

Internet of Things

IoT, as it is often called, is a network of physical objects embedded with sensors, software, network connectivity and computing capability, and can collect, exchange and act on data.

The Internet of Things has already started to revolutionize our homes and workplaces with smart speakers, lights and heating thereby minimising and simplifying everyday decision-making.

Robotics

Robotics is the use of machines with enhanced sensing, control and intelligence to automate, augment or assist human activities. Robotics tech is already in use in different industries like healthcare, education, manufacturing and research institutions.

Read More: 21 Digital Tools To Use For Your Business In 2022.

Quantum Computing

Quantum Computing is a new generation of technology of advanced computers 158 million times faster than the most sophisticated supercomputer. It will comfortably do in 4 minutes what it would take a traditional supercomputer 10,000 years to accomplish.

This technology holds the potential to transform medicine, create unbreakable encryption and even teleport information. Any business with the ability to integrate Quantum Computer will easily dominate its industry for years to come.

Gene Editing

Gene Editing is a group of technologies that give scientists the ability to change an organism’s DNA by allowing genetic material to be added, removed or altered at particular locations in the genome. This technology possesses the capability to extend the human life span and improve health and quality of life.

Already, scientists are making precise edits to DNA strands, leading to treatments for genetic diseases. This is a game-changer for the healthcare industry.

The use of Gene Editing tech could potentially push any company to the pinnacle of domination.

Materials Science

Material Science is the discovery and development of new materials accelerated by the Materials Genome Initiative. It allows scientists to create new elements and better products, transforming many aspects of everyday life.

Blockchain Technology

You are already familiar with Blockchain Technology based on previous articles we’ve written on it. But in case you need a rehash, Blockchain Technology is a distributed digital ledger that uses software algorithms to record and confirm transactions with reliability and anonymity.

The technology creates the infrastructure for web3 and transforms the internet — returning power and ownership to individuals.

READ: 21 Digital Tools To Use For Your Business In 2022.

Already, Blockchain Technology is disrupting the financial industries as more people are adopting the use of the technology – based on its most singular significant feature of decentralisation – to perform payment transactions with ease.

Any payment platform that wishes to stay relevant should start thinking of ways to integrate the use of Blockchain Technology.

Conclusion

That’s it! These are the 10 Most Powerful Business Technologies you need to start adopting right now as a business owner if you don’t want your business to be swept away by the rising current of innovations out there.

One technology that is going to accelerate growth across several industries in the next decade or two is the fifth generation of technology, also known as 5G technology. From transportation to the banking, gaming, sports and even the public sector, 5G will greatly enhance productivity in ways we have never with previous iterations.

Brief History of the Evolution of 5G   

The evolution to 5G by telecom companies has been in the making in the last half a decade as the demand for data by businesses and regular internet users has steadily increased. 

But to understand the evolution of 5G technology, we must first understand where it evolved from. 

The first generation of mobile technology, 1G, built in the late 1970s and 1980s, was all about voice — the ability to use a phone in a car, while shopping or away from home really took root here.

The second generation, 2G, built in the 1990s, was digital, making it possible to encrypt calls, make more efficient use of the wireless spectrum and deliver data transfers on par with dialup internet. 

The third generation, 3G, built in the early noughties, ushered in the evolution of smartphones. The move from 2G to 3G provided the core network speed for these smartphones making regular folks access the internet from anywhere and at any time – albeit at a slow speed – without the need for a computer. 

And the fourth generation, 4G, built in the 2010s, gave us high-speed internet connectivity and birthed the era of online services leading to widespread job creation and disruption of conventional means of running businesses. 

And now, we have 5G technology. The first country to adopt 5G on a large scale was South Korea, in April 2019. Since then, the growth has been somewhat exponential with more countries (Nigeria is set to adopt 5G technology in the coming months this year) adopting at scale.

What is 5G Technology and Why Should We Be Excited About It?

As with all the latest technology of the 21st century – blockchain, the Internet of Things, Self-Driving Cars, Virtual and Augmented Reality and Artificial Intelligence – the concept behind 5G (ease and convenience) isn’t much difficult to decipher. 

5G is the fifth generation of wireless mobile technology with the capacity to deliver faster download speed (as much as 10 times faster than your regular 4G network), much lower latency (capacity to stream 4K high definition videos without a whiff of buffering or slow speed), massive network capacity (support for millions of devices per square kilometre), increased availability and a more uniform user experience to more users.

5G’s connectivity goes beyond just mobile devices. It will essentially be the network that will boost the development of modern technologies like autonomous vehicles, IoTs and Virtual Reality and quickens their adoption. This invariable means, in a nutshell, that 5G is a gamechanger for the future of technology.  Even emerging technologies like Metaverse will depend on 5G technology to run smoothly.

5G speed and other connectivity benefits are expected to make businesses more efficient ( and give consumers access to more information faster than ever before. 

Global Impact of 5G Technology

According to a report by PricewaterhouseCoopers (PWC) in 2019, 5G is projected to add about $1.3 trillion to the global economy by 2030 with the healthcare sector contributing about half of that amount.

This is also expected to add 4.6 million jobs within the same period. This is not surprising when you factor in the industries that will be relying on the 5G network.

Already smartphone companies like Samsung, Apple, Tecno, Huawei and even Google have launched devices that support 5G capabilities. Back home, network giant, MTN are also preparing the groundwork to ensure that Nigeria is ripe for 5G technology.  

Benefits of 5G Technology on Businesses

It is so easy to see the beneficial effects of 5G, especially for businesses looking to scale. Industries like Healthcare, Entertainment, Agriculture and Transportation are already seeing significant gains from the adoption of 5G connectivity. In the long run, all industries will benefit from the adoption of the 5G network once the technology becomes widely spread as oxygen in the atmosphere.

But the underlying question remains. What are the specific benefits for businesses of all sizes? We highlight the 3 most beneficial effects of 5G technology on businesses below:

Better Customer Experience

Speed is by far the most beneficial effect of 5G for businesses. The current average 4G browsing speed runs at an average of 56 Mbps, 5G would bump that speed up to 490 Mbps (almost 10x the speed of 4G). This makes you download heavy videos or files in an instant ensuring delivery of services to customers at lightning speed.

In meetings, advanced capabilities such as virtual reality, which will be powered by 5G connectivity, could become the norm for presentations. Immersive augmented and virtual reality experiences could show customers and others your new product, enabling them to view it virtually, from any angle. 

Or you might leverage your customers’ smart home environment to develop new services and applications that make full use of all the data that surrounds them.

More Productivity

Many of the benefits of adopting 5G technology for your business stems from low latency and high capacity which result in high productivity for your employees. 

With a much more reliable network, your employees will spend less time fretting about connectivity and more time focusing on important tasks.

More Opportunities For Your Business

5G opens the door to new business models that you can create and new products and services you can offer. The ability to collect more data, more quickly, and put it to work for your business and your customers is one of the benefits of 5G for businesses of every size—and may even be the genesis for a transformation of your business model.

Conclusion

The 5G technology era is here, introducing the next generation of smart business applications just as organisations plan how to emerge stronger in the post-pandemic world. 

The potential for impact across industries is enormous, but to realise these gains, companies will need a strategic approach—one underpinned by a clear view of the use cases that will deliver the greatest value over time. 

This is true for both of the key stakeholder groups shaping the future usage of 5G: enterprises and policy-makers. 

“In the Midst of Chaos, there is also Opportunity”

Sun Tzu

The words of Sun Tzu above, legendary Chinese master military strategist, ring eerily true with the world seemingly in turmoil at the moment. 

The Ukraine – Russia war is currently putting (no pun intended) the entire world rightly in a massive frenzy with businesses across industries affected directly (Russian business owners read Oligarchs who have been barred by Western countries) and indirectly (businesses that are affected by other variables like high gas prices as a result of the war), after just recovering from one of the most devastating pandemics in history. As a result of the war, Oil prices are spiralling out of control, same as commodities like wheat, Russia and Ukraine together exported more than a quarter (25.4%) of wheat in 2019, according to the Observatory of Economic Complexity. 

The story is equally not savoury back home, the price of diesel has more than doubled in the last fortnight. The country is also currently under its usual siege of petrol queues as a result of petrol scarcity. These issues coupled with the country’s mounting debt profile and a spate of insecurities have made it imperative for business owners to start thinking of possible bunkers somewhere to crawl into.

Bunkers aside, how do business owners protect their assets during these wild uncertain times? How would they form a massive moat around their assets and insulate them from this chaos? Not to worry, we’ve put together 5 great ways you can secure these assets and none of them includes hiding somewhere in that bunker.

1. Put it in the Cloud

If you haven’t stored your business’ or company’s assets/data which include important business documents, projects documents, email communications, etc… on the clouds, you could be casting a dark cloud in the long run over your business or company. The concept of storing data in the cloud using cloud computing software has been around with us over the last three decades since the inception of the internet and it has grown astronomical. 

Last year, cloud computing marketing was worth over $370 billion (N153.9 trillion) and is expected to more than double by 2025 with the top three Cloud computing companies (Amazon Web Services, Microsoft Azure and Google Cloud) having a combined market share of about 60%. These staggering stats prove that businesses across all industries are adopting cloud computing technology at a fast pace to safeguard their data, especially during these uncertain times.

Thankfully, we offer cloud computing services to help small and big businesses like yours manage their data and assets more efficiently.

2. Subscribe for That Cybersecurity software Now If You haven’t Yet

One of the most popular tools deployed for modern warfare during a time of uncertainty is cyberwarfare. It’s no surprise the use of cyber warfare tools grew at the height of the pandemic two years ago and is set to continue the upward trajectory as the war in Ukraine rages on. 

Already, it is estimated that almost 60% of small companies go out of business within the first six months according to data gathered by National Cyber Security Alliance, a nonprofit organisation. This is quite telling as hackers tend to focus on startups without the necessary security structure compared to much more entrenched companies. But this is not to say big companies are not susceptible to cyberattacks. 

Making it even more imperative for companies of shapes and sizes to protect their online assets with the best cybersecurity software we have on offer.  

3. Adopt a Digital-first Approach

This is an obvious no brainer, especially in an age where everyone is talking and experimenting with the concepts of having their social identities in a virtual reality world read Metaverse. But the right structure must be put in place for a successful digital-first approach adoption. 

For example, companies that have gone fully remote have put in place the right interactive and collaborative software to aid seamless interaction among employees outside the office. At the moment, no thanks to the pandemic, more than 16% of companies worldwide are fully remote, this is according to a study carried out by Owl Labs in collaboration with Global Workforce Analytics. Some Ukraine based software companies didn’t have their services disrupted by the war as they already had the remote structure in place.

We can help you make that transition if you haven’t hopped on the digital train yet by signing up on this link.

4. Don’t Panic!

So much negativity from tumbling revenue numbers for businesses due to high oil prices to the high cost of commodities like gas, high inflation cost by these growing costs and economic downturn will be aired repeatedly by news outlets across the media like TV and podcasts during these uncertain times. It is very important as a business owner, you practise the art of calmness by switching your focus to other relaxing and meditative activities. You can also visit places with rich natural habitats that will refresh your thought process and improve your emotional intelligence to avoid making rash decisions.  

And remember this as a rule of thumb; whatever choices or decisions you make during these moments, make sure you avoid pushing that panic button! 

5. Diversify Your Assets

This is probably the most essential safeguard of all especially if you want to come out on the other side of these uncertain times smiling. Thankfully, there are so many investment opportunities to try out; from the conventional ones such as stocks and real estate to disruptive ones like cryptocurrencies (Bitcoin, Ethereum, Solana and others), the much talked about NFTs and Metaverse. 

There are a million more ways you can diversify your investment, but it is very crucial to note that whichever way(s) you choose to helps you limit your exposure during a time of crisis.

Conclusion

These safeguards are not cast in stones and should not be seen as the only way to protect your assets in a time of chaos, as there are several other means of safeguards. But this article will help in guiding you to make the best decisions for your business during uncertain times.