The world of business is being driven by technology. Some are expensive to acquire, while others are affordable and worth your investment.

In today’s article, we look at some key technologies that a 21-century business should have in place.

A security camera

In God we trust, and man we verify, is a common philosophy among entrepreneurs.

Entrepreneurs follow this philosophy after numerous retail leakages resulting from employee and consumer theft. One would think that all employees are believers in the values of the companies they work for, yet, that is not the case. As such, SMEs are prone to theft and fraudulent deals even from within.

Recommended article:Digitalisation that works for small businesses

An economic crime report by the Uganda Police Force of 2021 revealed that businesses lost money equivalent to about one-quarter of Uganda’s national budget; a total of Shs45.65 trillion.

Although the report encompasses all crimes such as embezzlement, cyber, and obtaining money by pretense, theft and burglary appeared to be prominent.

In Small and Medium-Sized businesses where investment is usually small, even a minute loss spells doom for the entire enterprise. A surveillance system that can alert supervisors of criminal incidents becomes handy. And investment in having a camera in strategic locations is, therefore, a must for the business. Trust your employees, but it does not hurt if you monitor them through a surveillance system to ensure they do the right thing.

Cashless payment systems and delivery services

A Bank of Uganda study found out that, partly due to COVID-19, digital platforms such as mobile money payments have registered tremendous growth.

The world is moving very fast, and the entrepreneur must not be left behind. In Kenya, for instance, passengers using Matatu minibus services will pay their fares digitally after the National Transport and Safety Authority (NTSA) commissioned a collection system.

Find a way of enabling cashless transactions in your business if you are to survive. It can be through mobile money, other point of sale devices or bank transfers. Since most of your customers may be under lockdown due to COVID-19 control restrictions, being able to serve customers in their homes is a plus for your business. Equally, devising a cashless delivery system is a necessity.

Cybersecurity

Many studies, including one done by PricewaterhouseCoopers, are pointing to an increase in cybersecurity.

Fraudsters have upgraded their knowledge on hacking into financial systems and can succeed in making away with millions of dollars.

Quite recently, Rwanda arrested and jailed eight Kenyans and a Ugandan for hacking into one of its financial institutions.

Last year in October, a similar cyber fraud was reported in Uganda in which billions of shillings was stolen.

What this trend points to is an urgent need for SMEs to invest in cybersecurity before they are hit even with limited resources. You can start by hiring staff or an external service provider.

Artificial Intelligence and Automation

Technology has transformed the way businesses function. Traditionally, to understand consumer perceptions and trends, one had to carry out a time-consuming study. Although such studies are still relevant, machines have been trained to learn, understand, reason, plan and act when blasted with data.

Recommended article: Use tech to earn reputation and royalty

Machines can gauge consumer preferences on social media through tracking what they click on to inform of their likes, dislikes, views, or purchases.

Locate a site that will offer visibility for your services or products, and you can gauge the mood of your customers or potential clients.

The world economy has undergone a massive digital transformation.

The changes have altered how businesses interact with their consumers and the way we transact goods and services.

As a startup or an already established SME, you need to adapt your operations to the capabilities technology is providing now to ensure growth, profitability and sustainability of your enterprise in this digital economy.

RECENT ARTICLES

[rev_slider alias=”slider-1″][/rev_slider]

CLICK ON ANY BOOK TO BUY NOW