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A new report comes from Vodacom group, Vodafone group and Safaricom It has been revealed that small and medium-sized enterprises in Africa are embracing the positive impact of technology. In fact, 70% of businesses in the region have invested in technology to drive growth and resilience.
The report is titled Create a fair competitive environment for small and medium-sized enterprises, is the sixth research paper under the Africa.connected campaign. The purpose of the event is to promote sustainable development by narrowing the digital gap in Africa’s major economic sectors. This is accomplished exclusively through strategic partnerships.
There are many opportunities to unlock the full potential of digitalization for these businesses and the continent, which means addressing barriers such as infrastructure, connectivity and the high cost of implementing technology, and developing best practice frameworks to enable better collaboration.
“This report explores the specific challenges faced by small and medium-sized enterprises in Africa and sets out the measures needed to help these entrepreneurs overcome these barriers. Our findings highlight the role technology can play in helping small businesses seize new opportunities, access financing, and improve their productivity, cost reduction and competitiveness.” Shamir Zhu SuCEO of Vodacom Group.
Barriers to mainstream adoption remain
Technology adoption among African SMEs presents unique challenges. In addition to insufficient infrastructure and connectivity capabilities, the survey results also revealed that the biggest difficulty faced by SMEs is the high cost of technology upgrades and updates (58.3%). This can hinder small businesses from keeping up with the latest technological advancements.
Nearly a third of SMEs (32%) are also concerned about a lack of digital skills and knowledge to take full advantage of technology solutions. In addition, research points to regulatory and compliance issues as stumbling blocks for SMEs’ digitalization efforts.
The research is based on conversations with 400 SMEs in eight African countries (South Africa, Kenya, Egypt, Ethiopia, Mozambique, Tanzania, Democratic Republic of Congo and Lesotho). Sizes range from 1 to 200 employees.These surveys are related to global wide Walkersis a South African market research company focusing on information technology and telecommunications trends.
In Africa, digitalization has changed the game for small and medium-sized enterprises, with respondents highlighting the positive impact of technology on improving growth, efficiency, competitiveness and customer service.Additionally, through the use of e-commerce platforms, social media and digital payment solutions, e.g. M-PesaSmall and medium-sized businesses can expand their reach, gain valuable data insights, and streamline operations.
Unlock the key to digital growth
To help drive technology adoption among SMEs on the continent, the report outlines the importance of sharing best practices to enable better decision-making and cost-effectiveness. From a knowledge sharing perspective, these standards help to identify gaps in understanding and make it easier to implement innovative ideas, while also providing an internal knowledge base and reducing the loss of expertise, thereby fostering a learning culture.
Additionally, adopting proven practices and techniques is faster and safer than testing new ones.
“Digital solutions and tools offer entrepreneurs and small business owners the possibility to connect and discuss best practices so that they can learn from each other’s experiences, overcome common obstacles and maximize their potential,” said Joosub.
“We at Vodacom are passionate about working with small businesses and supporting them to succeed. As a purpose-driven business, we aim to use our network and technology capabilities to help SMEs innovate so that together we can create a better place for Africa. A resilient, more inclusive and sustainable future.”
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