Oracle, a global technology solution company has come up with three technology myths Nigerian firms should bust to drive innovation in 2018 and beyond.
Managing Director, Oracle Nigeria, Mr. Adebayo Sanni, who dropped the hint recently, listed the three technology myths to include Short Term Thinking, Competitive Landscape and Innovation.
According to him, companies should deliver innovation to remain competitive, which is easier said than done. Citing Oracleâ€™s recent research, which found out that 72 per cent of businesses agree that migrating infrastructure to the cloud makes it easier to innovate, with only 36 per cent actively doing so, Sanni said Nigerian businesses must begin to work out ways that will make them competitive in 2018 and beyond.
Nigeria has only recently emerged from its first economic recession in more than two decades, which has seen many organisations re-look their Information Technology (IT) spend and question what technology is right for their business, while reducing cost. This has allowed for improved cloud uptake and plenty of room for growth, with Nigeria now expected to surpass South Africa and Kenya in terms of cloud adoption this year, Sanni said.
“Today, the Nigerian economy is bolstered by a thriving small to medium enterprise (SME) community that makes up over 90 per cent of the market, with many engaging in business that can only be made possible through cloud technology. Good news for entrepreneurs and post-startup companies is that Endeavor, the global startup organisation, has launched an office in Nigeria in February. It selects, mentors and accelerates high-impact entrepreneurs that are poised to scale their businesses,” Sanni said.
According to him, one of the main drivers of cloud adoption, besides benefits such as cost and speed to market, is the governmentâ€™s vision to become one of the largest economies in the world by 2020. A bold goal, but one thatâ€™s being driven by a clear focus on digital adoption and the use of innovative, accessible and modern tools.
Emphasising on the three key myths that stand in the way of transformative innovation, which businesses must dispel to become truly innovative, Sanni said the first myth, which is Short-term thinking is the enemy of innovation.
Business decision makers are often told to avoid narrow-minded thinking. While short-term thinking can slow progress, quick goals are the friend of innovation. Indeed, many of the worldâ€™s most successful innovators use the short sprint cycles of agile methodology to develop new applications and roll updates out at lightning speed, Sanni said.
Expatiating on the second myth, Sani said while business decision makers work to keep close tabs on the market, todayâ€™s competitive landscape is constantly shifting. In this constantly evolving competitive landscape, businesses must expect the unexpected and maintain a keen focus on advancing their agility from every angle, he advised.
About innovation, which is the third myth, Sanni said: “Thereâ€™s no shortcut to innovation, and companies must invest in their most important resource â€“ human capital. Investing in the teamâ€™s knowledge and expertise to build up their own methods of cloud solution development is the most sustainable way of working,” he said.