We can’t talk about an all-around progress without highlighting the transitional process that has taken place from the dark age to this contemporary age. At the just concluded seminar themed, ‘Internet of Everything: Enabling SME growth and Development’, organised by the ICT group of Lagos Chamber of commerce and industry in Lagos, the experts have carefully identified the impact of Internet of Everything in various sectors of the economy, specifically for the Micro, Small and Medium Enterprises.
Technology has been a bedrock to the sudden change that has taken place- with the advent of the internet, there is certainly no limit to how far technology can advance. There’s the intelligent connection of people all over the world via social media networks and certain information is converted to actions that create unlimited opportunities for businesses and the unprecedented economic boom. Simply put, we can’t talk about success without acknowledging internet, as long as people will continue to connect through smartphones, Pcs, and tablets.
Experts said at the seminar that businesses owe their successes to the advanced technology. With technology, productivity is greatly improved and they are conveniently able to multiply their stream of income. Ideally, with good internet access, productivity is ensured, even remotely. The time that could be spent on the road, could be used in delivering a service conveniently without interruption, so long as there’s a good internet connection. No wonder there’s an increase in the rise of freelancers in the 21st century. On this premise of working remotely, the Chairman, ICT Group, LCCI, Mr. Zakari Usman said:
‘The most basic transformation today is the revolution of the Internet that now affects every aspect of our lives. Initially, it was the Internet of Things; now, it is the IoE. The IoE brings together people, process data, and the things to create new capabilities, richer experiences, and unprecedented economic opportunity for businesses, individuals, and the government.’
He added further that the Internet of Things ensured that people and machines are well connected and managed properly. Also, the IoT has adequately provided numerous benefits to both small and large enterprises. There is no doubt that health, agricultural, academic, financial sectors and the rest of them have experienced a transformation in how services are rendered. With IoT, treatment outcomes have significantly improved, the use of an app for internet banking has improved productivity in business, the use of artificial intelligence is helping manufacturers make informed decisions, the use of digital libraries in some tertiary institutions for easy access to the internet should also be applauded.
Mr. Ezekiel Egboye, Director of Operations, Rack Centre noted duly that the commercial sector, like other western countries, has incorporated the use of artificial intelligence to affect the best decision making at a short time. Accordingly, the government set a target to achieve a 30% broadband penetration in the country and the key players who are delegated to see the success of this project have been on their heel. He added, ‘We have not met the target; we have got some challenges but in terms of reaching out to the broader part of the country, we are doing well on that’.
Ultimately, the Internet of Everything is here to stay, to be a reality. Its popularity will definitely boost productivity. As such, it is set to attract investors from all over the world into various sectors in the country.