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Impacts of Mobile Technology on Business
Business processes and strategies have changed enormously over the past few years due to the latest tech inventions and solutions. Integration of several technological tools especially mobile technology have automated various business tasks and also made the business processes efficient and simpler to enhance the overall business process efficiency at the end.
Advanced mobile technology such as smartphones, laptops, mobile apps, responsive websites and wearable devices have totally transformed the way businesses run and operate. More and more businesses are employing mobile tech solutions in order to improve their operations with an intention to boost financial gains or tactical benefits.Mobile technology lets employees to take their offices with them whenever they visit a client, make a sales call or in a business meeting.
Impacts of mobile technology on businesses are myriad and here is how it can help your company to overcome communication issues, increase productivity and boost revenues.
Business Productivity
Productivity is the major focus of any corporation as it helps them boost their financial gains. A lot of mobile solutions are accessible that businesses can make use of not only to streamline different processes but to enable employees work more productively. Businesses that are using cloud storage solutions, allow their employees quick and easy access to required information and business data that they can easily access by using their mobile devices. Moreover, business solutions like online invoicing and accounting software enables businesses to manage their accounts and finances on their mobile devices while on the go. In results, they can accomplish more in less time to enhance overall business productivity and operational efficiency.
Enhanced Collaboration
Employees can work from their favorite locations these days. Advanced mobile technology has empowered small businesses and giant corporations to inflate their operations globally by hiring mobile employees from different territories. Employees can collaborate in real time with concerns by using their mobile devices and specific business solutions. Mobile devices are now coupled with high speed internet to facilitate people like fellow employees, customers, vendors and stakeholders, etc. in real time. Employees now can conduct teleconferences, online meetings and video calls to collaborate more effectively than ever before. This improved scope of enhanced collaboration and flexibility plays a vital role in the success of a business by making its employees more efficient and productive too.
Better Marketing Strategies
Due to the availability of modern mobile marketing solutions, a business can present its products or services on their mobile phones. Which means, customers can easily and quickly inquire about their favorite products like speedmaster either by using the mobile app of a business or by browsing the responsive corporate website on mobile browser. Small businesses and big organizations are investing more money in mobile marketing tactics like responsive websites, mobile apps, social media and chatbots etc. to widen their reach. Companies are also working on personalized mobile marketing techniques to provide their customers with the right products or services whenever they search for something.
Improved Communication
Mobile technology is more than making calls and texts. Plenty of social media apps, instant messengers, project management solutions and collaboration tools are out there that companies can make use of to improve communication inside and outside the business. Smartphones and other mobile devices allow employees and other business concerns to stay connected even while on the go. The ease of business communication offered by texting, social networking and email has not only made communication inside the business easier but also has made the communication with customers easier than ever. In results, a business can build strong relationships within the company and outside of business by making use of the latest communication solutions.
Better Customer Service
Mobile technology has played a significant role in improving customer services. As everyone is using smartphones not only to make calls and text, but to surf the web as well when it comes to find useful details and information about products or businesses. That is the reason, businesses are focusing more on mobile technologies to provide their customers with great services and experience. Mobile responsive websites, mobile apps, social media platforms and chatbots are the great mobile tech solutions that any business can invest in to improve customer services. By using all these solutions and tactics, companies can keep their potential and existing customers engaged in best possible way.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter