Lagos State government has enjoined Cooperatives Societies in the State to embrace digitisation in their business processes in order to have a competitive advantage.
Speaking at the event, themed “Digitalisation Transformation Strategy for Cooperative Societies”, held at the Lagos State Cooperative College in Agege, its Provost, Mr. Akorede Ojomu disclosed that the world is evolving technology-wise, therefore to remain significant, it is imperative to imbibe the use of digital technology to maintain relevance for survival of the business entities in the competitive market.
He said, “We are in the digital age and space where the application of digital technology has become important for the survival of a business. The world has been narrowed down to a community with high influx of competition in every facet of life. Hence, the need to take proactive measures that would guarantee growth through healthy competition.”
Ojomu urged cooperative societies in the State to ensure that they remain up-to-date with their competitors, stating that the banks and other financial institutions were fast eroding on Cooperative business activities.
The Group Information Officer of United Capital Plc, Mr. Joseph Onyema, the facilitator at the programme stressed the need for Cooperative Societies to become technologically inclined. He urged the cooperative society to leverage the internet as a key driver in accumulating more cooperators into the system.
He said digital transformation technology strategy is the lifeblood of any business, stating that cooperatives in Nigeria are beginning to realise that the cooperative space is being encroached by fintech and, if transitioning into digital technology is not imbibed, it may phase the cooperative society out.
“For cooperatives business to continue to thrive, it is essential for a quick and easy transition into digital space to take place so as to ensure growth of the customer base, reduce cost margins, and increase profit as against the medieval cooperative method,” Onyema said.
In the same vein, Mr. Kenneth Odusanya, Managing expert Kenneth Odusanya & Co, enjoined cooperators on the need to be financially literate in order to avoid creating liabilities that would damage their lives.
Speaking on Business Planning and Control Cooperative Management, Odusanya stressed the need for financial literacy, pointing out the need to understand and make use of diverse skills to attain financial independence.
“Financial literacy leads to financial independence. It is, therefore, necessary for individuals to acquire knowledge and skills that would allow one to make informed decisions that would be effective in the long run,” he stated.