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By Hillary Munedzi
Small and medium enterprises (SMEs) have been urged to take advantage of the digital shift and exploit the opportunities that come with it in creating a brand that is easily recognizable from a global perspective.
Officially opening the SMEs international Expo in Harare yesterday on behalf of the Ambassador of Malawi to Zimbabwe, Mwayiwayo Polepole, Dr. Hudson Magwale said it is high time SMEs in Zimbabwe and Malawi take advantage of digital platforms and strengthen cordial relations which stretch way before independence.
“SMEs should take advantage of the digital shift and exploit the opportunities that are availed by this revolution. A well-planned and executed digital transformation strategy could grow sales volumes and unravel investment opportunities through robust marketing efforts. Trading between Malawi and Zimbabwe remains excellent and should continue into the future.
“It is therefore pertinent for SMEs to establish a digital footprint as the modern business world demands adaptive and adoptive enterprises that are able to move with the times and tap into new markets,” said Dr. Magwale.
The explosive growth of the Internet and its related technologies has enabled SMEs to collect valuable information. But the asset of information brings many-fold challenges for SMEs: processing and storing the information, lack of resources to develop and implement security software, and costly cloud and the risks associated with it – all accentuated by financial constraints and constantly accompanied by the risk of losing customer trust.
“It is however important to take cognizance of the risks that come with the digital economy as data can be stored or abused to hamper profits or cause harm. Digital security should therefore be prioritized as SMEs embrace emerging technologies, ” he said.
While the challenge of technology limits the preliminary efforts to manage information security risks, the lack of an efficient framework renders the strategies to tackle the threats ineffective. This creates a gap between where a mid-level business wants to be and where it actually is in the context of its ability to desirably manage information security risks. The absence of a risk management framework also makes SMEs unable to counter resource constraints with adequate planning and strategy.
“Furthermore, technology is not a substitute for quality and strategy. SMEs still have to continuously improve their product offerings without becoming too reliant on algorithms. Entrepreneurship is, after all, all about passion and execution .key ingredients that never be digitalized.”
Different companies walked away with different prizes with Intercrete Private Limited walking away with the first prize in the entrepreneurship manufacturing sector.