Embrace digital transformation, expert charges directors

Embrace digital transformation, expert charges directors

Mr Ademola Aladekomo, Founder, Chams Plc, an indigenous Information Communication Technology (ICT) firm, has charged directors on companies’ boards to embrace current trends in ICT to engender business sustainability.

Aladekomo gave the charge at the 2022 Fellows’ Luncheon of the Institute of Directors (IoD) themed: “Innovation, Sustainability and The Future Role of Directors In The Nigerian and Global Economy.”

Aladekomo said this was necessary because in the next 20 years, Africa would dominate the world by virtue of its large youthful population, vast natural resources and other dynamics.

He noted that the value of an innovative, technologically driven company, was more than that of all financial institutions and other forms of businesses put together.

The Charms boss listed five domains of digital transformation to include competition, customer, innovation, data and value, adding that Africa and Nigeria were virgin markets for the transformation.

He said, “Strategic direction, corporate governance and accountability are the three key functions of directors to engender sustainability.

“The volume and velocity of transactions these days are alarming, and one needs to be innovative to be at par with what is going on digitally.

“It’s either you innovate or you die as there’s no middle ground to this as lack of innovation had led to the death, threat of relevance, and obsoleteness of many companies.”

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Aladekomo also advocated the conscious need for inclusiveness of diversity on boards to accommodate more youthful population, women and people with disability.

According to him, with the dwindling population of developed countries, and the youth of Nigeria and Africa taking over manufacturing, health and technology, the future rests on them.

He also tasked directors on the need to influence government on necessary constitutional amendments and favourable policies, bereft of corruption to the business environment.

“Corporate bodies’ boards owe upcoming companies the duty of ensuring that the government of the day employs policies and corporate governance principles that would help businesses thrive and be sustainable,” he said.

In her remarks, Dr Ije Jidenma, President, IoD, explained that the event was an advocacy forum where contemporary issues affecting leadership, corporate governance, management, ethics, and the overall economy were discussed.

She said the event’s theme was apt in view of the multifaceted challenges such as COVID-19 pandemic, climate change and the Russia-Ukraine war prevailing in the world.

Jidenma said innovation was crucial to the continuous success of any organisation as it enhanced market position, increased sales and market share, reduced waste, saved cost, and increased productivity, growth and profitability.

“There is, therefore, no better time to address the matter of innovation than now as organisations all over the world are concerned about sustainability and survival amid these issues.

“The impact of these global challenges are so devastating that only innovative businesses will survive and thrive.

“As business environment changes, driven by technological and social shifts, innovation is central to ensuring the development and growth, as well as sustainability of organizations.

“Directors, as business leaders must be futuristic in their outlook and come up with new and creative ideas for business to thrive in this highly competitive environment,” she said.

(NAN)

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Author: admin