Experts Advise Business Owners to Pay Close Attention to Digital Dynamics

Professionals in Uganda's swiftly emerging entrepreneurial landscape are persuasively advocating for business proprietors to adjust to the evolving digital landscape.


Professionals in Uganda’s swiftly emerging entrepreneurial landscape are persuasively advocating for business proprietors to adjust to the evolving digital landscape. Ugandan businesspeople are operating at a pivotal juncture in world history, where their ability to promptly assimilate novel technologies will dictate their competitive edge in the international arena.

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During a meeting with organizational leaders on Wednesday at the Skyz Hotel in Naguru, one of the ICT experts, Ali Monzer, who is currently the CEO of MTN in South Sudan, disclosed that, more than ever, navigating the intricate paths to success in the modern corporate world necessitates adopting a proactive stance in understanding and leveraging digital dynamics.
He pointed out that the digital revolution has drastically altered the way that business is conducted, presenting both enormous opportunities and challenges never seen before. “This shift holds great promise for innovation and progress in Uganda, a nation with a burgeoning entrepreneurial culture. But rather than just acknowledging the significance of digital dynamics, business executives must fully embrace them in order to seize these opportunities.

He continued by saying that integrating digital technologies into corporate strategy has become crucial to staying resilient and relevant in a market that is continuously evolving, whether it be through the use of e-commerce platforms to reach a wider audience or data analytics to make well-informed decisions.

ICT firms and organization executives were also briefed by Peter Muramira of the Uganda Investment Authority on the importance of creating an environment that draws in the proper investors in order to boost the investment climate and increase Uganda’s economy’s competitiveness. “Technological advancements must be seamlessly incorporated into every sector of our economy, as economic growth and job creation depend on competitiveness. Data collecting is made easier by technology integration, which is crucial for effective government development initiatives and well-informed decisions.

We can determine the unique production capacities of each district by closely analyzing the data, providing investors with crucial knowledge that enables them to more effectively target their investments. The broad adoption of digitalization, which forms the basis of this strategic foresight, is necessary for the achievement of our economic objectives, he stated.

He issued a warning to private sector leaders and owners of small businesses to embrace collaborating with the government, as there is presently a push to collect local data in order to provide the foundation for evidence-based legislation and policy making. However, issues persist because many Ugandans, particularly those who own small enterprises, are concerned about the tax implications of registering their companies. They are unable to grow economically as a result of their inadvertent refusal to take advantage of government incentives.

Chief Executive Officer of the ICT Association of Uganda (ICTAU), Gideon Nkurunungi, echoed this sentiment, saying that while Ugandan entrepreneurs are working hard to board the digital train, the government is also playing a crucial role in ensuring that appropriate policies are put in place to support any innovations that arise.

“If we talk about ICT at the national level, Uganda’s GDP is USD 114 billion, and we only contribute USD 9 billion, or 7% of it. In contrast, ICT makes up 17% of Nigeria’s economy. This implies that ICT should also double the number at this point. Because of this, he stated, “ICT adoption is crucial, but it’s also important to comprehend the data that’s flowing and share the story about what trends are available technologies to tap into such a pool of opportunities.”

The COVID-19 pandemic has brought to light the importance of businesses adapting swiftly to digital advances. Lockdowns and social distancing measures have shaken up traditional firm models, but companies with robust digital infrastructures have fared better. In Uganda, where the digital divide remains a significant barrier to entry, entrepreneurs must move proactively to bridge this divide in order to create new business prospects.