SMEs urged to embrace changing dynamics of digitisation on their businesses

Business owners of small and Medium Enterprises (SMEs) have been urged to embrace the changing dynamics of digitization and its impact on their businesses.

They have been urged not to consider the size of their businesses and not downplay the role of digitization.

Speaking at a seminar on the theme: empowering growth: optimizing people and resources for the digital era, the Managing Director of GCB Bank Limited, Kofi Adomakoh believes the SME sector will become more efficient if it prioritizes digitization.

“Having said that, the world is also changing and changing very fast. If you stay behind, you will be left behind, and you’ll be left behind for good. We all have to learn about technology digitization. Fintechs are disrupting anything that has to do with business. People are becoming more efficient, “he said.

The Executive Director of Wholesale and Investment Banking of GCB Bank, Sam Aidoo outlined the significant contribution of SMEs to the Ghanaian economy and reiterated GCB’s commitment to partner businesses for growth.

“In Ghana today, SMEs constitute about 92 percent of all registered companies in the country. They contribute about 85 percent of employment in the manufacturing sector. If you take SMEs away from Ghana, we would be in significant trouble. SMEs are undoubtedly the backbone of Ghana’s economy,” Mr Aidoo said.

“At GCB, we are not just a financial institution. We are your partner for growth. We understand the challenges and opportunities that SMEs face and we have made significant changes, particularly in our SME commercial banking department to be able to address their needs adequately.”

“We have restructured our SME banking. We are available all around the country. This decentralized structure helps us to segment our clients and support them,” he added.

The head of Corporate Banking for GCB Bank, Linus Kumi, said the Bank was dedicated to supporting the growth and success of SMEs across the country.

“We believe SMEs play a very vital role in our economy so we consider it a good opportunity to come in and build their capacity on how to access funding and also understand the dynamics in the market in order to be able to address all the challenges that we have in that space.

“Part of our strategy is to look at the general SME spectrum. We look at businesses that are not fly-by-night in nature. We want businesses that go beyond generations. Our goal is to build up businesses for the next generation,” Mr Kumi said.

For his part, the CEO of Maxwell Investments Group, Maxwell Ampong, who led the discussion on global SME trends with a focus on digital innovations, stated that the use of AI and machine learning was transforming how SMEs operated by automating processes, enhancing customer experiences and providing valuable insights.

He cited examples of SMEs in the retail sector that used AI-driven chat boxes to provide customer support, handle common queries, and personalised shopping experiences, which he said would lead to increased customer satisfaction and loyalty.

“Companies have to be able to be competitive and keep up with the competition beyond the borders because it is critical to their growth. Artificial Intelligence is the newest technology in vogue, and SMEs can take advantage of it to increase sales.

“Having a 24/7 chat box can help to offer ready information to your customers even if you are not available because they can access the information they need. Adopt digital marketing strategies to boost your businesses,” he concluded.

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