Firms Risk Losing Competitive Edge Without Technology – Business Coach

Chartered Accountant and Business Coach, Dickson Assan, has cautioned businesses against resisting technology adoption, warning that companies that fail to modernise their operations could eventually lose their competitive edge.
Speaking on Business Breakfast on Zed 101.9FM with Nii Trebi Hammond, Mr. Assan said many businesses wrongly focus only on the cost of technology without considering the long term value and efficiency it brings to operations.
“You see, you look at it from the other way. Without technology, it is actually more expensive because then you are having a lot of inefficiencies in the system,” he stated.
According to him, inefficient systems increase production time, reduce productivity and make businesses less competitive in a fast changing market environment.
“The inefficiencies could be the number of hours it takes for you to produce the service or the product,” he explained.
Mr. Assan compared the use of outdated manual equipment to modern industrial machinery, saying businesses that invest in improved technology are able to produce more within shorter periods.
“Someone who uses a manual machine to sew and the one who uses an industrial sewing machine are not the same,” he said.
“The person using the industrial machine is able to sew more items quickly than the one who has to paddle with his legs and use his hands. That is too costly.”
He stressed that competition in the marketplace makes technology adoption unavoidable, particularly when rival businesses are already modernising their operations.
“You are not alone in the market. There are a lot of competitors. So if everyone has invested in technology and you are the only one still using old methods, very soon you will be out of business,” he warned.
Mr. Assan advised business owners to evaluate technology investments based on the value and returns they generate rather than focusing solely on the initial expense.
“When you are investing in technology, look at it from the point of view of the value the technology is giving you, not just the cost,” he noted.
He explained that businesses should compare the benefits of technology with the consequences of operating without it before making investment decisions.
“When you weigh the returns against the cost, that is when you can determine whether investing in that technology will bring enough returns or whether it would not be a prudent investment,” he added.
Mr. Assan further encouraged small and medium scale enterprises to embrace innovation and modern business systems to improve productivity, reduce waste and remain competitive in the market.