WATCH: ‘Harness new technologies for business growth’

Judith Phiri, Business Reporter

BULAWAYO businesses across various sectors have been called to continually adopt new technologies to enhance efficiency and make informed decisions.

In today’s fast-paced business environment, staying competitive requires embracing the latest technological advancements that have the potential to transform the way companies work.

From artificial intelligence (AI) to the Internet of Things (IoT), emerging technologies are powerful tools capable of reshaping entire industries.

In an interview, Bulawayo’s Provincial Affairs and Devolution Permanent Secretary, Mr Paul Nyoni, emphasised that new technologies are essential for businesses’ and organisations’ growth in every sector.

“Globally, new technologies are being increasingly adopted to boost efficiency. Enhanced efficiency allows businesses to achieve higher productivity levels. By eliminating bottlenecks, reducing unnecessary steps and automating repetitive tasks, employees can concentrate on value-added activities that foster growth and innovation,” Mr Nyoni said.

He pointed out that the adoption of new technologies extends beyond businesses; it is also applicable to sectors such as churches, schools and transportation. Regarding cross-sector implications, Mr Nyoni mentioned that smart technologies, including sensors and smart meters are now utilised to monitor energy and water consumption, identifying strategies to conserve natural resources.

“We are witnessing how modern technologies such as analytics-enabled IoT sensors and AI can optimise wastewater reuse and minimise energy consumption in various business processes,” he noted.

Mr Nyoni also highlighted that the Government supports the implementation of innovative technologies and has established policies that promote a conducive environment for businesses to adopt these advancements. Economic commentator and businessman, Mr Morris Mpala, asserted that leveraging technology should be a baseline requirement for operating any business today.

“Technology reduces the cost of doing business, increases effectiveness and efficiency and enhances customer satisfaction. The importance of investing in the latest technologies cannot be overstated, particularly in service industries or production processes. Embracing technology is crucial for gaining a competitive edge,” he said.

Mr Emmanuel Sibanda, a lecturer and researcher at the National University of Science and Technology (Nust), emphasised the critical role of new technologies in economic development.

“New technologies serve as a cornerstone for economic transformation, particularly for developing economies like Zimbabwe, which aims to achieve upper middle-income status by 2030. These advancements can redefine business models, bolster productivity and create value in competitive markets,” he said.

He highlighted various technologies such as AI, IoT, big data analytics, block chain and renewable energy solutions. When fully harnessed, these technologies can significantly enhance efficiency across businesses.

Mr Sibanda noted that AI is being implemented across multiple sectors, including education, manufacturing, healthcare, transport and energy.

“Businesses can use AI to automate manual processes and streamline decision-making. For instance, in the financial sector, banks and microfinance institutions can leverage block chain technology to ensure secure and transparent transactions and improve supply chain management. Additionally, renewable energy solutions in the energy sector can reduce operational costs while aligning with Sustainable Development Goals (SDGs),” he added.

To underscore the importance of new technologies, Innscor, a prominent entity listed on the Victoria Falls Stock Exchange, made a significant investment last May, committing US$30 million to its Bakers Inn unit in Bulawayo.

The investment led to the establishment of a state-of-the-art, automated bread-making facility that has generated substantial economic benefits. The factory features a daily production capacity of approximately 160 000 loaves of bread representing a significant milestone for the industry and showcasing genuine technological advancements.

Numerous companies in Bulawayo continue to embrace new technologies, as evidenced by the unveiling of state-of-the-art machinery and equipment aimed at boosting production capacities.

These investments align seamlessly with the Second Republic’s efforts to revitalise Bulawayo’s industrial sector, reinforcing President Mnangagwa’s message that “Zimbabwe is open for business.”

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