There is a strong push for businesses to leverage digital technologies to conduct business.
Beyond using the internet for buying and selling, marketing, and other activities, optimal utilization of the necessary tech tools in the face of the growing digital economy will improve business operations.
This was the central theme of the June 5 edition of the on-air series as part of the Citi Business Festival.
Chief Executive Officer of TechGulf Ghana Limited, Franklin Asare, who spoke on the topic “Understanding the Digital Economy,” outlined what he termed as the eight-layer digital architecture.
1. Digital skills acquisition: The current form of education in schools is skewed towards knowledge for industry, so it is now very important for businesses to get education for the digital world to drive the creation of new business modules for breakthroughs. For example, businesses should become familiar with tools like Microsoft Teams, payment platforms, etc.
2. Digital storage: Data is the new oil for businesses. Where data is stored matters because it can create new businesses through national data mining and cloud platforms for decision-making and planning.
3. Digital connectivity: Businesses must connect through data storage.
4. Digital integration: IT integration and interoperability are critical business requirements. Businesses should be able to communicate with each other.
5. Digital databases: Databases are critical components of any organization. For example, creating, computing, formalizing, controlling, utilizing, and protecting a company’s database must be consistent and prioritized.
6. Digital applications: Obtaining tools that make use of the available business data.
7. Business intelligence: Businesses must evaluate business information in order to make sound decisions. This is the leadership and leapfrog stage.
8. Cybersecurity: Ensure that the database is secure and not vulnerable to hacking.
The Citi Business Festival 2023 is powered by Citi TV and Citi FM in partnership with Absa and is proudly sponsored by MTN MOMO, MTN Business and Zeepay with support from GIRSAL.
Listen to the entire interview below:
