Samuel Ajiboyede

In these times, it would be funny, if not outright ridiculous, to find any business owner or manager who still makes decisions at the drop of a hat without harnessing rich insights from a diverse set of information that may have been gathered across the business operations. This information may be drawn from customer interactions, sales transactions, social media, web analytics, supply chain logistics, etc. This vast and diverse set of information collected through various channels is referred to as big data.

A couple of years ago, I remember a retail store that opened on the next street. The store owner seemed to hit gold immediately as the store quickly became a favorite stop to buy home necessities, beverages, and the like. The prices were pocket-friendly, and the customer service was fairly good, too. Their success was quite enviable and there was no doubt that other small businesses around envied them. So, imagine my surprise when the business closed the next year and I saw that the space had been converted to a salon by the next owner.

When it comes to technological innovation, entrepreneurs constantly face the question: adopt or resist? Augmented Reality (AR) and Virtual Reality (VR) are no longer confined to gaming and entertainment. Their potential in the workplace is growing, and businesses are faced with a critical decision: to embrace these technologies or cling to the tried-and-true methods that have served us well for decades?

One critical mistake you cannot make as an entrepreneur is to assume that consumer behavior has remained the same, despite the change in times. There has been a seismic shift over the past few decades, especially as the world moved into the digital age where everything revolves around technology. What this means is that products that appealed in the 1980s may no longer stand a chance in this decade unless you have figured out how to tweak the new consumer behavior.

I have always been fascinated with the idea of a smart city. You know – having a city that uses and integrates technology and data to improve the quality of life for its residents, and enhance sustainability. The picture of a more efficient and connected city is very appealing, especially where it supports a more sustainable and resilient environment.

I have seen a couple of posts recently that talk about employee health and how they contribute to the company's success, but for some reason, they seem to dwell more on ‘mental health' than any other part of health. When we say, “No company can exist without healthy employees”, it should not just be about mental health, depression, or the like. The health and well-being of a workforce are not merely boxes to check; they are foundational elements that contribute to the success and longevity of a business. As organizations strive for higher productivity and innovation, it is essential to understand that the physical health, just like the mental health of employees directly impacts the overall performance of the company.

When you walk on the beachfront, you leave something behind. Your footprint. Well, it's the same for the online space. Every online interaction—be it a casual post on social media, a search query, or a transaction on an e-commerce site—contributes to what is known as a digital footprint.

Have you worked in a company where you just wished they did things better? Maybe the recruitment or onboarding process or even the company culture. It may even be the business you own yourself. Usually, if you can identify two or more of your processes that need overhauling, then you should be looking to do a comprehensive business transformation.

In 2015, the McKinsey Global Institute published a report highlighting a significant shift in business profits. This shift predicted a move from heavy-duty, capital-intensive industries, such as manufacturing and heavy industries, towards idea-intensive businesses that thrive on innovation and intellectual property. If you think about it, you will realize that between 2015 when the prediction was made, and 2024, this is now the reality. In the past, one needed to have big capital, get heavy-duty machines and be involved in mass production to make a lot of money. But now, someone somewhere simply comes up with an innovation, spending very little to make it, with huge profit margins, and ends up making lots of profit.

Whenever we talk about Blockchain, a lot of people think of cryptocurrency. While that is not wrong, it is only a small part of the puzzle. Cryptocurrency transactions are currently the most popular use of blockchain, but there is so much more that Blockchain can be used for.