What's Happening?
Dr. Femi Oye, Chief Executive of SMEFUNDS, has called on small businesses and manufacturers to invest in innovation to navigate a challenging business environment. Oye emphasized the importance of addressing skills gaps and supply chain disruptions, which are hindering growth in the manufacturing sector. He highlighted the global nature of these issues, referencing the World Economic Forum's report that predicts a significant evolution in required skills over the next five years. Oye urged companies to adopt digital tools and a skills-based approach to expand their talent pools and improve worker experiences. He also noted the substantial global investment in digital transformation, with companies spending approximately $1.1 trillion annually.
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Why It's Important?
The call for innovation is crucial as small manufacturers face persistent challenges that threaten their growth and competitiveness. By investing in digital technologies and addressing skills gaps, these businesses can enhance their operational efficiency and reduce costs. This approach not only helps in overcoming local challenges but also aligns with global trends in manufacturing. The emphasis on digital transformation and skills development is expected to drive long-term success and sustainability for small manufacturers, enabling them to compete effectively in a rapidly evolving market.
What's Next?
SMEFUNDS plans to continue expanding its platform capabilities to support its clients' growth. The company is focusing on advanced forecasting through its Kike AI Kitchen application, which uses AI to gain insights into gas usage and demand patterns. This initiative aims to refine demand forecasting, reduce operational disruptions, and provide real-time visibility into supply market fluctuations. As businesses push towards smart operations, investment in digital technologies is expected to persist, helping them address high costs and skills gaps.
