‘Businesses must be tech savvy, innovative to survive crisis period’

The Director, Cooperatives in Lagos State, Babajide Bakare, has said for businesses and cooperatives to survive during and after the Coronavirus crisis period, businesses and cooperatives must be innovative for continuous existence, aside adhering to cooperative principles and values.

Speaking during the 2020 Annual Seminar and Training for Cooperative Societies in Lagos State, Bakare said: “Cooperative societies must build emergency funds – raising of share capital, increasing minimum savings by members, invest in this slow down period by investing in technology and human development capacity.”

Emphasising the use of technology and digital tools for sustainability of the organisational processes, he said: “Executives must consult regularly, reach out to members and device a way of effective communication with the aid of technology such as Zoom, and conduct webinars.”

This year’s annual seminar and training for cooperative societies in Lagos State, which lasted three days and themed: “Crisis and Pandemic, Lessons and Preparations for the Future of Cooperatives”, focused on increasing investment in banking, agriculture, oil and gas, transportation and other critical business sectors.

One of the resource persons at the event, IT Lead, Chams Plc, John Atomode, said cooperative societies should fully embrace digital solutions in the administration of their operations to stay relevant, reduce cost and maintain competitive advantage in the face of threatening economic challenges and restrictions, due to COVID-19 pandemic that is yet to abate.

Atomode, who presented VOTA, a digital voting platform, to leaders of Cooperative Societies at the annual event, said the future is digital, as the world experiences a COVID-19 led disruption that inspires a transformation from a traditionally led business process to digital adaptation.

He stated that digital voting system simplifies and maintains the integrity of polling process, saves cost and keeps everyone safe, as there is no need for large gatherings of people in a physical location, which is being discouraged, as officials battle to keep off a second wave of Coronavirus in Nigeria.