• Friday, April 19, 2024
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How tech businesses can leverage operations efficiency to scale

Global fintech funding dipped by 16% in Q1 2024 — Report

Oyewale Okeyode, deputy operations lead at Vesti Nigeria, a Techstars-backed migration fintech company, has urged ambitious companies in the tech ecosystem to focus on scaling operations efficiently while maintaining quality and customer satisfaction to play in the global space.

Okeyode disclosed this during a recent media parley where he also discussed the company’s recent expansion into Ghana, Zambia, and the United Kingdom, which he said served as a microcosm of the challenge that forced the brand to refine its processes, adapt its strategies to find a footing on the global stage.

“Vesti’s 2023 expansion wasn’t just about planting flags on new maps; it was about cultivating fertile ground for growth. Entering diverse markets like Ghana, Zambia, and the UK demanded ambition, agility, and adaptability.

“We knew a rigid, one-size-fits-all approach wouldn’t work. Instead, we embraced agile methodologies, fostering cross-functional teams that thrived on collaboration and information exchange. This meant breaking down silos, encouraging open communication, and empowering teams to make decisions quickly,” he said.

According to him, the brand was able to lay the foundation for long-term partnerships and sustainable growth with new users on the platform. He stated that this was done by building trust and understanding with the users. “In essence, our agile approach wasn’t just a technical strategy; it was a cornerstone of our commitment to inclusive and responsible expansion.”

Okeyode disclosed that the brand was able to scale without sacrificing efficiency or effectiveness by investing in the right technology. According to him, technology played a pivotal role in streamlining the firm’s operations.

“We implemented automation solutions to handle repetitive tasks, freeing up human resources for higher-value activities. Data analytics provided valuable insights into user behavior and operational bottlenecks, enabling data-driven decision-making and continuous improvement,” Okeyode said.

Speaking further on how organisations can scale up their operational efficiency, Okeyode said that firms must proactively identify and mitigate potential risks, including supply chain disruptions and regulatory compliance challenges.

According to him, this involves diversifying the supplier base, staying abreast of changing regulations, and implementing robust risk management frameworks. “These measures ensure business continuity and resilience, allowing us to navigate unforeseen challenges with minimal impact. Silos are the enemy of operational excellence.”