Owners of businesses across all sectors of the economy have been enjoined to embrace Information and communication technology as the new order in doing business if they hope to achieve profitability. Ladle Rotimi, Associate professor of Leadership and Entrepreneurship, Lagos State University (LASU) has said.
Rotimi observed that before the advent of the Coronavirus pandemic, labour was 70 percent while the use of gadgets was 30 percent but, today, there is a reversal as jobs are more of technology-based with millennial, data as dominant.
“Post COVID-19, a trend of business management will likely take this form, labour, 40 percent and the use of technology 60 percent”, he said
Speaking at the first Lagos State University Master in Business Administration ( LASUMBA) virtual public lecture on the theme, ‘COVID-19: Cracks in the Business World’ Rotimi observed that said that every disaster creates opportunities for some certain businesses.
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In his presentation, ‘COVID-19 and recent trends in Business management’, Rotimi, immediate past President, Chairman of Council, Nigerian Institute of Public Relations (NIPR) opines that operators of pharmaceutical manufacturers, medical engineers, working on ventilators that became priorities, food and drink industries were trend beneficiaries during the pandemic.
He further emphasised that this trend would continue post-COVID-19 adding however that the casualties of the pandemic with the emerging new trends in business include education at all levels, events, entertainment, fashion, sports, travels, tours, trade exhibitions, cultural festivities, and religious activities.
“The volume of business, percentage of the budget, and employment opportunities lost as a result of the economic stagnation of the sectors mentioned are unimaginable and irrecoverable”.
Ladle opines that the trend in business management will continue to be dynamic, advising both the Government and entire stakeholders to key into ICT to drive relevance as well as compatibility.
Muyiwa Eniayewun, permanent secretary, Lagos State Health Service Commission, on his part, emphasized that advised organisations on post-COVID-19 direction, to create a response team in all units, develop protocols and ensure strict compliance to guidelines.
For Governments, he urged them to build capacity in the health sector, encourage local manufacturing of health-related materials, products; Personal Protective Equipment and standard guidelines for hospitals should be developed.
Ibrahim Olateju, coordinator, Master in Business Administration, LASU, moderated the virtual public lecture and equally stood in for the Vice-Chancellor, Lanre Fagbohun who was the Chief host.
