Innovation, key to positive economic growth – Progenics boss

MANAGING Director of one of the nation’s leading software house, Progenics Corp Limited, Dr. Tony Udoh has asserted that technological innovation has helped to change the face of the Nigerian business economy, especially in this century.

Udoh made this declaration in a speech at the just concluded second Lagos Enterprise Awards (LEAD), said that the essence of innovation is to positively affect the economy stressing that the context of Nigeria’s economy today is quite different from how it was some years ago.

He also said that most businesses have adopted a different way of thinking and working, one that combines analytical and creative thinking and focuses as much on implementation as it does on idea creation.

He equally pointed out that traditional budgeting, forecasting and reporting techniques are not only obsolete but also dangerous, cautioning that they are too slow, too detailed and too disconnected from this information age.

“Today’s managers should turn to innovative technologies in this volatile business environment. And those organization that remain wedded to a traditional and historically focused way of working will be left behind by forward looking organizations that have more skilled and more technology enabled organizations,” he said.
Some innovative technological advancement, Dr. Udoh noted have been made, facilitating lots of attention to now being paid to software usage.

“Though software industry is currently regarded as the least profitable among all the innovative technology initiatives in the country today, the software industry in Nigeria is presently making its weight in all the sectors of the economy,” he said.

Underscoring the impact of innovative technology in sectors of the economy, especially in the Capital Market, the Progenics boss, said, that the move of the Nigerian Stock Exchange (NSE) from an archaic manual call-over system to a fully automated system is a good example.

He further said that NSE’s decision to choose an indigenous company in the mould of Progenics Corp Limited is a reference point in the abilities of the indigenous software industry in the country today.

Therefore, he urged other business sectors in the country to shun the retrogressive practice of seeking foreign expertise, noting that it will not promote developmental technology in the country.


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