Lagos — Business and Information Technology experts in Lagos has stressed the need for companies hoping to stay alive to embrace fully the Information and Communication Technology culture or face business extinction.

At a one-day seminar for entrepreneurs at the Lagos Sheraton Hotel, experts including Hans Erickson, Pius Oley, Pat Utomi and Dr. Anette Steenkamp among others concluded that in the face of increasing competition, an enterprise would be wise to employ all the benefits afforded by IT.

Dr. Pat Utomi of the Lagos Business School who delivered a keynote address at the event said that Information Technology is a must for any businessman that wants to remain in business even in Nigeria in the future. According to him, the country occupies a prime place in global economy no business concern can function in isolation anymore in world economy. He added that Information Technology is a must for any organisation that hopes to increase its productivity and efficiency while maximising profit at minimal costs.

Hans Erickson, the Chief Information Officer of Detroit Regional Chamber, (America's second largest chamber of commerce) in his paper pointed out that IT, especially the Internet, is rapidly becoming one of the most critical aspects of business organisation's communications fund-raising plan alliances and partnerships. He stated that business organisations that will remain in competition and relevance economically as the world contracts further into linear market economy are those organizations that demonstrate excellence in harnessing the power of the IT and related technologies to engage, communicate with, and retain users, to enable e-commerce transactions and to create new fund-raising tools, profitable alliances, partnerships among others.

He told participants at the seminar that a company_s cash flow is its lifeblood. Adding that without a steady stream flowing in and out, an organisation runs the risk of damaging its credit and stalling the growth of its business. He maintained that during tough times, especially in a weakened economy like Nigeria's, "small businesses are stretched further than usual, juggling accounts receivable, extending lines of credit and managing inventory. An increased and consistent cash flow becomes more important than ever, creating a predictable business pattern and making it easier to budget for future growth," he said.

He observed that in today's busy economy it can be hard for businesses to stay abreast of the latest technology. However, he enthused that "the Detroit Regional Chamber connects its members with the latest e-business products and initiatives that will help their business grow."

On her part, Dr. Annette Lerine Steenkamp, Professor in Computer Information and Doctoral Director at Lawrence Technological University, Southfield Michigan, United States, IT is at the heart of world trade today. "How can a business organisation afford not to catch up with changing times. Surely, no one wants to be left behind by the fast moving technology train," she said.

She recalled how IT has enhanced higher productivity of American businesses, especially the profit potential of e-commerce. She gave insights into what pundits described as secrets that keep American companies in the forefront of technology development and how participants can apply the American experience as benchmarks to position their respective organisation at the forefront of their individual sectors.

Steenkamp stressed that organisation can also use IT to empower its employees thereby increasing efficiency and productivity, adding that in today's highly competitive, maximising total market, share and shareholders value for ones organisation depends on how effective and responsive the organisation is to market trends.

However, Dr. Dade Sadare, Adjunct Professor with the Lagos Business School in his presentation regrets the lacklustre attitude of the government of Nigeria to issues of technological development, especially as regards information technology. He advised that the government has to actively participate in the technological development of the country. He observed that the government seems to be doing nothing to give teeth to the various policies the country has evolved to regulate the industry. He wanted the government to recognise that "IT has a big role to play in the economy of any nation. No man is an island, less a globally economic important nation like Nigeria. The government has to evolve policy environments that will encourage the development of the sector," he said.