April - 2016 - issue > CXO Insights

Facilitating Growth in Economy with the Advent of New Technology

Abhishek Tripathi, Business Head , PayUmoney SMB
Monday, April 11, 2016
Abhishek Tripathi, Business Head , PayUmoney SMB
A flagship company of the Naspers Group, PayUmoney offers innovative payment gateway solutions to online businesses, thus enabling them to receive & process payments in a quick and hassle-free way

In our modern fast-paced world, where people and their surroundings are constantly evolving, economic growth has been a major contributing factor in promoting a nation's progress and stability. Over the years, major economic meltdowns caused by war, famine, or other worldwide issues demonstrated the predicament as well as ability of different countries to bounce back from varying levels of shift in economic growth. One of the most important factors that have contributed to economic growth and development is the advancement of technology. It has been observed over centuries that technological innovation, or the lack of it, can make or mar an individual, an idea or a nation's ability to stand out and be a front-runner in the race to development.

Information and Communication Technology (ICT) is a relatively new and broader expression for Information Technology, which refers to the usage and amalgamation of various telecommunicating and computing devices such as wireless signals, audio-visual systems, and telephone lines which can be linked through a single cable network. ICTs have been advantageous to various sectors like business and education by facilitating greater growth possibilities and promoting development. Many businesses today use some form of ICT to expand their reach into different horizons and reach a wider audience.

Most developing countries have access to modern technology nowadays, which has assisted them in boosting their developmental goals as well as providing better standards of living for their citizens. Additionally, they have been encouraging local brick and mortar businesses to utilize this power in pursuance of greater success and maximum profits. Entrepreneurial ventures or startups are a great way of optimizing latest technology and reaching out to customers across geographical borders. Such small businesses also help in creating job opportunities, and have a contemporary method of selling their products with various technological assistance.

Peru, which has one of the best GDP growth rates among developing nations, is helping its small and medium enterprises (SMEs) by introducing them to new technologies which can help grow their business. According to a study done in 2014 by Peru-based consultancy firm, Ipsos Peru, small and middle-sized companies which adopted Information Technology as a means to expand their business showed greater growth potential and those businesses grew by 18 percent in three years.

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