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Effective deployment of ICT in wealth creation

Olugbenga Adara
Olugbenga Adara

(1) Effective deployment of ICT can aid in wealth creation by enabling knowledge-based economies and driving production. (2) Accountants should understand ICT to help businesses maximize revenue and minimize expenses through advising on ICT usage. (3) Open source software offers benefits like lower costs, customizability and avoiding vendor lock-in, providing opportunities for learning about ICT.

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EFFECTIVE DEPLOYMENT OF ICT IN WEALTH CREATION (Paper presentation at ICAN South Western Conference, Akure Feb 8 th 2011) Olugbenga Adara CEO, 3OM Services
Wealth Creation through time Agricultural Age Industrial Age Knowledge / Information Age
Examples India earned 12.5 billion dollars in 2005 from software export alone ICT said to responsible for increase in the GDP of the USA by 7.8%, the UK by 8.0 %, Singapore by 8.3% and Australia by 8.4% Infopreneurs like Mark Zuckerberg of Facebook (12.5 billion $) and Sean Belnick of bizchairs.com (24 million $ started with $500)
Why ICT? ICT increasingly becoming a key factor in driving production and development A knowledge-based and driven economy is not negotiable and is one in which the generation, adoption and exploitation of knowledge play a key role in the creation of wealth ICT is an enabler of change, a tool for releasing the creative potential and knowledge embodied in people
Factors that aid effective ICT deployment Infrastructure Policy Government, Corporate, Individual Skills Core ICT skills as well as ICT governance.
Accountants role Wealth creation is the main goal of business owners (and generally also individuals) and so accountants are a vital resource to help business grow Need to understand and get knowledgeable about ICT to be able to advice on maximising revenue and minimising expenses Lots of knowledge / Information available free on the internet. Explore Alternatives like open source software
Open Source Benefits Cheaper to deploy (usually) Highly Customisable No Vendor Lock In Provides a sound learning platform about ICT in general
Open Source Examples Enterprise Resource Planning openERP Compiere ( www.compiere.org ) Customer Relationship Management vTiger ( www.vtiger.org ) Accounting Packages SQL Ledger ( www.sql-ledger.com ) Turbo Cash ( www.turbocashuk.com ), Ace Money (personal finance)
Open Source Examples (contd) Human Resource Management OrangeHRM Project Management openproj ( www.openproj.org ) Communication Tools Blogger Twitter Facebook
More Information Open source tools for the enterprise http://bit.ly/SmRU5
Conclusion ICT, when deployed effectively by providing infrastructure, policies and providing expertly skilled people who use it to find creative ways of meeting customers needs and wants, leads to an organisation or individual creating wealth for itself. The knowledge of ICT is thereby encouraged to fulfil our desire of creating wealth.
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Effective deployment of ICT in wealth creation

  • 1. EFFECTIVE DEPLOYMENT OF ICT IN WEALTH CREATION (Paper presentation at ICAN South Western Conference, Akure Feb 8 th 2011) Olugbenga Adara CEO, 3OM Services
  • 2. Wealth Creation through time Agricultural Age Industrial Age Knowledge / Information Age
  • 3. Examples India earned 12.5 billion dollars in 2005 from software export alone ICT said to responsible for increase in the GDP of the USA by 7.8%, the UK by 8.0 %, Singapore by 8.3% and Australia by 8.4% Infopreneurs like Mark Zuckerberg of Facebook (12.5 billion $) and Sean Belnick of bizchairs.com (24 million $ started with $500)
  • 4. Why ICT? ICT increasingly becoming a key factor in driving production and development A knowledge-based and driven economy is not negotiable and is one in which the generation, adoption and exploitation of knowledge play a key role in the creation of wealth ICT is an enabler of change, a tool for releasing the creative potential and knowledge embodied in people
  • 5. Factors that aid effective ICT deployment Infrastructure Policy Government, Corporate, Individual Skills Core ICT skills as well as ICT governance.
  • 6. Accountants role Wealth creation is the main goal of business owners (and generally also individuals) and so accountants are a vital resource to help business grow Need to understand and get knowledgeable about ICT to be able to advice on maximising revenue and minimising expenses Lots of knowledge / Information available free on the internet. Explore Alternatives like open source software
  • 7. Open Source Benefits Cheaper to deploy (usually) Highly Customisable No Vendor Lock In Provides a sound learning platform about ICT in general
  • 8. Open Source Examples Enterprise Resource Planning openERP Compiere ( www.compiere.org ) Customer Relationship Management vTiger ( www.vtiger.org ) Accounting Packages SQL Ledger ( www.sql-ledger.com ) Turbo Cash ( www.turbocashuk.com ), Ace Money (personal finance)
  • 9. Open Source Examples (contd) Human Resource Management OrangeHRM Project Management openproj ( www.openproj.org ) Communication Tools Blogger Twitter Facebook
  • 10. More Information Open source tools for the enterprise http://bit.ly/SmRU5
  • 11. Conclusion ICT, when deployed effectively by providing infrastructure, policies and providing expertly skilled people who use it to find creative ways of meeting customers needs and wants, leads to an organisation or individual creating wealth for itself. The knowledge of ICT is thereby encouraged to fulfil our desire of creating wealth.