Entrepreneurs urged to embrace technology

Cebu Chamber of Commerce and Industry president Virgilio Espeleta urges entrepreneurs to be agile and innovative to survive disruptions. /Irene Sino Cruz

CEBU CITY, Philippines–Entrepreneurs have to adopt digitization to be able to survive disruption brought about by emerging technologies.

Cebu Chamber of Commerce and Industry (CCCI) president Virgilio Espeleta cited the need for a change in the mindset as far as the use of technology is concerned.

Espeleta noted that businessmen who have been used to the traditional way of doing business have shown reluctance in adopting technology.

Businesses have to be agile and innovative in addressing the disruptions brought about by the 4th industrial revolution, he said.

“The only way to do this is to leverage on technology and other game-changing innovations especially in building internal capabilities,” Espeleta said.

By using faster and cost-effective marketing and financial instruments, companies could keep pace with changing market behaviors, he added.

However, he urged companies to carefully study their processes so they can identify what type of technology would fit their needs.

Lilu Alino, chairperson of the Cebu Business Month 2019, called on entrepreneurs to join the various CCCI events designed to empower companies, especially the micro, small and medium enterprises.

Alino noted that innovations bring real benefits, drive growth and improve business productivity and competitiveness.

CBM 2019 that is organized by CCCI carries the theme: “Innovation in Action.”/dcb