An indigenous technology firm, NeuRMS, is offering a software solution to help reposition the small and medium scale enterprises (SMEs) segment of the Nigerian market, which has continued to lose cash to capital flight, battle transparency challenges and stunted growth in Nigeria and the entire sub-region.
The solution, named NeuRMS, is a scalable platform, targeted at addressing challenges confronting small businesses in the sub-region. Its founder, Lanre Olaniyan, who spoke during the unveiling of the solution in Lagos, said Nigeria’s over 48 million SMEs have continued to be exploited by offshore apps, which are not designed to address their local challenges.
Olaniyan said the app is a retail management solution that helps businesses to solve capital flight, address local problems in business, promote transparency, efficiency and ultimately improve profitability.
According to him, NeU Retail Management software helps retail business owners drive more sales with business applications that include, point of sale features, inventory management, retail customer relationship management, vendor management, business analytics, business report, employee data management and more.
He explained that some products imported into the country by way of apps do not have support, no scalability while usage of features are not maximised because they aren’t designed for local use, lamenting that in spite of this, payments are sustained in foreign currency.
Olaniyan said some of these apps are designed for only two users, stressing that should the user apply for expansion in the number of users, money would be demanded to do that.
Olaniyan said some of the solutions in the market aren’t smart; no feedback, limited carts, no expiry product notification because the apps aren’t smart or intelligent.
“NeuRMS is a brand-new scalable management solution for retail businesses. With a bias for Nigerian business owners, NeuRMS is software that aims to help Nigeria’s over 48 million SMEs to retain the foreign exchange that they spend on purchasing foreign developed retail management applications.
“NeÜRMS integrates hardware and software solutions to drive retail business efficiencies. Its solutions often include hardware for payment terminals, pads, and mobile devices support for different operating environments including IOS, Android, Windows, and Web OS,” he stated.
According to Olaniyan, the product was carefully designed with the peculiarities of Africa’s diverse economies and societies in mind, adding that the launch marked the climax of a journey that started in 2020, during the global COVID-19 crisis.
He said its key features include Point of Sales (PoS), report and analytics, smart Inventory management and product stock tracking (low stock notification), Supply chain management, Purchase order receiving, printed or electronic receipts and Multi live cart management.