According to a 2022 global fraud study by the Association of Certified Fraud Examiners, the median loss from occupational fraud in Africa is $135,000, with the median duration of the fraud scheme being 18 months.
At some point, the majority of Nigerian employers will have to deal with the deadly issue of workplace fraud and theft.
One of the many expenses of operating a business in Nigeria is dealing with employee misconduct, which includes skimming of funds, direct larceny, fraudulent disbursements, billing fraud, and gross time mismanagement.
Small and medium-sized enterprises (SMEs), the backbone of many economies, need to increasingly embrace digital solutions to enhance their operations system effectively.
As inventory management is one of the big challenges SMEs experience, Tita is stepping into the gap, with a platform that offers a comprehensive inventory management system designed to simplify operations and empower SMEs.
Tita’s journey started with a simple realization: companies in a variety of industries have similar challenges when it comes to efficiently managing their operations.
This realization gave Ademola Tikare, Justin Nwanya, and Olamide Iromini, the founders and visionaries at Tita, the idea to create a platform that caters to the particular requirements of companies of all kinds, from service providers and retailers to pharmacies and grocery stores.
Founded in 2022, Tita has established a strong presence among small and medium ventures online and offline, working closely with them to understand their unique needs and develop tailored solutions.
The startup offers a cloud-based inventory management system that helps businesses track their stock levels, manage orders, and prevent stockouts, and expiration of products.
To use Tita’s inventory management system, businesses first create a list of their products. They can then enter the quantity of each product they have in stock.
The system will automatically track the quantity of each product as it is sold. The inventory management feature makes sure that businesses are kept well-informed to enable them to make decisions for the growth and sustainability of their business.
Much more than the inventory management solution, Tita has some key features ranging from streamlined sales tracking which helps businesses to record sales transactions quickly and accurately, whether they’re selling in-store, online, or on the go.
Sales data is seamlessly integrated into the inventory management system, providing a holistic view of stock movement and sales performance, allowing businesses to identify trends, optimize pricing strategies, and make data-driven decisions.
One thing that sets Tita apart is its flexibility. With its cloud-based and hardware approach, users can choose which is best for their business from these two to tailor their needs—allowing businesses to choose the setup that best suits their requirements. Tita understands that every business is unique. That’s why they offer a choice of hardware solutions alongside their cloud-based platform.
For businesses looking for a compact and portable option, the Tita Mini is a perfect fit. It boasts a powerful point-of-sale system with an intuitive interface. Plus, it comes equipped with integrated payments and tap-and-pay functionality, allowing you to accept transactions seamlessly.
And for those who prefer a more robust solution, the Tita Compact offers all the features of the Mini, but with the added convenience of built-in software.
This is not the unique feature Tita has; it also provides a cutting-edge offering of dedicated virtual business accounts.
- “Up to 10 devices can be connected to an account using this feature to keep an eye on payment procedures. In ten to thirty seconds, the staff can view the influx and confirm the transfer,” said Ademola.
While powerful features are crucial, affordability is equally important for Nigerian businesses. For just ₦2,500 per month, Tita provides an unrestricted solution, allowing unlimited employees to access all features.
Alternatively, users can opt for a free trial month followed by a ₦2,500 monthly or ₦25,000 annual subscription.
For instance, consider a popular international inventory management platform that charges a starting fee of $50 per month, translating to roughly ₦39,480 at current exchange rates. This significant cost difference makes Tita a much more attractive option for Nigerian entrepreneurs.
Since the COVID-19 outbreak, the e-commerce market on the African continent has experienced remarkable growth. Across the continent, retailers are going online to reach a wider audience and looking for technologies that can streamline this process for themselves and their clients.
Tita allows business owners all over Nigeria to sign up seamlessly for an inclusive onboarding process and begin making transactions immediately.
Ademola envisions Tita expanding its reach to over 100,000 users, becoming an indispensable partner for retail stores, online and offline shops, and other SMEs across the country.
