Neco 2019 Data Processing Question 8

A small retail shop in Lagos has adopted three ICT applications to improve its operations: (i) a point‑of‑sale (POS) system that records sales and updates inventory in real time, (ii) an online ordering platform that allows customers to place orders via a mobile app, and (iii) a cloud‑based accounting software that automates bookkeeping. The shop invested ₦250,000 for the POS hardware and software, ₦150,000 for the online platform development, and pays a monthly subscription of ₦15,000 for the accounting software. It estimates that the POS system reduces stock‑out losses by ₦20,000 per month, the online platform generates an additional ₦45,000 in sales per month, and the accounting software saves ₦10,000 per month in labour costs. The management wants to evaluate the financial benefit of these ICT applications over a two‑year period and also consider broader implications of ICT adoption for small businesses in Nigeria.