By: Theresa Moses
The Nigerian-South African Chamber of Commerce (NSACC) hosted an insightful May Breakfast Forum last Thursday, May 30, 2024, at the Abora-Mazonia Suite, Eko Hotels & Suites, Victoria Island, Lagos.
The forum sponsored by Arravo brought together business leaders, technology enthusiasts, and industry experts to discuss the role of AI in Digital transformation on business operations.
The keynote presentation was delivered by Eunice King, VP Innovation & Digital Transformation at Arravo, who gave detailed insight into the evolving role of AI and its immense potential to enhance operational efficiency and customer satisfaction across various sectors.
Eunice King’s presentation overwhelmed the audience as she explored AI’s versatility, emphasising its wide-ranging applications in customer service, process automation, and predictive analytics.
She began by illustrating how AI technologies could be leveraged to streamline operations, citing compelling examples from the financial and pharmaceutical industries. In the financial sector, for instance, AI-powered systems can significantly reduce processing times and minimise errors by automating routine tasks.
It was learnt that in the pharmaceutical industry, AI plays a crucial role in accelerating drug discovery and improving the precision of clinical trials.
However, King harped on the importance of selecting the right AI tools and integrating them seamlessly into existing business processes to maximise benefits. “AI is not a one-size-fits-all solution,” she remarked. “It requires a strategic approach to identify the specific needs of your business and choose the appropriate technologies that can address those needs effectively,” she added.
One of the major takeaways in King’s presentation was the impact of AI on operational efficiency. According to her, AI can optimise various business processes, reducing the need for manual intervention and minimising errors.
“This is particularly beneficial in sectors like finance and manufacturing, where automation can lead to significant improvements in accuracy and processing times. By automating routine tasks, businesses can free up their employees to focus on more strategic and value-added activities, thereby enhancing overall productivity”, she said.
While sharing a compelling case study from a leading manufacturing company that implemented AI-driven robotic process automation (RPA) to streamline its production line, King remarked that the result was a remarkable reduction in downtime and a substantial increase in output, demonstrating the transformative potential of AI in driving operational efficiency.
Another significant application of AI discussed by King was in the area of customer service. AI-driven chatbots and virtual assistants can handle customer inquiries efficiently, reducing wait times and improving overall customer satisfaction. These AI tools are capable of managing high call volumes, providing instant responses, and resolving common issues without human intervention.
He also focused attention on the example of a major telecommunications company that deployed AI chatbots to manage its customer service operations. The chatbots were able to handle over 70% of customer inquiries, leading to a significant reduction in call centre workload and an improvement in customer satisfaction scores.
“AI is revolutionising the way businesses interact with their customers,” King noted. “It’s about providing timely and accurate responses, which in turn enhances the customer experience.”
The speaker said a predictive analytics, powered by AI, offers businesses valuable insights into customer behaviour and market trends, enabling them to make informed decisions. King further explained how AI can analyse vast amounts of data to identify patterns and predict future outcomes. This capability is particularly valuable in industries like retail, where understanding customer preferences and anticipating demand can lead to better inventory management and personalised marketing strategies.
He observed that the pharmaceutical industry, predictive analytics is used to enhance the precision of clinical trials and accelerate drug discovery. AI algorithms can analyse data from previous trials to predict the efficacy of new compounds, thereby speeding up the development of new medications. She also emphasised the importance of data quality and management in harnessing the power of predictive analytics. “To reap the benefits of AI, businesses must ensure that they have high-quality data and robust data management practices in place,” King advised.
King gives prominence to the importance of a well-defined roadmap for integrating AI into business operations. This includes assessing current processes, setting clear goals, and choosing the right technologies to meet those objectives. She also highlighted the need for ongoing training and skill development to ensure that employees can effectively work with AI tools. “AI implementation is not just about technology; it’s about people and processes,” King remarked. “Investing in training and development is crucial to ensuring that your team can leverage AI effectively.”
She outlined a step-by-step approach for successful AI integration, starting with a comprehensive assessment of existing processes to identify areas where AI can add value. This is followed by defining clear goals and objectives, selecting the appropriate AI tools, and developing a detailed implementation plan. King also accentuated the importance of continuous monitoring and evaluation to track the impact of AI and make necessary adjustments.
King advised businesses to ensure high-quality data collection and address privacy concerns by anonymizing sensitive information as effective data management is crucial for the successful implementation of AI. This is essential to maintain customer trust and comply with regulatory requirements. “Data is the lifeblood of AI,” King stated. “Ensuring that you have accurate, high-quality data is critical to the success of your AI initiatives.”
She discussed the importance of data governance frameworks to manage data quality, security, and privacy. This includes implementing robust data anonymization techniques to protect sensitive information and comply with regulations such as the General Data Protection Regulation (GDPR). “Privacy concerns should not be an afterthought; they must be integrated into your AI strategy from the outset,” King warned.
Leveraging cloud-based AI solutions can offer flexibility and scalability, allowing businesses to expand their AI capabilities without significant upfront investments. King recommended cloud services as a cost-effective way to deploy and scale AI applications. “Cloud platforms provide the infrastructure and tools needed to implement AI solutions quickly and efficiently,” she explained. “They also offer the flexibility to scale up or down based on your business needs.”
King shared the example of a retail company that used a cloud-based AI platform to implement personalised marketing campaigns. By analysing customer data in real-time, the company was able to deliver targeted promotions and offers, resulting in increased sales and customer engagement. “Cloud-based AI solutions enable businesses to be agile and responsive, which is critical in today’s fast-paced market environment,” she noted.
Following King’s presentation, Mr. Ayotomi Faleyimu, business Manager at Arravo, shared insights into the company’s journey towards becoming a leading IoT and AI solutions provider in South Africa. He zero in on the importance of a clear vision and strategic planning in achieving technological integration and business growth.
Faleyimu highlighted the challenges and successes Arravo faced in its AI implementation journey. He spoke about the need for a strong5 leadership commitment to drive the adoption of AI and the importance of fostering a culture of innovation within the organization. “AI is a journey, not a destination,” he remarked. “It requires continuous learning, adaptation, and a willingness to embrace change.”
The event concluded with a Q&A session, where attendees had the opportunity to address their concerns and explore the practical challenges of AI implementation. The discussions underscored the need for businesses to adapt to technological changes and stay ahead in a competitive market. Questions from the audience covered a range of topics, including the ethical implications of AI, the importance of collaboration between IT and business units, and strategies for measuring the impact of AI initiatives.
The Nigerian-South African Chamber of Commerce May breakfast forum provided valuable insights into the future of AI in business, especially in a rapidly evolving business landscape where AI offers a powerful tool for driving innovation and achieving competitive advantage.
The insights shared at the forum served as a roadmap for businesses looking to harness the transformative power of AI and paving the way for a more innovative and efficient business landscape.
Share your story or I Witness Reports with us 24/7 via SMS/Whatsapp: +234(0)8072022024, Email: [email protected], follow us on our social media platforms: X (formerly Twitter), Instagram, Facebook: @Gatmash, and subscribe to our YouTube channel: Gatmash TV.
Gatmash News is one of the most sought-after news portals, with an increasing audience and exclusive breaking news and reports across the globe. Plus more. Website: https://gatmash.com
For ad placement, contact us today via email at [email protected] or call our hotlines at +234(0)8072022024.
