Artificial Intelligence (AI) is the current elephant in the boardroom

As businesses across the globe grapple with the implications and opportunities of this transformative technology, Nigeria, with its burgeoning tech scene and entrepreneurial spirit, stands at a pivotal juncture. The nation has the potential to harness AI to address its unique challenges and leapfrog traditional developmental hurdles.

Today, AI is not just a buzzword but a tangible force driving change in various sectors. From Lagos to Abuja, Nigerian businesses are beginning to recognise the transformative power of AI. With advancements in machine learning, neural networks, and deep learning, AI systems can process vast amounts of data, recognise patterns, and make decisions with minimal human intervention.

The concept of AI dates back to ancient history, with myths of automatons and artificial beings. However, the modern journey of AI began in the mid-20th century. In 1956, the Dartmouth Workshop marked the birth of AI as an academic discipline. Over the decades, AI saw periods of optimism, followed by “AI winters” of scepticism. The 21st century, with its explosion of data and computational power, reignited the AI flame, leading to the current boom.

AI in action: Opportunities across sectors

Services sector: Customer service automation: Utilizing AI chatbots and virtual assistants to handle customer inquiries, complaints, and FAQs, reducing response times and improving customer satisfaction.

Predictive maintenance: Implementing AI algorithms to predict when equipment or systems are likely to fail, allowing for proactive maintenance in industries like HVAC, elevators, or automotive services, and thereby reducing downtime and costs.

Personalised service recommendations: Using AI to analyse customer data and behaviour to offer personalised services, such as tailored travel recommendations in the hospitality industry or customised workout plans in fitness services.

E-Commerce sector: Personalised Shopping Experiences: AI algorithms analyse customer behaviour, past purchases, and preferences to recommend products, improving customer engagement and increasing sales.

Inventory management and demand forecasting: AI tools predict future product demand, optimising inventory levels and reducing overstock or stockouts, thereby saving costs and improving efficiency.

Fraud detection and prevention: Implementing AI to analyse transaction data in real-time to identify and prevent fraudulent activities, enhancing security for the business and its customers.

Education Sector: Adaptive learning platforms: AI-driven platforms that adapt to individual students’ learning styles and paces, providing personalised educational experiences and improving learning outcomes.

Automated grading and feedback: Using AI to grade assignments and provide feedback, saving educators time and providing students with prompt responses.

Exam malpractice prevention: AI can significantly reduce exam malpractice by using real-time video and audio analysis monitoring. These AI-powered proctoring systems employ facial recognition for identity verification and analyse response patterns to detect cheating. This technology ensures exam integrity, especially in large-scale or remote exams, maintaining academic fairness efficiently.

Creative Sector: AI in music and art composition: AI algorithms that can create music, art, or literary works, providing tools for artists to explore new creative processes or generate creative content for specific purposes.

Content personalisation in media and entertainment: AI-driven recommendation engines for streaming services that suggest movies, TV shows, and music based on individual user preferences.

Automated video editing and production: AI tools that assist in video editing, from colour correction to selecting the best clips to use, streamlining the production process.