African companies need to leverage artificial intelligence for business growth

Companies within Africa are on the spot for having weak data analysis systems thus limiting the predictive benefits that comes with artificial intelligence. Only 1 per cent of global data is collected for artificial intelligence making the continent drag behind. We spoke to Mary Waceke Munene to get an understanding of how AI can be used by companies to leverage and grow. So this is this will be one of the winning situations towards making it in this world of analytics of artificial intelligence. So too, we need to train our personnel, right? We need to have skilled workforce. So even if artificial intelligence is here in African continent, do we have skilled workforce who can embrace and work on artificial intelligence systems? So we really need to train our people, be it in artificial intelligence field, engineers, be it in data science, right? Be it in business development analysts. We really need to have radio access, you know, for us to drive in this world of artificial intelligence. How is AI being touted as a game changer? Looking at how businesses have been working, a lot of repetitive tasks are actually going to be replaced thanks to AI. How can businesses leverage on this? So let me tell you, I'm super optimistic about artificial intelligence. I can give you six scenarios in which business, in which artificial intelligence can be used to improve on the performance of businesses. So one, I'll talk about customer service. So AI can be a game changer with customer service. So one, we can use artificial intelligence to analyze customer data, identify trends, and we can be able to predict about customer preferences and behavior. And by so doing, we can really improve on customer satisfaction. Two, the AI-powered chatbots, right, can be able to answer customer queries in real time. So that tells you that by utilizing AI, we can be able to sort customer queries, get customer feedback in real time. So that will be a very, very huge thing if businesses can really utilize artificial intelligence. So two, I'll talk about predictive analytics. So we can use artificial intelligence to analyze very huge data and be able to predict about the future trends and behavior. And by so doing, businesses can be able to analyze things, analyze things like sales, inventory management, and customer retention. Two, three, I'll talk about fraud detention. Artificial intelligence can be used, with artificial intelligence, we can be able to use algorithms that can be able to detect any abnormalities in financial transactions. And by so doing, businesses can be able to prevent or detect any fraudulent activities, which is huge, right? We can also use artificial intelligence algorithm that can be, that cannot be a threatened or bribed. So this can be a very big game changer because companies will be able to have corruption and threats. And like now, for instance, anybody who has the interest of African continent at heart will be at the forefront towards supporting the artificial intelligence, because this might be a game changer towards winning the war against drafts, right? Then four, I can talk about human resources. So in human resource, we can use artificial intelligence to assist us in tasks like, you know, resume screening, candidate sourcing, employee engagement analysis. So I can tell you that we can, companies can use artificial intelligence, right? To be able to hire the best and retain the best talent in the company. Five, I can talk about financial analysis, right? So artificial intelligence can help us analyze very, very huge financial data and help companies to make better financial decisions and also improve on their profits. So I can talk day and night regarding the benefits of utilizing artificial intelligence in our businesses. And looking at this very important shift in the world right now around artificial intelligence, what patterns are you seeing, especially in Africa? Are we seeing more countries in Africa embracing AI and for what purposes from your analytics? Africa contributes less than 1% of the world's research data. So that tells you that we still have a long way to go for us to win in this field of artificial intelligence. But I've been following up with what's going on in Africa and I can see players in the industry are really trying to make our people connected to data. So that's a win situation, right? Then two, like now, for instance, here in America, we have a company called a DMK School of Analytics, and we are training our staff on how to analyze this data, to become data analysts, business analysts, data scientists. So I can tell you that Africa, we are not yet there, but we have mechanisms that we have kept in place on how to win in this field of analytics, of artificial intelligence and analytics. Mary, talk to us about the regulatory framework. Are we seeing countries developing the right regulatory framework so that they can expand more use of AI? And where are some of the countries we can benchmark with? Like now, for instance, I happen to work with Apple, which is one of the biggest companies in the tech sector. And I can tell you that it's not easy. It's very expensive to manage artificial intelligence systems, and also they require very, very skilled engineers to do it. So I guess mechanisms are there, and I can tell you that it's not rocket science, right? Like now, for instance, looking at what Apple is doing, you know, towards implementing artificial intelligence, I can tell you as an African country, there's so much to learn from there, right? And I can, I've told you that the mechanisms for us to get there as an African continent for now is to make our people get access to this data, right? Help us make our people get connected to this data, you know, be it social media data, financial data, and train our staff, right? And also for the government to give us policies, right? Mechanisms for us to be able to protect, like now, data because, you know, AI comes with both pros and cons. There's a lot of AI terrorism going around, right? So I think we can learn from these big tech giants that we really need access to data. We really need skilled workforce, you know, to maintain artificial intelligence systems. And we also need huge, huge, huge investments, you know, to sustain these tools, which is super expensive for now. But I can tell you that in terms of benefits, a cost benefit analysis, it's worth it, right? The future is data. The future is human intelligence. The future is artificial intelligence. So much is going on. Like some people are saying that, you know, within 30 years from now, artificial intelligence will take over from humans. I can tell you very well without a blink on my eye that that is not true. Artificial intelligence still will require human input in its development lifecycle, right? Because I can tell you, like, it requires, artificial intelligence requires a huge amount of data to process. And only humans are able to apply or sustain artificial intelligence with this data. Artificial intelligence requires algorithms. And only humans, you know, have the rights or the mandates to apply all these algorithms, all calculations to artificial intelligence. So it will be very hard in the long run to separate human input from the artificial intelligence development cycle. And interesting that you share this very mind-boggling statistics when you look at, for instance, only 1% coming out of Africa in regards of research data. Perhaps what is the fundamental reason behind this? Is it that rolling out artificial intelligence systems is quite a huge cost? How can this be breached? Like I've said, it's not rocket science. Like we've seen, the reason why Africa, we are doing bad in terms of artificial intelligence, it's because we are not yet, as per technology development, we are still not yet there, right? We are still not yet there. It's an expensive mechanism, but we are getting there because I've been following what's going on in African continent. And I can see the tech leaders in the continent are really helping to make our people connected to data. So we are not yet there. And it's not a cheap initiative, but we are really trying, and I'm very actually optimistic about the future. Then like now that we are training African regarding things to do with artificial intelligence, engineering, data science, data engineers, right? We are getting there, right? We are not there at the moment, but we are getting there. We have mechanisms that we have kept in place. Of course, the government will be there to assist. It's coming up with policies. It's coming up with very good mechanisms to protect our data. So we are not yet there because in terms of technology, we are not, as per how it's required for us to dwell in this artificial intelligence, but we are getting there. We have mechanisms that have been kept in place to make our people get connected to data, training our staff, and coming up with very, very strong mechanisms to prevent our data. So the future is bright regarding this field of artificial intelligence, I can tell you without a doubt. All right. And Mary, as we close, a lot of developments happening. We've seen what's happening in Ukraine and Russia. We've also seen the latest development of Silicon Valley Bank, which is currently going through another momentous time where the bank actually has gone down. How do you leverage on artificial intelligence tools, especially when it comes to assessing economic impact? Of course, a lot remains to be desired. That's a very good question, Abiy, and let me start with that. Like now, for instance, with Ukraine, what's happening in Ukraine. So we could have used artificial intelligence to tell us the impact of economic war in Ukraine, and you know Ukraine being a global food supplier. But by us utilizing artificial intelligence, we could have helped to curb or to prevent global food shortages. So what AI can do, AI can detect a farmland in Ukraine and tell us about the agricultural damage in real time. So knowing about the impact of this economic war is very critical to prevent things like inflation and also things like food shortages globally, which has really been a huge thing since the war started. Then on the Silicon Valley Bank, it's very unfortunate that such a big bank can just be closed overnight. And they could have utilized artificial intelligence to tell them about all the financial trends, right? Be able to tell them regarding the future, predict about the future, you know? But so we are seeing that by companies embracing artificial intelligence, it can really help even in preventing, you know, banks going bankrupt, companies, you know, closing down. So it would be a very, very huge thing if companies can really utilize artificial intelligence in the long run. We can see very positive impact.