C-Suite Executives: Embrace AI, urges Reliance Infosystems
Reliance Infosystems has urged Nigerian business leaders to swiftly incorporate Artificial Intelligence (AI) into their long-term strategies, cautioning that neglecting this step might cause their companies to become outdated in an increasingly digitized economic landscape.
During a recent AI masterclass held in Lagos in collaboration with the Lagos Business School, the organization convened C-level executives from various industries to simplify AI concepts and explain how these leaders can foster value generation by embracing this technology.
The session was framed as a strategic move, urging Nigerian leaders to take charge of AI initiatives instead of passing this responsibility off to their IT departments.
"Company leaders must assume accountability for AI within their organizations. The development of an AI strategy shouldn’t be solely under the purview of the IT department; it’s essential for overall business leadership," stated Dr Nkemdilim Iheanachor, who serves as faculty at Lagos Business School and facilitated the discussion.
He emphasized that businesses should cease treating AI as a single innovation initiative and rather incorporate it into their long-term strategies for delivering value.
Even with these limitations, the technology company insists that neither of these obstacles surpasses the importance of leadership in achieving AI success.
"There is an abundance of AI tools available today. However, what remains rare is leadership capable of pinpointing valuable issues to tackle and fostering a culture focused on implementation," stated Babajide Akande, Group Vice President at Digitank Technologies.
The participants encountered various scenarios illustrating the deployment of artificial intelligence within finance, retail, healthcare, and government sectors. Examples ranged from fraud prevention systems and highly customized advertising techniques to diagnostic tools for patients and efficient digital services for citizens. However, the focus wasn’t just on automating processes; instead, it revolved around leveraging AI to transform core business strategies and enhance interactions with customers.
Iheanachor cautioned, "It is imperative that we cease replicating international models and begin constructing our own. The specific circumstances of Nigeria regarding its data, infrastructure, and human resources necessitate locally tailored solutions."
He further stated that companies which do not take action now may become obsolete as global markets shift from digital transformation to AI-powered value networks.
The masterclass encouraged Nigerian companies to start small by pinpointing particular business challenges and experimenting with AI solutions in focused sectors. It also stressed the importance of maintaining ethical design and transparent implementation during deployment.
“One of the facilitators stated, ‘Artificial intelligence devoid of a specific business goal is merely an costly buzzphrase.’ The future won’t pause for us. Nigerian executives should cease observing innovations from a distance and begin driving them internally instead.’”
As the digital economy evolves, Reliance Infosystems points out that AI is no longer just an aspirational concept for the future. Instead, it has become a crucial business necessity, and Nigerian leaders need to take decisive action to make sure their organizations stay ahead of the curve.