African businesses encouraged to exploit AI efficiently

Business organisations in Africa have been urged to harness artificial intelligence (AI) efficiently to enhance their productivity. 

The President of the Stanford Seed Transformation Network, Carl Richards, who gave the advice, urged African businesses to be proactive in utilising AI to boost productivity.

He was speaking at a business conference for top African businesses in Accra last Thursday (October 31).

The conference, which was organised by the Stanford Seed Transformation Network, was on the theme, 'Leapfrogging the conventional and transforming businesses with AI'.

It provided a platform for African entrepreneurs to learn about the latest AI trends, network with industry experts and explore opportunities to leverage AI to drive business growth.

Mr Richards said efficient use of AI was necessary due to its potential to revolutionise African businesses.

"We must invest in AI training for our employees as well. Even basic AI literacy within your staff can boost productivity and creativity. AI is a tool that requires people to wield it effectively," he stated.

Mr Richards further highlighted AI as a powerful tool that can catapult African businesses into a competitive global position.

"AI has the power to remove many of the traditional barriers that have historically limited our reach, allowing us to manufacture more efficiently, sell to global markets and manage our operations with precision,” he indicated.

Concerns

However, Mr Richards cautioned that the rapid advancement of AI also raised ethical concerns. He highlighted issues such as data privacy, algorithmic bias and job displacement as issues that needed to be addressed carefully.

Thus, he urged businesses and governments to develop ethical guidelines for AI development and use.

"We must ensure that AI is used responsibly and for the benefit of all," he said.

The president of the group also called for government support in creating an AI-friendly environment to fully harness the potential of AI. That, he said, included investing in education and training programmes to improve the workforce, providing incentives for AI adoption and prioritising the development of robust digital infrastructure.

"Government must invest in AI and digital literacy programmes to upskill the workforce and reduce the knowledge gap in our SMEs," he said.

Africa's potential

For his part, the Chief Executive Officer (CEO) of Margins ID Group, Moses Kwesi Baiden, argued that Africa was poised to lead the next industrial revolution.  

He called on African leaders, businesses and individuals to embrace AI and seize the opportunities it presents.

Mr Baiden emphasised the importance of investing in education, research and innovation to build a strong AI ecosystem in Africa. "Africa has the potential to be a global leader in AI.

We must work together to realise this potential.”

He expressed the belief that Africa, with its young population and increasing access to technology, is uniquely positioned to benefit from the AI revolution.

"The continent's youthful demographic is eager to embrace innovation and can fuel the development and application of AI solutions.

"By leveraging AI, African businesses can leapfrog traditional industrial development and adopt advanced technologies, leading to rapid economic growth on the continent," he stated.

However, the CEO Margins ID Group also indicated that many African countries currently lack the necessary infrastructure such as reliable internet connectivity and data centres to support AI development.  

"Africa needs to invest in robust cybersecurity measures and develop a strong digital identity infrastructure to enable individuals and businesses to participate in the digital economy," Mr Baiden added.