By Tamara Rajić, Director of Business Strategy EMEA at Infobip

World Innovation and Creativity Day fell on the 21st of April, reminding us of the boundless potential inherent in human ingenuity and technological advancement. Artificial Intelligence (AI) stands at the forefront of this celebration, reshaping the landscape of business operations and customer engagement.

The combination of advanced data analytics with cloud computing has propelled AI into the spotlight, making its integration more accessible across industries.

Unlocking AI’s potential – why companies can’t afford to miss out

What is remarkable is how AI adoption is growing its accessibility to the public. Platforms such as OpenAI, ChatGPT, and Dall-E have opened the doors to AI technologies, empowering individuals, and businesses alike to effortlessly explore and incorporate AI-driven solutions into their plans. This has sparked a culture of innovation and empowerment, enabling businesses to harness AI to expand their performance and efficiency.

Take AI-driven communication tools, like chatbots and virtual assistants for example. They are changing customer service experiences by delivering personalised, efficient, and proactive interactions. These solutions not only streamline support processes but also forge deeper connections with customers, fostering satisfaction, loyalty, and ultimately, business growth. Furthermore, AI empowers businesses to gather actionable insights from customer data, facilitating informed decision-making and targeted strategies.

Data quality plays a crucial role in the successful implementation of AI. Without complete and consistent data, implementing AI-powered technologies can lead to inaccurate results and hinder business decision-making. This is why it is important for businesses to invest in data quality assurance processes. And by analysing customer feedback across various channels, AI offers a deeper understanding of preferences and needs, enabling businesses to tailor their offerings and communication strategies accordingly. This level of personalisation increases the customer experience, promoting long-lasting relationships and brand loyalty.

Chatbots and virtual assistants are some of the most widely used AI-powered communication solutions out there, spanning across multiple industries and business types. They provide instant responses to inquiries, assist with product recommendations, and help with tasks like order tracking and appointment scheduling.

Navigating challenges in AI implementation

AI-driven automation streamlines processes, reduces manual workloads, and enhances operational efficiency, driving competitiveness and revenue growth. By leveraging AI-powered insights, businesses can identify high-value opportunities, estimate market trends, and improve resource allocation, thereby increasing ROI and market share.

This innovation is expected to catalyse significant transformations in traditional sectors such as banking and retail, leading to more personalised experiences and innovative consumer approaches. By understanding individual preferences, behaviours, and purchasing patterns, these sectors can offer tailored product recommendations, targeted promotions, and customised services.

With this being said, it is important to underline the critical function AI serves in customer support. By reducing wait times through AI-powered chatbots and providing assistance through the customer’s preferred communication channel, businesses can ensure a significant uptake in customer satisfaction.

Integrating AI into existing tools and systems does not come without its challenges. Businesses can encounter compatibility issues, data silos, and a shortage of skilled professionals with expertise in AI and machine learning within their talent pool. Demonstrating ROI in the early stages of AI technology adoption can also be challenging due to these obstacles. It is therefore important to identify high-potential use cases and the most impactful areas where AI can drive business growth and positive customer satisfaction and start from there.

Overcoming obstacles – to maximise AI’s potential

With its increasing accessibility and transformative potential, AI is fostering innovation, and amplifying creativity. By taking into consideration AI-driven insights and solutions, businesses can personalise interactions, streamline operations, and anticipate customer needs. However, this journey is not without trial and error. It demands careful navigation of data quality and integration complexities. Nonetheless, businesses should embrace AI as a catalyst for creativity and innovation, to unlock new possibilities, enriching the human experience and propelling organisations towards a future where the boundaries between humanity and technology seize to exist.

By Diana Tenebe, Chief Operating Officer, FoodStuff Store

Nigeria’s agricultural sector has long been a significant contributor to national growth, with the potential to further reduce poverty. This sector, encompassing crop production, livestock, forestry, and fishing, has the potential to hold export opportunities and can strategically become the engine for economic prosperity, given Nigeria’s large population.

Undoubtedly, agriculture remains a top contributor to Nigeria’s GDP. Statistics show it contributed around 23.69% in 2022, ranking behind the industry (30.78%) and services (22.04%) sectors. However, the sector’s contribution has declined.

In the first quarter of 2023, it fell to 19.63%, compared to 21.09% in the same period of 2022 and even lower than the 24.90% of Q4 2022. On sectoral contribution to the GDP, the agriculture sector declined to 25.18% in 2023 from 25.58% in 2022.

In recent times, the agricultural sector in Nigeria has faced challenges that would require urgent need for strategic interventions to address the many-sided issues. 2023 revealed a historic decline in Nigeria’s agricultural output, from the removal of fuel subsidies that increased the cost in logistics and production expenses to insecurity that has forced farmers to stay away from their farms, climate change, the redesign of the Naira, inadequate storage infrastructure,  insecurity led to the country’s food inflation that surged to 35.41% in January 2024.

While a holistic approach is needed to tackle the problems facing the agricultural sector in Nigeria, the adoption of technology and innovation can prove to be a powerful tool in tackling the food insecurity in Nigeria and ensuring the citizens have access to the nutritious food that they need especially from smallholder farmers.

Digital marketplaces are tech solutions that can bridge the food security challenges in Nigeria. Smallholder farmers often have limited access to markets, struggling to connect with buyers, leading to post-harvest losses and reduced income. They lack efficient distribution networks and constantly work with distribution systems that can be complex and prone to waste. Additionally, farmers lack critical information on market prices, weather conditions and best practices.

Digital marketplaces have the potential to revolutionise the Nigerian food system and address food security challenges by connecting farmers directly with consumers and businesses, reducing reliance on middlemen and increasing profit margins for farmers. Logistics can be streamlined by connecting farmers with transportation and storage providers, minimising waste and ensuring timely delivery. Additionally, there is an opportunity for enhanced transparency between farmers and consumers especially with respect to pricing, reducing exploitation and promoting fairer pricing. Market trends are also easily available through digital marketplace platforms to make farmers make informed decisions.

Nigerian Agritech companies and start-ups are dedicated to helping farmers achieve maximum crop yield through their work. Foodstuff Store exemplifies this commitment, utilising technology to connect customers and businesses with raw and processed food products directly from smallholder farmers and whole food suppliers at affordable prices, adding value to the food supply chain.

Despite the potential, challenges remain. Limited internet access, digital literacy, inadequate infrastructure hindering deliveries, online security concerns, and trust issues for both farmers and consumers need to be addressed.

Investment in rural infrastructure, digital literacy programs, public-private partnerships to promote digital agriculture, and access to financial services like mobile money can create a more efficient, inclusive, and resilient food system. A tech-driven agricultural sector has the potential to not only eradicate hunger but also empower farmers, create jobs, and propel Nigeria towards a food-secure future.

Multichoice Limited has proceeded to increase packages price for DStv and GOtv as announce on Wednesday last week.

This is despite the order by Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja, restraining the pay tv company from increasing its tariffs and cost of products and services.

Recall that on April 24, the company announced that it would increase its price for its DStv and GOtv cable services, beginning from on May 1.

But CCPT in Abuja ruled that the firm should not increase its prices as scheduled.

The three-member tribunal, presided over by Saratu Shafii, gave the interim order on Monday following an ex-parte motion moved by Ejiro Awaritoma, counsel for Festus Onifade, the applicant.

In a ruling, the tribunal restrained multi-choice from going ahead with the impending price increase schedule to take effect from May 1, pending the hearing and determination of the motion on notice filed before it.

It also directed all parties in the suit to appear before the tribunal on May 7 at 10 a.m. for the hearing and determination of the motion on notice.

The petitioner had dragged Multichoice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC) before the tribunal.

In the suit filed on April 29, Onifade, also a legal practitioner, sought two orders.

These include, “an order of interim injunction of this honourable tribunal restraining the 1st defendant whether by themselves, her privies, assigns by whatsoever name called from going ahead with impending price increase schedule to take effect from 1st May 2024, pending the hearing and determination of the motion on notice.

“An order restraining the 1st defendant from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the motion on notice.”

The company had, on April 1, 2022, hiked the prices of all its packages..

Despite the court ruling, a check by this medium revealed that the South African firm has gone ahead with the tariff increase as earlier proposed.

On its official website, the new prices are now being displayed and implemented.

For DStv Premium subscribers, the price has moved from N29,500 to N37,000. Also, the price for

Compact rate has moved from N12,500 to 15,700 while Confam and Yanga subscribers will now pay N9,300 and N5,100 respectively from their previous rates of N7,400 and N4,200.

Similarly, GOtv subscribers will pay the new tariff increase as the prices have also changed on their official websites.

The elite subscribers (Supa+ and Supa) will now pay N15,700 and N9,600 respectively as against the previous rates of N12,500 and N7,600 before.

In addition, the Max and Jolli subscribers are now expected to pay N7,200 and N4,850 respectively. The former rates were N5,700 and N3,950.

However, on average, Multichoice increased the prices by 25%.