TechPression

Tag: Businesses

  • Impacts Of Artificial Intelligence (AI) On Businesses

    Impacts Of Artificial Intelligence (AI) On Businesses

    Artificial Intelligence (AI) has emerged as a transformative force within the business landscape, revolutionising the way companies operate, strategize, and engage with customers. Its impact spans across various sectors, bringing forth a wave of opportunities and challenges that reshape the traditional business models.

    One of the most significant effects of AI on businesses is the enhancement of efficiency and productivity. AI-powered systems streamline repetitive tasks, augment decision-making processes, and automate workflows. This efficiency boost allows employees to focus on more strategic and creative endeavours, thereby increasing overall productivity within organisations. Tasks such as data analysis, customer support, and even predictive maintenance in manufacturing are now optimised through AI algorithms, leading to quicker and more accurate results.

    Read also: The Purpose and meaning of Artificial Intelligence

    AI has significantly transformed business experiences

    Moreover, AI has significantly transformed customer interactions and experiences. With advancements in natural language processing (NLP) and machine learning, businesses can now offer personalised and tailored experiences to their customers. AI-driven chatbots provide instantaneous customer support, addressing queries and issues round the clock, enhancing customer satisfaction, and reducing response times. Additionally, recommendation systems driven by AI algorithms help businesses understand customer preferences better, enabling them to offer personalised product recommendations, thereby increasing sales and customer engagement.

    The utilisation of AI in data analysis and decision-making has also revolutionised how businesses strategize. AI algorithms can process vast amounts of data at high speeds, extracting actionable insights and patterns that humans might overlook. This capability empowers businesses to make data-driven decisions, identify market trends, forecast demands, and optimise their strategies for growth and competitiveness. Businesses leveraging AI for data analysis gain a competitive edge by swiftly adapting to market changes and meeting customer needs effectively.

    However, the integration of AI in businesses also brings challenges. One of the primary concerns is the ethical use of AI and data privacy. As AI systems rely heavily on data, ensuring the ethical collection, storage, and usage of data becomes imperative. Companies must prioritise data security and transparency to maintain customer trust and comply with evolving regulations. Additionally, the fear of job displacement due to automation remains a concern. While AI streamlines processes, there’s a need for upskilling the workforce to complement AI technologies, creating new job roles, and fostering a symbiotic relationship between humans and machines.

    Furthermore, the initial investment required for implementing AI technologies can be substantial, especially for small and medium-sized enterprises (SMEs). Deployment costs, acquiring AI tools, and training employees might pose financial challenges, hindering adoption for some businesses. Overcoming these barriers requires a strategic approach, clear ROI projections, and a phased implementation strategy tailored to the specific needs of each organisation.

    However , AI’s impact on businesses is profound and multifaceted, offering unprecedented opportunities for growth, innovation, and efficiency while presenting challenges that require careful navigation. 

    As businesses continue to evolve, the role of AI will undoubtedly remain pivotal in shaping their future trajectories.

  • Glovo launches Glovo Ads in Kenya to drive small businesses’ growth

    Glovo launches Glovo Ads in Kenya to drive small businesses’ growth

    One of the world’s most prominent multi-category applications in the world, Glovo, has just released a new product in Kenya called Glovo Ads. This service will help businesses like restaurants and stores reach more customers and expand faster.

    Glovo’s strong presence throughout the 25 countries it operates in currently enables 350 FMCG companies and 5,000 restaurants and retailers to communicate with millions of customers via its platform, as retail media expenditure is expected to exceed €25 billion by 2026.

    Marketers may reach app users at every stage of the buying process, from discovery to purchase, by using search, homepage listings, and sponsored placements. Non-fast-moving-consumer-goods companies may utilize Glovo Ads to attract customers since users can shop in a variety of categories in addition to takeout meals, including presents, beauty items, groceries, and electronics.

    There are two different channels via which Glovo Ads may be used, making the service accessible to both small enterprises and multinational companies.

    Read also: Glovo becomes Chicken Republic’s “key” web platform

    Partner Ads makes it simple to begin advertising 

    Using brand ads, advertisers have access to automated bidding. This cutting-edge automated system optimizes profits by maximizing bids based on historical data on product conversion rates and their associated prices. Brands may increase their Return on Advertising Spend (ROAS) by as much as fivefold with the help of auto-bidding and the other features of the “Brand Ads” suite of solutions.

    With Partner Ads, local businesses and restaurants of all sizes may be directed to the optimal location inside the app for the most possible ROI. Partner Ads makes it simple to begin advertising with any budget on a pay-per-click basis that can be halted at any moment to guarantee partners always get a good return on investment; this is especially useful given that many of these firms lack specialized marketing teams.

    “With our users regularly buying a dynamic range of products thanks to our multi-category offering beyond just takeaway and grocery shopping,” says Caroline Mutuku, General Manager of Glovo Kenya. “We can help both brands and local businesses to build brand awareness and grow sales at a time when it is becoming significantly more difficult to reach customers effectively,” she adds.

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    Fostering a thriving work environment 

    Several companies in Kenya, including Coca-Cola, Diageo, Pernod Ricard, Beiersdorf, and Barcadi, have successfully incorporated Glovo into their marketing strategies. Additionally, multinational advertising firms like Publicis are collaborating with their clients to leverage the app for marketing purposes.

    Glovo recently organized the first Learning & Development Training session for its partners in Kenya, in conjunction with the launch of Glovo Ads. In order to enhance the business acumen and overall performance of its partners, Glovo has formed a partnership with the Ongoza Institute. The Ongoza Institute is an accelerator that supports early-stage high-growth young entrepreneurs in Kenya.

    Together, they have developed a comprehensive two-day program aimed at delivering intensive training and development opportunities. Glovo intends to expand the scope of these training sessions, conducting them on a quarterly basis, taking into account feedback and insights from participants, to continuously support and empower its valued partners.

    “At Glovo, entrepreneurship is a concept that has been part of our DNA since 2015 when our CEO Oscar Pierre started the adventure of what is now Glovo. Since then, as Nanzia Johm Mbaga, Impact & Sustainability Lead for Glovo Africa, remarked, “we have fostered a thriving work environment and professional growth by launching initiatives and impact projects that support and encourage the improvement of the professional skills of partners belonging to the Glovo ecosystem worldwide.”

  • Nigerian businesses must adopt technology more -Ken Opara

    Nigerian businesses must adopt technology more -Ken Opara

    Nigerian banks and other businesses have been charged with increasing technology adoption in their operations to boost their competitiveness in the corporate world.

    Dr Ken Opara, President/Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), made the call while speaking during the maiden edition of the yearly Banking and Technology Forum held in Lagos.

    Read: Jio Platforms and Meta work together to introduce JioMart shopping on WhatsApp

    At the hybrid event, Opara said every business organization has no other alternative than to transcend to becoming “a tech company” if it is keen on surviving the emerging competition.

    Business Okpara
    Dr. Ken Opara, President/Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN)

    According to him, “You will agree with me that technology is helping to reframe the business landscape.” It is no longer a case of being an esoteric phenomenon that stands apart from specific companies and industries. Rather, every company should now be working actively to become a tech company.

    “Smart adoption of the right products and services does not just give you a competitive advantage; it can provide opportunities to increase productivity and efficiency, reduce business costs, and grow the bottom line.”

    The bank executive referenced the telecommunications sector, highlighting the continuous innovation happening in the industry with the regular inclusion of new features to improve the user experience.

    Opara said: “The next generation of mobile technology, for example, is providing increased data at quicker speeds while adding new features that empower employees to deliver enhanced service to customers and get more done on the go.”

    “With the onset of the internet of things (IoT) and big data gathering powered by cloud technology, early adopters will gain an advantage that could be developed into a sustainable edge over the competition,” the CIBN boss said.

    He said new technologies are reshaping speed to market, quality, and purpose-built solutions, noting that those who would have an edge in the areas were first movers in the latest innovations and cutting-edge applications technology released on a daily basis. 

    He went on to say that, regardless of the operations, such as banking, payment systems, or social services, the successful incorporation of third-party technology would be crucial.

    “The financial services industry is going through a big change because the COVID-19 pandemic is making people stop thinking that customers care most about physical channels. Digital channels have seen a surge in use across the world. “Perhaps the most ubiquitous example is the rapid growth in digital payments and online transactions for banking, asset management, and other financial activities,” he said.

    Quoting a PwC survey, Opara noted that 74 per cent of Fortune 1000 companies’ executives are engaged in a cloud strategy, while 56 per cent see the cloud as a key component of growth and innovation. He emphasised that advancing technologically is at the core of efficient customer service.

    The forum organised by the CIBN Centre for Financial Studies is a fulfilment of Opara’s at his investiture some months ago. He promised to push for a more technologically advanced banking sector as part of his cardinal program to make the financial service sector more attractive to Generation Z.