Adopt AI to leapfrog conventional operations – SSTN urges businesses

President-Stanford Seed Transformation Network (SSTN), Carl F. Richards, has urged businesses in Africa to adopt artificial intelligence (AI) as an innovative tool to leapfrog conventional ways of operating.

He explained that Al signifies a fundamental shift in how industries operate and succeed.

He emphasised that AI is more than just a tool – it is a catalyst for change as it is already reshaping global business landscapes.

Mr. Richards argued that Al-enhanced solutions simplify processes, enhance production and personalise customer interactions, allowing businesses to scale rapidly and shorten the traditional path from local presence to global reach; hence the need to adopt it quickly to grow and catch up with the world.

“For Africa, this is a critical moment. Al offers a unique opportunity to overcome traditional growth barriers, enabling small and medium enterprises (SMEs) to compete globally on equal footing.

“In the past, infrastructure, market access and capital were major obstacles to growth. Today, these challenges can be circumvented through the strategic adoption of Al. Al-enhanced tools can provide instant advantages: optimising supply chains to identify the quickest, most cost-effective delivery routes; refining marketing strategies to target customers more precisely; and simplifying financial processes such as funding applications, credit assessments and cash flow management,” he said.

The SSTN president made these remarks while speaking at the 2024 SSTN Business Conference, held under the theme ‘Smart Africa – leapfrogging the conventional in transforming business with Al’.

The conference aims to ignite transformative dialogue addressing one of Africa’s most urgent challenges – the adoption of Al in business.

Chief Executive Officer-of Margins ID Group Moses Kwesi Baiden, in his keynote address, reiterated the transformative role AI is playing – especially in advanced countries; enabling businesses to circumvent problems around seamless production and transactions, reducing production hours significantly.

He emphasised that even though AI is taking away some jobs, it is also creating several new high-technology careers; hence the need for labour to upscale and keep up with trends.

“For businesses, staying competitive in a world rapidly adopting AI requires proactive strategies. To catch up, there is a need to consistently invest in AI training for the team; and every member must get at least basic AI skills. People need to be trained effectively to use AI as a tool. Begin with the most basic AI tools to automate basic production processes, like inventory and customer service, then expand based on impact.

“The thought of what jobs will be like in the future is of concern to a lot of business people, but we have to begin telling our children what to learn and guide them to a future path based on data,” he said.

He further urged businesses to leverage AI for customer insight and optimising business processes, as this can lead to incredible transformations.

The conference brought together over 100 top business owners to brainstorm and acquire new ideas about how to adopt AI for growth.

Other key speakers at the conference included Dr. Stephane Nwolley, Npontu Technologie; Ebo Richardson, Digital Transformation Consultant; Solace Kidissil, Group Operations Lead-Nsano; Claud Hutchful, CEO-Kowri; and Nii Amankra Tetteh, CEO-Letshego Ghana Savings and Loans.