AI-Driven Growth: How Nigerian Businesses are Increasing Revenue

As the competition all across the globe is getting intense, it is becoming crucial to seek new ways of thriving and here AI tools come in handy. These tech solutions are also known for their proven quality of changing the game of commerce. Countries like Nigeria which have emerging economies and a high potential for development are in dire need of utilising AI tools to double their GDPs in comparison to previous years. One of the benefits of AI is that its potential is not merely limited to enhancing operational efficiency. Still, it also takes part in opening up new revenue streams for established and budding business endeavours. Here have a look at the below points to find out how Nigerian businesses are capitalising on the power of AI for diversifying the revenue stream.

4 Ways Through which AI in Nigeria is increasing the Revenue

The Nigerian economy is among the rapidly growing economies in Africa, and this allows businesses to utilize advanced technologies like AI to propel growth through new-age strategies. AI in business appears to nations like Nigeria as a major weapon that can assist in coming up with creative solutions to critical problems. As per recent statistics, around 47% of Nigerian business endeavours have started to reap the advantages after incorporating AI. Another survey has suggested that 94% of Nigerian companies are making strategic use of AI in cyber security and 93% of companies are planning to implement AI in IT services for outstanding operational efficiency and high-quality outputs. Here are 4 ways through which the Nigeria business community is revolutionising the business operation, deriving the help of AI.

Informed decision-making at the fingertips

AI has its proven ability to analyze vast amounts of data quickly. And this feature is adding a new edge to the decision-making processes in Nigerian companies. Through the employment of AI-driven analytics, commercial endeavours can derive actionable insights that inform strategic planning and resource allocation. This capability of AI in sectors like finance and retail is simplifying the process of service delivery and saving the time of the end users or consumers. For instance, financial institutions are relying on AI to analyze customer data and predict spending patterns. These approaches not only enhance customer satisfaction but also drive revenue growth by aligning the offerings with consumer needs.

Transforming the way of customer engagement

Be it the bustling streets of Lagos or the landscapes of Abuja, in Nigeria, conversational AI is an absolute game changer. From the Healthcare to the banking sector, AI chatbots in Nigeria are prevalent everywhere and it is reshaping the trajectory of business. As reported by Gupshup, the BFSI sector's chatbot market alone was valued at $600 million in 2021. As per the projections, in the coming years, all the industrial verticals of Nigeria are likely to witness substantial growth under the impact of the rapid adoption of AI.

Offering support to small businesses and startups

The Nigerian government and private sector in the current context are recognizing the significance of creating an environment conducive to innovation. Even initiatives like the Google AI Fund are aimed at supporting local startups by developing AI solutions for addressing Nigeria's unique challenges. These initiatives are empowering entrepreneurs with funds and rewards. On the other hand, the community platforms in Nigeria are encouraging new-age business enthusiasts to come up with a store full of innovative products. However, AI integration across all sectors is solidifying Nigeria's commitment to becoming a leader in AI-driven innovation on the continent.

Changing the ways of business operation

One of the most profound impacts of AI in Nigerian businesses is the ability to optimize business operations. Here the best part is that the implementation of AI chatbot in every part of the business is resulting in cost reduction and enhanced the degree of productivity that can hardly be achieved through the manual process. As the majority of the population is inclining towards the community platforms in Nigeria , they are offering an impetus to the widespread adoption of AI for boosting the bottom line of businesses.

Wrapping Up

As Nigerian businesses continue to explore the possibilities of AI, it is important to remember that this technology is a mighty tool for unlocking new avenues for growth and prosperity. AI-driven growth in Nigerian businesses is not just a trend but a testament to the resilience and creativity of the Nigerian youth. However, before embarking on the business race, it is a must-have idea to connect with an eminent Nigeria business community to stay updated with the current knowledge of business and the usage of AI.

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Olugbemi. Adeyinka Ogunleye 2 months ago