Market Intelligence Report Template

Saturday, December 11, 2021 / 02:00 PM / Teslim Shitta-Bey, CE/ME, Proshare / Header Image Credit:  Simplilearn

 

Technology is not a acting for articles or casework but it does accommodate the variables bare to architecture the character, texture, and ambience for the abutting business success story, the abutting acceptable product, or the abutting market-disrupting service. Bogus intelligence (AI) and apparatus acquirements (ML) will not actualize consumers’ absoluteness but they will accommodate the abstracts and algorithms bare to accept chump affect and admit a action of assay and artefact architecture that ultimately delivers on chump expectations. 

 

Corporations must, therefore, apprentice to access up their abstracts gathering, mining, and analytics skills. About abstracts is not enough, organisations charge apperceive how to use it. Several businesses accumulate massive amounts of abstracts commonly but abort to use the abstracts to clarify their artefact or account offerings. The nuggets of chump preferences and expectations active in the zeros and ones of circuitous accumulated algorithms charge acquisition announcement in casework and articles accumbent to the customer’s pains and desires. If a business is to abide in the acreage of the living, it cannot allow to beat in the graveyard of the dead.

 

A corporation’s constancy will depend on how it uses abreast chump abstracts to accept basal chump sentiments and body an active and acknowledging artefact or account activity that lives in customers’ acuteness rather than their memory.

 

Strategy on Steroids

The accumulated adjustment action will be agenda over the abutting half-decade but to booty advantage of the business transformation and technology acceptance processes companies will charge to attending above algorithms to chump acumen and user acquaintance journeys and architect articles and casework to be fit for chump purpose.

 

In addition, companies will charge to calibration technology acceptance and artisan adaptability. If a aggregation adopts technology nut its staffers are backward in the adeptness to use the technology, the account and artefact commitment propositions fail. Active companies charge to ensure that technology acceptance is akin by artisan adeptness (see analogy 1 below).

 

Technology would charge to be accurate by beginning cerebration and a altered access to tasks and responsibilities. The about-face to predominantly agenda platforms for assignment would beggarly that workers will accept to accept a ability of both the apparatus (laptop or desktop) and the software that backpack out the assignments involving big abstracts analytics, infographics, activating dashboard book analysis, and controlling templates application R or Python programmes. Of course, added analytic and statistical programming techniques could be acclimated for cardinal accumulated controlling such as e-views and SPSS for bread-and-butter assay but workers will be appropriate to accept added than a accidental compassionate of these tools. At the centre of tomorrow’s workspace is abstracts and advisers will charge to acclimate to the requirements of a data-soaked business landscape.

 

Admittedly in the short-term, acceptable business practices and ‘old school’ branch operations will still accept a abode in arising markets (EMs) like Nigeria, but the shelf activity of these enterprises abide to abound beneath by the day as competitiveness requires companies to boss accepted markets. At the affection of the arising aggressive mural would be the accommodation of organisations to action abstracts speedily, accurately, and abundantly to accommodated chump adventure acquaintance (see analogy 2 below).

 

 

 

It bears repeating that as abundant as technology is important and bogus intelligence (AI) and apparatus acquirements (ML) will abstracted accumulated losers from winners over the advancing decade, a animal basic advancement is analytical to any cardinal accumulated remake. Companies charge be advised in their application strategies for bringing in new workers as the arising requirements of aggressive advantage is not alone to accommodated the needs of absolute barter but additionally to accommodate solutions to the challenges of the barter of tomorrow or conceivably those of old barter with new needs. The new abode and artisan charge be avant-garde rather than backward-looking.

 

Questions that may charge answering include:

 

Organisations in the post-COVID-19 abridgement charge accomplish efforts at adjustment people, processes, and strategy.  The association is that while AI/ML brings a animation to the accomplish of corporations, accomplishing sustainability requires that they advance artisan adeptness in accession to technology adoption.

 

Some companies accept spent tidy sums on technology acceptance but the agents is yet to body a new ability about the acquired technologies to advance their account commitment acceleration or artefact affection promise. After upscaling animal capital, technology acceptance may become an barren allotment of accumulated transformation.

 

Thinking Change

To bury technology into accumulated ability requires new cerebration and this starts from the top. CEOs charge be role models and adviser the action of anticipation arise customer-centric approaches to absolute acting problems or acceptable brief expectations. The baton charge body confidence in his colleagues and adviser a aggregate eyes of accumulated advance that dovetails into claimed growth.

 

In accomplishing this the alignment charge become a melting pot of able account and active abilities alloyed in new and agitative means to actualize value. Workers charge see the accumulated eyes cook into claimed aspirations and expectations. If a ability of claimed advance and artistic authorization is able by the abatement of average accumulated barriers fostered by bourgeois concepts of hierarchy, again sustainability becomes an accessible agenda eyes (see analogy 3 below).

 

Leading Change

Leadership and beheading are acute apparatus of strategies if companies are to survive the accepted disruptions of the decade. Chief Executive Administrator (CEO) of the Stack Centre, Dr, Ayotunde Coker, at an Institute of Directors (IoD) Nigeria appointment in 2020 acclaimed that for companies to booty abounding advantage of abstruse disruption, “Th
e affair is leadership”. According to the tech specialist “leadership charge always flush itself and amend the accumulated purpose adjoin alive realities. Leadership is alive back to reinvent yourself. Leadership charge accessible its apperception up to the possibilities of technology”. He empiric that, “It is important to accept the ambience in which you are operating in, you either appearance the ambience or airing into the ambience because if you do not do either, you die as a CEO or get replaced or go bottomward demography your aggregation with you”

 

AI/ML in 2022

The chase for the chump will accent in 2022 and with the Omicron alternative of COVID-19 burglary countries and continents the agenda apple will accord acceptation to Facebook’s adulation for the abstraction of a metaverse and its accommodation to change its ancestor companies name to ‘Meta’ in 2021.

The new software-aided chump adventure acquaintance will advance the amusement users acquire from articles and casework (meaning interactivity will advance functionality and design) and abstracted accumulated slouches from their faster and smarter contemporaries. The chase for AI/ML ascendancy has already started in Nigeria’s cyberbanking casework industry with drop money banks activity toe-to-toe to affluence the customer’s adventure adventures through chatbots that accredit chump inquiries to be advised digitally (see analogy 4 beneath of Nigerian banks with chatbots).

 

 

While the AI/ML rat chase has begun, it is still at its aboriginal apathetic mile of a accumulated marathon, with cyberbanking halls and chump affliction units still inundated with customers’ concrete inquiries and abutment requests. The agenda cyberbanking interfaces of Nigeria’s bank 1 banks are still almost unintuitive and absorb discomforting alliteration of online processing procedures.

 

That actuality said, 2022 will see banks and added non-bank institutions accent their use of big abstracts and chump abstracts analytics to advancement account acceleration and artefact commitment quality. The botheration is that while AI/ML will accord insights into how consumers behave, it will not acclimate why they behave that way, this would crave the ability of an analyst or accumulation of analysts who would attending at the social, political, economic, abstruse and ecology convergences occurring that accord acceleration to chump actions. By 2022 compassionate chump behaviour and preferences will become added important as adolescent chump demographies bandy out the adherence playbook and appoint a college accountability of achievement on businesses.

 

Breaking Bad

Throwing out the adherence playbook will be allotment of consumers’ efforts at breaking bad accumulated practices. Regardless of how able-bodied AI/ML performs, they can alone advance the chump adventure acquaintance if the appropriate accumulated ability is in place, AI/ML accompaniment advantageous accumulated cultures, they do not alter them.

  

AI/ML will reposition organisations in 2022 (including Proshare) but the capability of avant-garde technology applications will depend on the affection of the bodies that accept and acclimate to these technologies. A abrupt and abhorrent advanced board administrator does not get pardoned by a admirable account commitment algorithm he or she does not accept or is not able to use. Also, chump account queues and complaints will not abandon if the backend abstruse cadre are sloppy, lazy, or artlessly incompetent. 

 

To ride the acme of a new agenda account or artefact commitment adjustment in 2022, accumulated cadre charge footfall up their amateur and be adequate with a revised ability of abiding account excellence.  Actuality customer-centric is no added a fad but a creed. To be sure, future-facing companies apperceive that at the affection of their basal curve is their barter and their purse or wallet.  

 

EndNote

So far, mainly two banks arise to be at the beginning of AI/ML applications to retail account delivery; UBA with Leo and Zenith Bank with Ziva, added banks arise to be dipping their toes into the AI chump account basin after able conviction.  Added banks do, however, appearance able agenda revenues, abnormally the bank 1 banks declared as FUGAZE (FBNH, UBA, GTCO, Access Bank, Zenith Bank and ETI) admitting a bashful attack at customer-centric account commitment through AI/ML (see table 1 below).

 

Does AI accept such a cardinal accent to affair barter account or artefact commitment expectations? Certainly. In a contempo analysis consuducted by McKinsey, a all-around consulting organization, the analysts acclaimed that  “The after-effects of our latest McKinsey All-around Analysis on AI announce that AI acceptance continues to abound and that the allowances abide significant-though in the COVID-19 pandemic’s aboriginal year, they were acquainted added acerb on the costsavings advanced than the top line. As AI’s use in business becomes added common, the accoutrement and best practices to accomplish the best out of AI accept additionally become added sophisticated”.

 

The address added observes that “AI acceptance is continuing its abiding rise: 56 percent of all respondents address acceptance in at atomic one function, up from 50 percent in 2020. The newest after-effects advance that AI acceptance back aftermost year has added best at companies headquartered in arising economies, which includes China, the Middle East and North Africa: 57 percent of respondents address adoption, up from 45 percent in 2020. And beyond regions, the acceptance amount is accomplished at Indian companies, followed carefully by those in Asia-Pacific”.

 

Nigerian companies that appetite to excel in 2022 charge accept added added adult levels of AI acceptance and adjustment but this charge be done with accomplishment addressed arise retooling and advance absolute artisan skills. Sustainability activity avant-garde will be added circuitous than in the accomplished and as Daniel Craig’s aftermost James Bond cine noted, for active companies focused on affair chump needs this is ‘No Time to Die’.

                                                                                                                                             

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Related News to Accumulated Management

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3.     Tinubu, Avuru top account of accomplished paid CEOs of quoted Nigerian companies – BusinessDay – April 23, 2019

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6.     An Unexpected Acceleration in the FAAC Payout in July 2020

7.     A Able COVID-19 Response, and a Road to Recovery

8.     Unemployment in Today’s Recession Compared to the All-around Cyberbanking Crisis

9.     Teleworking is Not Working for the Poor, the Young, and the Women

 

 

 

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