businesses – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Mon, 17 Mar 2025 10:45:11 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png businesses – Tech | Business | Economy https://techeconomy.ng 32 32 AI-Powered SEO is Changing Online Visibility—Will Your Business Adapt or Disappear? https://techeconomy.ng/ai-powered-seo-is-changing-online-visibility-will-your-business-adapt-or-disappear/ https://techeconomy.ng/ai-powered-seo-is-changing-online-visibility-will-your-business-adapt-or-disappear/#respond Mon, 17 Mar 2025 11:00:53 +0000 https://techeconomy.ng/?p=155004 Attention is currency and visibility has become everything for businesses

Businesses that control search rankings control market share. It’s that simple.

Traditional SEO is fading off. Keywords, backlinks, and outdated ranking tricks no longer guarantee visibility. AI has changed the rules, but most businesses are still playing by old rules. 

This is beyond a common upgrade, we can call it a disruption.

AI-powered SEO means search engines are no longer just reacting; they’re predicting. They analyse behaviour, context, and intent—before users even type a query. 

Businesses in Nigeria that fail to understand this change will be left behind, buried under pages of irrelevant search results. The question isn’t whether AI-powered SEO is necessary; we should focus on whether businesses in the country are ready for the fight.

AI Taking Over the Old SEO Methods

Let’s get one thing straight: Google is no longer just a search engine. It’s an AI-driven system. The transition happened quietly, but it was brutal.

  • Before AI: Search engines relied on human-fed algorithms. You could manipulate rankings with keyword stuffing and backlinks.
  • After AI: Google’s RankBrain, BERT, and MUM now understand search intent. They learn. They evolve. They push aside outdated SEO tactics.

Think of it this way: AI-powered SEO is no longer about what you tell Google. It’s about what Google understands from user behaviour. It predicts what people want, sometimes before they even know it themselves.

For Nigerian businesses, this means survival depends on adapting to AI’s logic—not fighting it.

Why AI SEO Matters Now

Digital Presence is Non-Negotiable; With over 134 million Nigerians online, as revealed by the Nigerian Communications Commission (NCC), we can see that digital visibility is becoming more indispensable. If your business doesn’t show up on the first page of Google, it might as well not exist.

AI Goes Beyond Just Keywords, Engagements are Now Priotised; Google now prioritises user experience—are visitors staying on your page or leaving instantly? Content relevance—is your content answering real questions, or is it fluff? Lastly, authority—are other sites referencing your business?

Content is King, But AI is the Kingmaker; AI-powered tools can predict viral topics, optimise headlines, and even generate content. Businesses that utilise this will take the lead. Those who ignore will fade into obscurity.

Winners and Failing Businesses: Who Will AI SEO Benefit?

Let’s be real—AI-powered SEO isn’t a gift to everyone but a filter, and it’s ruthless.

Winners

✅ Big corporations: They can afford high-end AI tools, data analytics, and top-tier SEO experts.
✅ Tech-savvy businesses: Those who invest in AI-powered content and marketing strategies will stay ahead.
✅ Agile startups: Companies that take up AI early can outrank slow-moving competitors.

Left-behinds

❌ Small businesses without AI knowledge: They’ll struggle to compete with AI-optimised competitors.
❌ Businesses relying on outdated SEO tricks: Keyword stuffing, link farms, and other hacks are now stretching but not reaching.
❌ Companies that ignore user experience: If your website loads slowly or has bad content, AI will bury you.

This isn’t to make businesses scared. It’s to wake you up to catch-up.

The Challenge in Nigeria: Can We Keep Up?

Businesses need to keep learning and unlearning; Most businesses still rely on basic SEO knowledge, and many digital marketers haven’t updated their skills. AI literacy has become a survival, not a luxury anymore.

Limited access to AI tools; Many AI-powered SEO tools are expensive. Businesses need affordable, localised alternatives.

The visibility problem; AI-driven search favours content with global relevance. Will local businesses be drowned out by international companies? If so, how do we get back to the limelight?

Winning the AI SEO Challenge is a Strategy for Nigerian Businesses

Use AI Tools That Don’t Break the Bank; You don’t need a Google-sized budget to compete. Affordable AI-powered SEO tools include:

  • Ubersuggest: for keyword research and analytics
  • SurferSEO: for AI-driven content optimisation
  • Rank Math: for AI-powered WordPress SEO

Prioritise User Experience;

  • Fast-loading websites win.
  • Engaging content beats keyword-stuffed pages.
  • Mobile optimisation is non-negotiable.

Train and Upskill Now; The AI revolution won’t wait. Businesses must train their teams in AI-driven digital marketing now, or risk being left behind.

Push for Local AI Solutions; Tech hubs, investors, and policymakers should focus on developing AI-powered SEO tools for the Nigerian market. We can’t afford to be passive consumers.

So, Adapt or Disappear

AI-powered SEO is just the beginning. The next phase includes Voice search. Visual search. Hyper-personalisation.

Search engines will soon predict what users need before they even search. Businesses in Nigeria need to prepare for a Voice search takeover—Google Assistant, Siri, Alexa; AI-curated search results that prioritise engagement over manual optimisation and AI-generated content competing with human-created articles.

The bottom line? AI won’t kill SEO. But it will kill businesses that refuse to adapt.

This is a fight for relevance and businesses that understand AI-powered SEO will thrive. Those that ignore it will vanish.

Rather than focusing on: “Should we use AI for SEO?” The real thoughts should be: “How fast can we adapt before it’s too late?”

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State of the Nation: Not Enough Businesses Take Cybercrime Seriously Enough https://techeconomy.ng/state-of-the-nation-on-businesses-and-cybercrime/ https://techeconomy.ng/state-of-the-nation-on-businesses-and-cybercrime/#respond Fri, 07 Feb 2025 09:30:15 +0000 https://techeconomy.ng/?p=152710 Writer: Ivan Jardim, account manager at Insight Consulting
Writer: Ivan Jardim, account manager at Insight Consulting

Interpol recently revealed that cybercrime, specifically ransomware incidents, cost the South African economy up to 1% of the country’s GDP, while the Council for Scientific and Industrial Research estimated the loss at R2.2-billion a year.

At the end of last year it was revealed that South Africa was hit by 2679 reported cyber attacks in the past two years, but that only 83 were passed to the National Prosecuting Authority (NPA) because of capacity constraints, with a shortage of more than 150 cybercrime detectives.

This paints a grim picture for South African businesses who clearly need to do all they can to protect themselves.

However, cybercrime is not treated urgently enough by many businesses in this country. Here’s a look at the state of the nation regarding cybercrime and how businesses could improve their prospects of remaining protected:

Lack of awareness and proactive measures

Despite alarming headlines about the cost of cybercrime, or high-profile ransomware cases that make the news, there’s just not enough awareness about how serious the problem is, or just how close to home it is.

Many South African businesses are more focused on day-to-day operations, or even survival, rather than investing in proactive cybersecurity measures.

This is because many businesses operate under the illusion that they are safe. They have a false sense of security that emanates from relying on basic digital hygiene such as passwords and biometric recognition to access their devices.

There is most definitely a need for more businesses to understand the extent to which their data and activities are being accessed, exploited and shared, even through seemingly innocuous actions like connecting to public Wi-Fi networks.

The facts are clear and unambiguous. In a global environment where cybercrime is surging, and where South Africa is an open playing field for criminals, there absolutely needs to be an investment in proactive and agile cybersecurity measures.

Artificial intelligence (AI)’s impact on cybersecurity

Cybercriminals aren’t just people who wake up one morning and decide to take a chance to find a quick win. There are highly organised cartels of criminals who use increasingly sophisticated means to achieve their goals.

Cybercriminals are increasingly leveraging generative AI to create highly sophisticated phishing attacks. They are using AI to exploit vulnerabilities in South African businesses.

Cybercrime Costs to Reach $12 Trillion by 2025, Fueled by AI and Hacktivism - Report
Source: Freepik

AI is making it easier for attackers to target business insiders to gain access to systems – giving them the ability to get right through basic security measures like passwords or facial recognition. It is a huge threat, and compared to their counterparts in other markets and regions of the world, local businesses often lack the necessary cybersecurity awareness and infrastructure to detect and respond – in time – to AI-powered attacks. AI can, and should, be leveraged as a defence against these sophisticated attacks.

Cybercriminals are exploiting South African vulnerabilities

By way of example, a local business that was hosting its customer systems on a local internet service provider suffered a major performance degradation as a result of cyber attacks.

What the business didn’t anticipate, when hosting with the ISP, was the relentless hacker bot attacks on the ISPs infrastructure, which then severely impacted the business’s own operations.

This shows that criminals are specifically choosing to target South African businesses and their supporting infrastructure.

South Africa’s banking and financial services industry is highly competitive and innovative, and ironically, this has put a target on the backs of businesses in these sectors. Innovation is prime real estate for cybercriminals who seek to exploit the latest technologies and data-driven business models.

The attack that’s detected too late

Cybercriminals are professionals at what they do. If they always kicked down the front door and made a noisy entrance they’d be easier to detect.

A growing trend is where the initial attack occurs a long time, sometimes months, before the actual ransomware event.

This makes it extremely difficult for businesses to recover their data – even with robust backup systems. The wake-up call for local businesses is that these sophisticated, long-term attacks are particularly prevalent in the South African context where many businesses just don’t have the necessary security infrastructure to detect and respond to attacks in a timely manner. Criminals know this, so they play the waiting game.

The need for more education and awareness

The first big education job needs to happen at an executive level. South African business decision-makers need to become acutely aware of the state of the cybersecurity landscape, and just how vulnerable their businesses really are. This is critical to avoid businesses carrying on as usual under the illusion of security.

South African employees, too, have shown themselves to be easily tricked into providing sensitive information or granting access to systems, even in the face of basic security measures.

Factor generative AI that can make attacks seem more believable than ever before, and the problem is compounded. Yet, organisations tend to rely on the trustworthiness of their employees and the perceived safety of their devices.

South Africa plays in the same digital arena as the rest of the world, but South African businesses are not exposed to the same level of awareness and education as in other regions.

Attacks that could be thwarted easily in other markets, are often successful on these shores. This makes us an attractive target.

The need for a holistic cybersecurity strategy

One would never find a physical business with valuable and sought-after stock in South Africa protected only by burglar bars, an alarm system and solid security gate. The same should be true for cybersecurity. It needs to cover all the bases.

Businesses need a platform with comprehensive security solutions, 24/7 support, and rapid detection and response capabilities.

Furthermore, the best cybersecurity solutions are brand agnostic, meaning they can integrate with a wide range of existing security infrastructure and devices.

Not being tied to particular vendors offers businesses the freedom to develop more comprehensive strategies.

Lastly, businesses would do well to seek out platforms and partners that provide advisory services and tailored solutions that address their specific vulnerabilities.

A holistic cybersecurity strategy is non-negotiable in an environment where criminals hide deep in a world we can’t see, yet they need to be detected and stopped in time.

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IBM Challenges Tech Giants with Granite 3.0 AI Launch https://techeconomy.ng/ibm-challenges-tech-giants-with-granite-3-0-ai-launch/ https://techeconomy.ng/ibm-challenges-tech-giants-with-granite-3-0-ai-launch/#respond Mon, 21 Oct 2024 11:15:23 +0000 https://techeconomy.ng/?p=145978 IBM has launched the latest version of its AI models, designed specifically for businesses, as part of its push to enhance enterprise solutions through artificial intelligence.

The “Granite 3.0” models, an arm of IBM’s Granite family, provide high performance and flexibility while being made available as open-source software, contrasting the strategy of competitors like Microsoft that charge for access to their models.

Unlike some rivals, IBM provides a paid tool called Watsonx, which allows companies to run and manage customised models within their own data centres. 

Variants of the Granite 3.0 models have now been made commercially available on the Watsonx platform, with some also integrated into Nvidia’s software tools, enabling broader accessibility for enterprises.

A key feature of the Granite 3.0 release is the use of Nvidia’s H100 GPUs in the training process, which supports these models’ capability to perform a range of enterprise-specific tasks. According to IBM’s research director Dario Gil, this collaboration helps ensure that the models are optimised for efficiency and cost-effectiveness in business settings.

The Granite 3.0 models, which come in various sizes and functionalities, offer extensive flexibility, performing tasks like data retrieval, classification, and entity extraction. They are especially suited for businesses looking to tailor AI systems to their unique data requirements. IBM highlights the models’ efficiency, noting they can match or exceed the performance of larger models from competitors at a fraction of the cost, benefiting enterprises seeking budget-friendly solutions.

In addition to general-purpose models, IBM has introduced the Granite Guardian 3.0 models, which focus on ensuring safety and reliability in AI applications. These models provide safeguards against risks like bias, toxicity, and other harmful content, which can be critical for enterprises aiming to deploy AI responsibly. The Guardian models also perform checks on AI-generated outputs to ensure relevance and accuracy, further reinforcing their reliability in business operations.

The release of Granite 3.0 models reiterates IBM’s focus on transparency and responsible AI use. The models have been trained on a massive dataset, spanning multiple languages and programming environments, and are designed to be highly adaptable for enterprise needs. IBM’s technical reports on these models also outline the steps taken to ensure data quality, safety, and performance, further establishing trust with clients looking to integrate AI into their workflows.

Again, IBM is expanding its AI-powered tools and platforms, with the Granite models becoming the default in IBM Consulting’s delivery systems. This will enable IBM’s consultants to use AI more effectively in assisting clients with cloud transformations, code modernisation, and operations management. As part of this expansion, IBM aims to improve the speed and efficiency of AI deployment in various sectors, enhancing productivity and offering solutions that are customisable to specific business challenges.

The Granite 3.0 models are available for download under the permissive Apache 2.0 license, enabling developers to integrate them freely into their projects. IBM’s collaboration with partners such as AWS and Google Cloud will further extend the reach of these models, allowing more businesses to benefit from their capabilities.

IBM is aiming to deliver flexible, high-performance AI models that are both cost-effective and targeted toward enterprise needs.

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How to Identify Original Solar Panels for Your Home, Office https://techeconomy.ng/how-to-identify-original-solar-panels-for-your-home-office/ https://techeconomy.ng/how-to-identify-original-solar-panels-for-your-home-office/#respond Thu, 04 Jul 2024 08:55:49 +0000 https://techeconomy.ng/?p=135690 The demand for renewable energy is on the rise, more homeowners and businesses are opting for solar panels to power their properties. 

However, with the increasing popularity of solar energy, the market has also seen an increase in counterfeit products. 

Identifying original, high-quality solar panels is important so you don’t end up throwing cash away – returning fake products can be a big issue because the sellers won’t make it easy for you. It’s better to avoid this stress and ensure efficiency, longevity, and return on investment. 

Hence, we’d guide you through the characteristics of good solar panels and provide tips on distinguishing genuine products from fakes.

Characteristics of Good Solar Panels

High Efficiency: Quality solar panels have high-efficiency rates, meaning they can convert a larger percentage of sunlight into electricity. Look for panels with efficiency rates above 15%, though top-tier panels can achieve efficiencies over 20%.

Durability and Build Quality: Good solar panels are built to withstand various weather conditions, including rain, wind, and hail. They should have solid framing, typically made from anodized aluminium, and tempered glass that can resist impact and degradation from UV exposure.

Positive Tolerance: Panels with positive tolerance mean they can produce more power than their rated capacity. For example, a panel rated at 300 watts with a positive tolerance of 0-5% can produce up to 315 watts under optimal conditions.

Reputable Manufacturer: Leading manufacturers, such as SunPower, LG, and Panasonic, are known for their high-quality products. They offer extensive warranties, often 25 years for performance and product quality, which indicates their confidence in the longevity and efficiency of their panels.

Certifications and Standards: Quality solar panels are certified by recognized standards organizations. Look for certifications such as:

  • IEC 61215: Ensures the panel’s longevity and performance under prolonged outdoor exposure.
  • IEC 61730: Ensures the panel’s safety for electrical and mechanical operations.
  • UL 1703: Certifies the panel’s safety standards in the United States.

Performance Warranties: A good solar panel comes with a solid performance warranty, guaranteeing that the panel will produce a certain percentage of its rated power output after 25 years, typically around 80-90%.

Identifying Original Solar Panels

Check the Manufacturer’s Details: Original panels come with detailed information about the manufacturer, including their contact details, production location, and serial numbers. Verify this information on the manufacturer’s official website. Look attentively for Manufacturer name and logo, Model number, Wattage rating, Efficiency rating, and Safety certifications (IEC, UL). Be wary of missing or poorly printed information.

Serial Number Verification: Each solar panel has a unique serial number. Contact the manufacturer or check their website to verify the authenticity of the serial number. Counterfeit panels often have serial numbers that do not match the manufacturer’s records.

Inspect Physical Quality:

  • Build Quality: Genuine panels have high-quality materials and finish. Look for any signs of poor workmanship, such as uneven surfaces, loose connections, or inferior framing materials.
  • Labelling and Branding: Authentic panels have clear, professional labelling and branding. The logos and information should be printed crisply, without any signs of tampering.

Request Certification Documents: Ask the supplier for certification documents that verify the panel’s compliance with international standards. Authentic panels will come with verifiable certification from recognized testing laboratories.

Evaluate the Price: If the price seems too good to be true, it probably is. Counterfeit panels are often sold at significantly lower prices. Compare prices from multiple reputable suppliers to understand the market rate for quality panels.

Purchase from Reputable Dealers: Always buy from authorized dealers or directly from the manufacturer. Reputable dealers are more likely to sell genuine products and provide necessary after-sales support and warranty services.

Warranty and Support: Original panels come with comprehensive warranties. Verify the warranty terms and conditions and ensure the dealer honours them. Also, check if the manufacturer provides customer support and service networks.

Investing in solar panels is a big decision that can provide long-term benefits for your home or office. Ensuring you purchase original, high-quality panels is needed to maximize these benefits. 

So try understanding the characteristics of good solar panels and following the steps to identify genuine products, you can make an informed decision and safeguard your investment in renewable energy.

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[BREAKING] Tinubu Signs Executive Orders Suspending Taxes and Deferring Changes https://techeconomy.ng/breaking-tinubu-signs-executive-orders-suspending-taxes-and-deferring-changes/ https://techeconomy.ng/breaking-tinubu-signs-executive-orders-suspending-taxes-and-deferring-changes/#respond Thu, 06 Jul 2023 13:10:24 +0000 https://techeconomy.ng/?p=106151 President Bola Tinubu has taken significant steps to alleviate the burden of taxes on businesses and households by signing four executive orders.

One of these orders suspends the five percent excise tax on telecommunication services, as well as the escalation of excise duties on locally manufactured products.

The announcement was made by Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy, during a press briefing at the State House in Abuja on Thursday.

In addition to the tax suspensions, President Tinubu also signed the Finance Act (Effective Date Variation) Order, 2023. This order defers the implementation of changes outlined in the Act, originally scheduled for May 23, 2023, to September 1, 2023.

The decision to delay the commencement date was made to comply with the 90-day advance notice requirement for tax changes outlined in the 2017 National Tax Policy.

Furthermore, President Tinubu signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, which shifts the start date for tax changes from March 27, 2023, to August 1, 2023. This change aligns with the provisions of the National Tax Policy.

In a move to address environmental concerns, President Tinubu ordered the suspension of the newly introduced Green Tax, which imposed excise tax on single-use plastics such as containers and bottles.

Additionally, the import tax adjustment levy on certain vehicles has also been suspended.

Alake, the presidential spokesperson, clarified that these orders were issued to alleviate the adverse effects of tax adjustments on businesses and households in the affected sectors.

He reiterated the President’s commitment to addressing concerns related to multiple taxation and anti-business regulations.

Furthermore, Alake emphasized that President Tinubu’s administration remains dedicated to implementing business-friendly policies to support the growth of enterprises within the country.

The President reassured Nigerians that any future tax increases would only occur after extensive consultations within the framework of a comprehensive fiscal policy.

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Decoding the Significance: What Happens as Tinubu Signs Data Protection Bill to Law? https://techeconomy.ng/decoding-the-significance-what-happens-as-tinubu-signs-data-protection-bill-to-law/ https://techeconomy.ng/decoding-the-significance-what-happens-as-tinubu-signs-data-protection-bill-to-law/#respond Thu, 15 Jun 2023 10:25:20 +0000 https://techeconomy.ng/?p=104473 News broke on Wednesday that President Bola Tinubu has signed the Nigeria Data Protection Bill 2023 into law allowing Nigerians to confidently report any data breach. 

What easily comes to mind is that loan apps wouldn’t be able to expose customers’ data anymore. Nigerians have complained a lot about the excesses of the digital lenders or loan apps. In fact, federal agencies have intervened at some points. But the Nigeria Data Protection Bill will see to the end of this reckless data exposure. 

Back to the focus of this piece. In an increasingly digital world where data plays a pivotal role, the need for robust data protection measures has become paramount. 

Governments around the globe are enacting data protection laws to safeguard citizens’ privacy and ensure responsible handling of personal information. 

Our goal here is to shed light on the significance of a president signing a data protection bill, exploring the implications for individuals, businesses, and the overall data ecosystem.

1. Safeguarding Individual Privacy

When a president signs a data protection bill into law, it signifies a commitment to safeguarding individual privacy. The legislation establishes a legal framework that governs the collection, storage, and processing of personal data. It empowers individuals with rights such as consent, access, and the right to be forgotten, granting them control over their personal information. This step enhances trust and reassures citizens that their privacy is a priority for the government.

2. Establishing Clear Guidelines for Data Controllers

Data protection bills typically outline clear guidelines and obligations for organizations or individuals responsible for handling personal data, known as data controllers. These guidelines include principles of data minimization, purpose limitation, and security measures to protect against data breaches. By signing the bill, the president ensures that data controllers are held accountable for their actions, promoting responsible data handling practices.

3. Fostering Business Confidence and Innovation

A robust data protection framework instills confidence in businesses and encourages innovation. When a president signs a data protection bill, it provides clarity and certainty for organizations operating within the country. Businesses can align their practices with the legal requirements, reducing the risk of non-compliance and potential penalties. This environment of trust and legal certainty fosters innovation, as businesses can explore new data-driven opportunities with confidence.

4. Promoting Cross-Border Data Transfers

With the increasing globalization of businesses, cross-border data transfers have become commonplace. A data protection bill signed by a president often includes provisions for international data transfers. 

It ensures that personal data can flow between countries while maintaining the necessary safeguards for privacy and security. Adequate protection mechanisms, such as standard contractual clauses or binding corporate rules, may be included in the legislation to facilitate secure cross-border data transfers.

5. Strengthening Data Governance and Enforcement

The signing of a data protection bill by a president strengthens data governance and enforcement mechanisms. 

It establishes a dedicated data protection authority or empowers an existing regulatory body to oversee compliance with the law. The authority is responsible for investigating data breaches, enforcing penalties for non-compliance, and providing guidance to individuals and organizations. 

This ensures that the data protection law is effectively implemented and enforced, further bolstering trust in the data ecosystem.

Conclusion

These legislative efforts reflect a commitment to protecting personal information in the digital age and building a trustworthy data ecosystem. As citizens and businesses, it is essential to understand the implications of such legislation and embrace the principles of responsible data handling to ensure a secure and privacy-centric future.

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Why Businesses Must Implement Continuous Improvement Today https://techeconomy.ng/why-businesses-must-implement-continuous-improvement-today/ https://techeconomy.ng/why-businesses-must-implement-continuous-improvement-today/#respond Mon, 15 May 2023 16:08:29 +0000 https://techeconomy.ng/?p=153467 Businesses in the 21st century are dealing with many challenges. Technology changes rapidly, consumer behaviours shift, and competition grows.

To succeed, organisations must change how they think. Constant improvement is now necessary for survival and success.

Traditionally, many organisations stick to outdated methodologies, resistant to change and unwilling to disrupt the status quo.

This inertia cultivates inefficiency, stifles innovation, and ultimately leads to missed opportunities. In today’s hyper-competitive market, such complacency is simply untenable.

The good news is that the rewards of embracing continuous improvement are substantial. McKinsey & Company found that organisations prioritizing continuous improvement experienced an average of 25% greater efficiency and 30% quicker innovation compared to their peers. However, the challenge lies in translating this knowledge into tangible, actionable strategies.

Continuous improvement is no longer a luxury, it’s a necessity. Improvement doesn’t happen by accident. Companies must make a conscious effort to find bottlenecks, streamline processes, and measure progress. It’s not a one-time activity; it’s about making learning and iterating second nature.

While most organisations acknowledge the value of continuous improvement, many struggle to embed it within their organisational DNA.

The key lies in cultivating a culture that not only values change but actively seeks it out. This requires a multi-pronged approach:

  • Building an Experimental Culture: Fostering a safe space for experimentation is paramount. Employees must be empowered to explore new ideas, take calculated risks, and learn from both successes and failures. A culture that embraces “fail fast, learn faster” is crucial for driving innovation.
  • Leveraging Technology for Efficiency: In today’s digital age, technology plays a pivotal role in streamlining processes and enhancing efficiency. Organisations must embrace automation, artificial intelligence, and data analytics to identify bottlenecks, optimise workflows, and gain valuable insights.
  • Cultivating a Learning Mindset in Leadership: Leaders must set the tone for continuous improvement by actively seeking feedback, questioning traditional paradigms, and demonstrating a commitment to lifelong learning. They must champion a culture of curiosity and encourage open dialogue across all levels of the organisation.

I have directly observed the significant impact that implementing continuous improvement can have. For instance, I consulted with a financial services company that was hindered by a slow customer onboarding process.

The paper-based system was inefficient and inconvenient for both staff and customers. Although senior management recognized the issue, they were reluctant to initiate changes and address the problem.

The game-changer was when my team and I implemented a structured approach. We identified bottlenecks, implemented electronic forms, automated verification, and followed the process step by step.

Onboarding time was cut by 40% in six months, and customer satisfaction was off the charts. Night and day were different. By adjusting small, strategic things, we felt a gargantuan change in efficiency and customer experience.

Keys to Long-Term Success

In order to maintain long-term growth, companies need to prioritize three things: building an experimental culture, using technology for efficiency, and establishing a continuous learning attitude in leadership.

Companies need to empower employees to experiment without fear of failure, adopt automation and AI to optimise processes, and get leaders to actively seek input and question traditional paradigms.

Too often, one anticipates improvement through some grand gesture. But true improvement is a matter of small, habitual adjustments, the compounding ones. Business leaders must start small but stay visionary.

Data-driven decision-making, empowering employees to execute innovative ideas, and a culture of continuous improvement are all absolute requirements.

CEOs and executives must lead by example, project managers must formalise feedback loops, and technical teams must automate as much as they can.

Summarising this, businesses that prioritise continual development will be ahead of the curve as we move into 2024.

 To stay competitive in today’s fast-paced world, businesses must adapt, evolve, and make bold decisions.

The world won’t wait, and neither should your company. Now is the time to embrace change, optimize processes, and drive progress.

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Will 2023 Be The Year That Big Businesses Finally Innovate?  https://techeconomy.ng/will-2023-be-the-year-that-big-businesses-finally-innovate/ https://techeconomy.ng/will-2023-be-the-year-that-big-businesses-finally-innovate/#respond Tue, 14 Feb 2023 11:24:24 +0000 https://techeconomy.ng/?p=95838 As it stands, 2023 is shaping up to be an interesting year for corporate South Africa. Hot on the heels of an ongoing energy crisis, rising inflation and interest rates, and sluggish economic growth – it comes as no surprise that business resilience, sustainability and continuity will be reoccurring objectives for many enterprises looking to weather the storm.

In the article below, Marissa Naidoo, Knowledge Transfer Manager for South Africa at Innovate UK KTN Global Alliance Africa, look at why businesses need to look to innovation partnerships to weather the economic storm.

Like poor market conditions, the issue of business sustainability is not a new concept in the boardroom. However, the idea has undergone significant changes in scope, scale and definition in recent years.

Over the past two decades, strategies around business sustainability have evolved, moving from a narrow focus on revenue growth and maximising profit, to a broader view that recognises a business’s personal success as intrinsically linked to that of the greater economy, society and environment (what is more commonly referred to as Environmental, Social & Governance – or ESG for short).

But while public sentiment around ESG has grown – and as world leaders gather in Davos this month to reaffirm their commitment to “building better businesses” – leaders of enterprise have a tendency to revert back to old ways.

ALSO READ: It’s Time to Demystify Intellectual Property in Kenyan Innovation

According to a survey of Chief Executives and Financial Officers at some of the world’s largest companies, investments for improved sustainability and reduced environmental impact are often among the first and most likely to be cut by companies feeling the pinch in hard times.

Before we relegate all business executives as reprobates, it is worthwhile pointing out that this is not always the case and that many have found other ways to maintain the delicate balance between the interests of the company and the world around them – and more often than not, it involves a concept known as ‘open innovation’.

A close relative of ‘corporate innovation’, open innovation is the practice of sourcing new and innovative ideas from a variety of internal and external sources.

Whereas corporate innovation is a more closed-off process, the latter is quickly becoming a popular method for larger organisations, who – due to legacy systems and processes – are often unable to develop novel solutions to ongoing challenges in a way that short- to medium-term sustainability demands.

Instead of the secrecy and siloed mentality of traditional corporate research and development, open innovation fast-tracks problem-solving by inviting a wider pool of people, knowledge and resources to participate.

So, if the benefits of open innovation are clear, why are more corporates in South Africa not undertaking the process? The answer is relatively simple – they do not know how.

To explain this, it is worthwhile noting that the concept of open innovation has only been around since the early-2000s, emerging in the United States after the University of California, Berkley, professor and Silicon Valley veteran, Henry Chesbrough, first coined the term in his paper on ‘Open Innovation: The New Imperative for Creating and Profiting from Technology’. With everything from Starbucks to Circle K taking decades to travel across the Atlantic, it should come as no surprise that open innovation remains a relatively unknown and underexplored channel for South African executives.

However, it is also worthwhile pointing out that South African enterprises do not need to struggle alone in the dark in this regard (although loadshedding may still be a factor).

By its very nature, open innovation is a collaborative process and business leaders should therefore look to organisations well-versed in fostering innovation partnerships, to help them navigate the uncertainty that can come with the development of new intellectual property, or the sharing of potentially sensitive information with outsiders.

This has been the approach of many large corporations across South Africa and the continent, including Rand Water, Flamingo Horticulture, and Unilever.

Representing a diverse range of industries, these organisations have recently partnered with Innovate UK KTN, as part of the Global Alliance Africa project, which brokers open innovation partnerships between companies in South Africa, Kenya, Nigeria and the UK. After just a few months, these case studies are already bearing exciting results.

One of the world’s leading growers and suppliers of fresh produce, Flamingo Horticulture is locked in an ongoing battle against the False Codling Moth – a major pest of commercial farmers in Kenya that inflicts substantial financial losses every year.

Eager to introduce new methods for the identification and removal of the species, Flamingo Group International collaborated with Innovate UK KTN to run an ‘Innovation Exchange’ (iX) Challenge.

After several weeks of scouting, they formalised a relationship with Petiole, which developed an app to assist farm workers to efficiently detect moths and support their extraction. Flamingo Group International’s CSR & Sustainability Consultant, Martin de la Harpe, commented that: “Farmers in the region know that the False Codling Moth is a real challenge with real consequences for producers. Open innovation gave us access to a new set of resources and was a great opportunity to develop sustainable partnerships which we would not usually have access to.”

In an effort to reduce the amount of plastic waste produced by its products, Unilever partnered with Innovate UK KTN  to identify new business models for the sale, consumption and disposal of its detergents. Through this process, they are now prototyping various product ‘re-use & re-fill’ station models for rural communities and are piloting a digital passport to track plastic packaging across the value chain, to ensure that all waste is properly processed, recycled, and accounted for.

They are on their way to finding solutions that are not only sustainable but also more affordable, locally made and better for consumers.

A most recent example can be found in Rand Water – the largest bulk water utility in Africa – which is currently working with Global Alliance Africa to find new ways of treating water residue amid droughts and water shortages in the Gauteng province. When asked to comment on the value that Rand Water sees in open innovation, the company’s Manager for Innovation and New Technologies, Mogan Padayachee, expressed that: “Businesses cannot expect to be impervious to outside forces, so they should also not expect to manage these forces independently. External collaboration is now a reality and demonstrates to be a profitable risk worth taking.”

Padayachee’s comment is most apt. The relevance of open innovation in the context of South Africa’s current socio-economic and environmental climate cannot – and should not – be ignored. In circumstances like these, where perceptions around the market are bleak, it is easy for enterprises to focus on their bottom line and defer notions of ESG to a “time better suited for long-term objectives.” But with the impact of climate change, poverty, and unemployment demonstrating that we now operate in an economy based on creating shared-value, and with avenues to open innovation ready and waiting at the boardroom door, 2023 should not be business as is often usual.

To apply to the Rand Water innovation challenges, go here.

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How No-Code AI Can Help Your Business in 2023 https://techeconomy.ng/how-no-code-ai-can-help-your-business-in-2023/ https://techeconomy.ng/how-no-code-ai-can-help-your-business-in-2023/#respond Tue, 17 Jan 2023 09:39:40 +0000 https://techeconomy.ng/?p=93280 Hearing a recent technology trend and wondering why it’s gaining fast recognition, I jumped into deep research and the business-oriented part of me couldn’t ignore linking to how it will help businesses grow in 2023. “What is No-code AI?”

We all know AI is the next big thing in business and it has the potential to become a transformative technology, with the ability to significantly simplify many business processes, making them faster and more efficient than ever before. 

But how do you get started with this exciting new technology? And what steps should your business take now? In this article, we’ll discuss no-code AI—a term coined by tech analyst Michael Gordon over a decade ago—and explain how it can help businesses in 2023.

AI has the potential to become a transformative technology. It can significantly simplify many business processes, making them faster and more efficient than ever before.

AI can help businesses make better decisions by providing them with insights into their data that would be impossible for human beings alone to comprehend. This can improve customer service by ensuring that customers receive relevant information at each step of their journey with your company. It also allows you to improve your marketing efforts by targeting specific audiences based on their behaviour patterns or interests.

AI offers benefits across all areas of product development–from ideation through launch–and it’s becoming increasingly easy for businesses of all sizes to incorporate AI into their operations through simple tools like chatbots and voice assistants (think Siri).

What is No-code AI?

No-code AI is a new type of software that can be used to create, deploy and manage AI applications without having to write any code.

It’s important because it allows developers who aren’t familiar with programming languages like Python or Java to create their own custom AI solutions without needing any coding skills. It also allows businesses to quickly build powerful applications that automate processes and make better decisions using data analytics.

The best way to understand how no-code AI works is by looking at an example: let’s say you want your business’ website visitors’ email addresses so they can receive promotional emails from your company later on down the road (this is called “email capture”). With traditional web development tools, creating this functionality would require writing code which connects with Google Analytics’ API (application programming interface), then queries their database for visitor information before storing it locally on your server–all manually done by hand! With no-code platforms, however…

Why is No-code AI important?

No-code AI can be a great way for businesses to cut costs, increase revenue and become more efficient. It’s also an effective way for them to become more competitive and innovative.

How can No-code AI help businesses in 2023?

No-code AI also has the potential to help businesses in 2023. For example, if you run an eCommerce company and want to start selling your products on Amazon, then no-code AI can help with this process.

No-code AI will allow you to create a product listing for your business without having to write any code or hire a developer. You can simply choose from one of the templates that are available within the platform and customize it according to your needs. This saves time and money while also providing a better user experience because there won’t be any bugs in the system since everything has been programmed by professionals who know what they’re doing!

No-code AI is a powerful tool that can help businesses to grow and remain competitive in 2023. As the technology becomes more accessible, it will be important for all companies to consider how they can incorporate no-code AI into their strategy. The ability to create custom solutions with minimal programming experience will make it easier for organizations to reduce costs and increase efficiency while still delivering value to customers.

Businesses must incorporate no-code AI tools into their operations to remain competitive in 2023 and beyond

No-code AI tools are gaining popularity, and for good reason. They allow businesses to create intelligent applications without coding knowledge. This means that anyone with an idea can build software without having to invest time in hiring a developer or learning how to code themselves–a huge benefit for small businesses that don’t have the resources or budget needed for custom development projects.

Now let’s talk about why this is important:

  • In 2023, no one will be able to compete without incorporating some form of no-code AI into their operations (or risk going out of business). 
  • Coding is becoming increasingly difficult because there are so many languages out there now–and even more tools being developed all the time! If you want your company’s software team members focused on building new features rather than maintaining old ones (or worse yet fixing bugs), then using one of these tools could save hours per week spent on maintenance tasks such as updating databases or writing documentation; instead they’ll be able to focus on creating innovative new products which will attract more customers and keep them coming back over time.”

Conclusion

We have covered some of the key features of no-code AI, as well as its potential impacts on businesses in 2023. But we hope that you have gained a greater understanding of what this technology can do for your business and how it could help you become more competitive in the coming years. No-code AI is still in its infancy—it has only been around for a few years and will continue to evolve over time—but if used correctly and responsibly, it could be an extremely valuable tool for businesses looking to stay ahead of their competition.

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FSDH Merchant Bank gets $35m Financing from IFC to Support Enterprises in Nigeria https://techeconomy.ng/fsdh-merchant-bank-gets-35m-financing-from-ifc-to-support-enterprises-in-nigeria/ https://techeconomy.ng/fsdh-merchant-bank-gets-35m-financing-from-ifc-to-support-enterprises-in-nigeria/#respond Fri, 09 Dec 2022 12:27:23 +0000 https://techeconomy.ng/?p=91083 In collaboration with FSDH, Nigeria’s top merchant banking group, the International Finance Corporation (IFC) has authorized a credit facility worth US$35 million that will be used to increase access to capital for medium-sized firms in the country’s developing economic sectors.

The two facilities are Working Capital Solutions (WCS) ($20 million) and the Global Trade Finance Program ($10 million) (GTFP).

The WCS facility will assist FSDH in lending money to local businesses in Nigeria, particularly those with receivables in foreign currencies. The GTFP is an effective trade finance tool that will give FSDH the ability to support its many Trade Finance clients by giving them access to any beneficiary worldwide.
By making financial resources available to small and medium-sized firms (SMEs) in the industrial sector, it will also aid in closing the trade financing gap in Nigeria. Under the guarantee part, the GTFP will cover up to 100% of the non-payment risks associated with letters of credit and other comparable trade finance instruments issued by FSDH.
This will make it possible to verify trade transactions started by FSDH, which will be advantageous for regional import and export companies. because of the epidemic, Nigeria continues to suffer significant foreign exchange constraints in the economy, and this deal will help to further ameliorate FX liquidity in the market
 
The International Finance Corporation IFC- a member of the World Bank Group, IFC has established a leading position promoting private sector investment in Africa. In nearly six decades, the Group has invested more than $60 billion in African businesses and financial institutions, with a portfolio that currently exceeds $12 billion.
With this deal, the IFC is supporting FSDH’s drive to scale Small & Medium Enterprise – SME financing in the country which according to a 2022 survey by the Small and Medium Enterprises Development Agency (SMEDAN), contributes up to 43.31% to Nigeria’s Gross Domestic Product.
 
As part of FSDH’s commitment to further support the growth of the emerging sectors, the bank recently announced its operations in new segments – Agriculture, Technology Funding Solutions, Healthcare Financing, and Business Banking and also launched a Women in Business desk that will give female-led & female-founded businesses access to finance, market network and mentorship under its flagship Women in Business Initiative.
 
In her statement, the Managing Director, of FSDH Merchant Bank, Bukola Smith said “We are committed to our mission of empowering businesses and partnering with them to achieve sustainable success, the IFC facility brings us closer to the actualization of that mission. It avails us of the right capital from a reputable partner at such a crucial time.
Also, partnering with a credible, leading global funder like IFC is a boost for our credibility and viability as an institution. We are well positioned and on course to reach various segments in the emerging economy through our different interventions in growing sectors like health, agriculture, technology, renewable energy, and the female economy.
Our commitment is to the success of our clients, partners, and ultimately, the growth of the economy at scale; we will not relent.’’
 
FSDH continues to deliver an excellent track record of innovative financial & investment solutions, providing a one-stop array of financial services to its customers. Recall that earlier this year, FSDH announced an N3.8 billion agreement with African Guarantee Fund (AGF) to scale up its business portfolio, this deal will further boost the bank’s credibility and enhance its customer base.
Also, the bank recently announced a $ 25 million Trade Finance Facility with African Development Bank to provide loan and import finance facilities to growing enterprises in Nigeria.
 
This partnership reflects IFC’s strategy to engage the private sector as a way to end extreme poverty, promote economic growth and boost shared prosperity in emerging markets and developing countries.
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