Expert Urges AI Adoption to Stabilise Economy

Omolabake  Fasogbon

President of Digital Transformation at Reliance Infosystems, Danjuma Audu, has emphasised optimal adoption of Artificial Intelligence (AI) in businesses to enhance its effects on national economy. 

Audu, who was speaking at the Chartered Institute of Personnel Management’s (CIPM) conference in Lagos, recently, disabused impression about AI displacing humans, asserting its influences on business efficiency and employees’ engagement. 

In his presentation titled, ‘Transformative Potential of AI in Driving Business Efficiency and Employee Engagement’, he remarked that beyond   driving technological advancement, AI remained a transformative force capable of revolutionising corporates’ operations. 

“With recent advancements in computing power, data availability, and algorithmic innovation, AI has emerged as a powerful tool for driving business innovation and agility. Its influence is already palpable in our daily lives, while its potential to reshape the future is boundless,” he added.

 He clarified the connectivity between workers’ productivity and business profit, wages and employees compensation, noting that this will automatically clear path for reduction in prices and deflation. 

He averred that AI will spur employees’ productivity and emotional commitment that engenders economic progress. 

“Gallup’s State of the Global Workplace 2023 report puts the cost of low employment engagement at $8.8 trillion, which is approximately 9 percent of the global GDP.  Embracing AI can reduce this loss significantly. 

“Optimal employee engagement serves as an innovation catalyst, productivity driver and competitive advantage enabler. AI can be deployed to enhance these qualities through data-driven insights, predictive analytics and personalized interventions”, he convinced. 

To get the best of the innovation, he urged businesses to be mindful of ethical considerations around its adoption, stressing responsible deployment. 

“As organisations embrace AI, it is crucial to prioritize transparency, accountability, and fairness to mitigate potential risks and ensure ethical deployment.

“AI would be part of our life and would impact every industry. Any business model that fails to embrace the innovation would be extinct.”