Experts Warn: Strategic Use of AI Key to Business Success, Not Quantity of Tools

Fadekemi Ajakaiye 

Artificial intelligence (Ai) is often portrayed as a panacea for modern business challenges, but experts caution that its success depends more on strategic use than the sheer number of tools available.

“Many businesses assume that having numerous advanced AI tools guarantees success, yet experience shows otherwise,” AI researcher at RealSearch and Partners Inc., Enakirerhi Ejovwoke Truthful said in a statement on Thursday.

The crucial factor lies in clearly identifying the problem to be solved and selecting the appropriate AI tool for the task.

According to various sources, including the Forbes Advisor Survey, Analytics Insight, Gartner, O’Reilly, IBM, Juniper Research, and Gov.UK, over 80 per cent of businesses have already adopted artificial intelligence technology in their operations to some degree.

With hundreds of millions of AI tools on the market, the abundance of options can be overwhelming. However, most of these tools may not be necessary for all business needs. 

This realization is vital in a landscape where AI is often seen as the inevitable future of business, Truthful said. 

Despite AI’s capabilities, the human element remains indispensable.

Human intelligence and creativity are critical in any business initiative, AI-driven or not. AI tools, no matter how advanced, are products of human ingenuity and require strategic application to be truly effective.

The researcher stated that AI’s power is best harnessed through strategic thinking and careful selection tailored to specific business problems. 

The path to success involves leveraging AI as a complement to human expertise rather than relying solely on the technology itself.

“The allure of AI is undeniable. Artificial intelligence technologies can increase productivity by up to 1.5 times across industries. However, the majority of this projected growth depends on how strategically you use AI.” 

Enakirerhi warned that it’s dangerous to outsource critical thinking and AI strategy itself to artificial intelligence technologies because AI models tasked with developing their own AI strategies often fall short as they tend to prioritize novelty over effectiveness.

AI is great for analysis and execution, but it currently lacks the strategic foresight and problem-solving capabilities of the human mind, the researcher explained. 

Truthful’s position resonates with that of an engineer at Goldman Sachs, Marco Argenti, who in his Harvard Business Review asserted that as AI progresses, the essence of our input—our ability to think critically—becomes even more crucial.

According to KPMG, the tech industry is the most advanced in AI use, with 73 per cent of respondents believing their organizations should be more proactive in AI investment and implementation.

The market size in the AI market is projected to reach $1.05bn in 2024, according to Statista.

In Nigeria, the market may hit $4.64bn by 2030, according to legal experts. 

Further, Truthful explained that before adopting new AI solutions, it is essential to ensure they align with business objectives. Whether the goal is to accelerate service delivery or provide round-the-clock customer support, AI tools should directly support these aims. 

“You’ll get the most out of AI tools that are aligned with your business goals,” the expert advised.

According to him, pinpointing the specific problems intended to be solved is crucial, as this informs the selection of the best AI tools needed.

“For instance, a CEO developing a blockchain-based product needed an AI tool for forecasting market trends. By identifying unpredictable market trends as the primary obstacle, the perfect AI tool was selected to address this challenge.”

With hundreds of millions of AI tools available, thorough research is fundamental to making informed decisions. 

The AI researcher recommended trying out the top picks and learning from others’ experiences, whether through online reviews or by seeking advice.

In October 2023, the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, discussed plans to create a comprehensive national AI strategy for Nigeria. This initiative aims to follow in the footsteps of other African countries, like Tunisia, Mauritius, and Egypt.

Last month, 120 AI researchers came together to develop a comprehensive roadmap for Nigeria’s AI strategy. This roadmap is expected to incorporate new ideas and address recent developments in AI, such as the generative AI boom.