Experts in the fields of fintech, artificial intelligence, and digital commerce have underscored the significant influence of artificial intelligence on financial transparency, operational effectiveness, and business decision-making across various industries.
This topic was explored during a panel discussion entitled “The Next Frontier: AI & Automation” at Glovo’s Future of Commerce Summit 2.0, which recently took place at the Landmark Events Centre in Victoria Island, Lagos.
In his address, Chief Executive Officer Paddy Mark, Afolabi Ayoola, stressed that the implementation of AI should prioritize solving genuine business challenges rather than succumbing to technological hype, particularly regarding how organizations comprehend and handle financial data.
Ayoola noted that AI-driven systems are engineered to automate financial categorization by recognizing specific cash flow patterns, such as revenue sources, expenditures, payroll, and asset management, thus facilitating a shift for businesses from manual reconciliation to real-time financial insights.
”We often consider AI without addressing the issues it is intended to resolve. In the business realm, various forms of cash flow through your system: sales, expenses, investments, loans, and assets.
However, many businesses struggle to distinguish between them. This is a critical issue that AI can address.
You might review your bank balance, your point-of-sale system, and your accounting software, yet find no consistency among them.
”Reconciliation can span days or even weeks, and by the time you identify a problem, the repercussions may already be significant. AI can expedite this process,” he stated.
Additionally, Chief Executive Officer of Tyms, Ibrahim Adepoju, elaborated on how AI is currently improving customer interaction, inventory oversight, and operational efficiency for small and medium-sized enterprises (SMEs), particularly through messaging platforms like WhatsApp and Instagram, where a majority of business transactions now take place.
Adepoju noted that the future of commerce will depend on businesses’ ability to integrate real-time data systems, automate repetitive tasks, and adopt scalable AI tools that improve profitability and the customer experience.
Experts in the fields of fintech, artificial intelligence, and digital commerce have underscored the significant influence of artificial intelligence on financial transparency, operational effectiveness, and business decision-making across various industries.
This topic was explored during a panel discussion entitled “The Next Frontier: AI & Automation” at Glovo’s Future of Commerce Summit 2.0, which recently took place at the Landmark Events Centre in Victoria Island, Lagos.
In his address, Chief Executive Officer Paddy Mark, Afolabi Ayoola, stressed that the implementation of AI should prioritize solving genuine business challenges rather than succumbing to technological hype, particularly regarding how organizations comprehend and handle financial data.
Ayoola noted that AI-driven systems are engineered to automate financial categorization by recognizing specific cash flow patterns, such as revenue sources, expenditures, payroll, and asset management, thus facilitating a shift for businesses from manual reconciliation to real-time financial insights.
”We often consider AI without addressing the issues it is intended to resolve. In the business realm, various forms of cash flow through your system: sales, expenses, investments, loans, and assets.
However, many businesses struggle to distinguish between them.
This is a critical issue that AI can address. You might review your bank balance, your point-of-sale system, and your accounting software, yet find no consistency among them.
”Reconciliation can span days or even weeks, and by the time you identify a problem, the repercussions may already be significant. AI can expedite this process,” he stated.
Additionally, Chief Executive Officer of Tyms, Ibrahim Adepoju, elaborated on how AI is currently improving customer interaction, inventory oversight, and operational efficiency for small and medium-sized enterprises (SMEs), particularly through messaging platforms like WhatsApp and Instagram, where a majority of business transactions now take place.
Adepoju noted that the future of commerce will depend on businesses’ ability to integrate real-time data systems, automate repetitive tasks, and adopt scalable AI tools that improve profitability and the customer experience.
