Telecom
African CEOs Identify Advanced AI and Analytics as Success Drivers – IBM Study
A new global study by the IBM (NYSE: IBM) Institute for Business Value found that over half (54%) of African CEOs surveyed identify customer experience as their highest business priority.
They also recognize productivity or profitability as key to achieving their business goals, ranking it their second highest priority (46%). However, they continue to face key barriers as they race to modernize and adopt new technologies like generative AI.
The annual CEO study*, CEO decision-making in the age of AI, Act with intention, found that African CEOs expect to realize significant value from advanced forms of AI and analytics such as cloud computing, automation, generative AI, deep learning, machine learning, advanced analytics, and more.
However, African organizations face influential external factors hindering their AI readiness over the next three years. Over half (53%) of African CEOs identify technology factors as the most impactful force that could significantly impact their respective AI adoption journeys.
Additionally, regional CEOs cite market factors (51%), regulatory factors (49%) and workforce and skills (33%) as leading external factors that are having the most significant impact on their organizations.
More than half (57%) of global CEOs surveyed cite concerns concerned about data security, and 48% worry about bias or data accuracy, barriers they indicate could slow their adoption of generative AI.
African CEOs face several data challenges, with nearly half of the respondents citing unclear data calculation and reporting across suppliers and partners (48%) and within their organizations (47%) as the most critical risks or barriers.
“The Fourth Industrial Revolution has presented Africa with an opportunity to leapfrog various stages of economic development.
“Consequently, African organizations are leveraging generative AI and emerging innovation models to accelerate innovation, enhance customer experiences, productivity and profitability, and environmental sustainability, to name a few,” said Julia Carvalho, General Manager of IBM Africa Growth Markets.
“However, it’s critical that CEOs in Africa establish and implement clear and consistent standards as it concerns the utilization of AI across all areas of strategic focus, as it will determine the level of investment and, ultimately, an organization’s success in a rapidly advancing digital economy.”
Key study findings include:
CEOs in Africa say customer experience and productivity, or profitability, are pressing priorities
- Over half (54%) of CEOs surveyed pinpoint customer experience as a top priority for their organization, whilst productivity or profitability follows as their second highest (46%).
- Additionally, CEOs surveyed say technology factors remain the top external force impacting their organization over the next three years.
CEOs in Africa are increasingly looking toward operational, technology and data leaders as strategic decision-makers.
Additional data gathered during the survey indicates the following:
- When asked which C-Suite members will make the most crucial decisions over the next three years, CEO respondents identify COOs (63%) and CFOs (54%).
- The influence of technology leaders on decision-making is growing – 41% of surveyed CEOs point to CIOs, followed by Chief Technology or Chief Digital Officers (39%), as making the most crucial decision-makers in their organization.
CEOs in Africa expect to realize significant value from advanced forms of AI and analytics. However, the absence of consistent standards in strategic focus areas is affecting investment
- Half (50%) of African CEOs report generative AI, deep learning, and machine learning will deliver the results they need over the next three years; 58% say they expect cloud computing to deliver the most results, while 51% bank on automation.
- However, around 6 in 10 (60%) of CEOs in Africa report a lack of clear standards in one or more strategic focus areas and are delaying investments as a result.
CEOs in Africa say sustainability is their top challenge amid their respective AI journeys, and they also face a balancing act when it comes to engaging in challenging public issues
- 39% of CEOs identify environmental sustainability as their greatest challenge over the next three years, followed by cybersecurity and talent recruiting/retention, with 28% each.
- However, CEOs are wary about taking a public stand on social, geopolitical and ESG issues impacting customers and employees. While 73% of CEOs believe they should take a stand, 39% say they regret a public stand they have taken in the past three years.
Telecom
New Winners of Glo Jolly Win Promo Receive Millions in Prizes
The Glo Jolly Win promo by Globacom has again made new millionaires who were presented their prizes at an event recently held in Lagos.
The presentation was conducted in conjunction with NCC-licensed Nitroswitch, an aggregator company, and Tetragrammaton, as the value-added service provider for these services. The five winners received their cheques and were instantly credited with their winnings at the ceremony.
Last September, Mr.Olieh Somtochukwu, a member of staff of a real estate company in Anambra State, became the first winner of the sum of N1 million naira in the promo.
Mrs. Adebayo Idowu, a recently retired school teacher, found it hard to believe her good fortune in September when she should have received her money despite several voice and video calls to her. She was full of appreciation to Globacom when she eventually came for the presentation of her prize at the ceremony last week.
Glo Jolly Win also produced other millionaires including Ganiu Bayo, a Lagos-based printing and publishing specialist, Abdul Mumuni Oseni, a corporate driver, Abiodun Oluwasanmi Temitayo, a mechanical engineer and Ashimiu Aminat Idowu, a teacher.
Mr. Mojeed Aluko of the Value Added Services Department of Globacom, noted at the ceremony that “the Glo Jolly Win is a lottery service in which subscribers can answer trivia questions or spin a wheel to win loads of airtime, data and cash prizes for as low as N100/day, with no need for downloads or any storage usage on their phones.
Subscribers can select their preferred services from the options of Jolly Trivia, Wheel, Win & Life to join in the fun and excitement of the lottery with the potential to become millionaires”.
Subsribers who desire to be part of the promo are enjoined to dial *20152# or send JWD to 20152 on their Glo lines.
Telecom
MTN Nigeria to Issue N50Bn Commercial Paper
MTN Nigeria has proposed issuing up to N50bn series 11 and 12 commercial paper notes to raise funding for its operations, according to the company’s notice to the Nigerian Exchange Limited.
The notes issuance is under the company’s N250bn commercial paper issuance programme.
According to the statement signed by Uto Ukpanah, company secretary, the issuance is part of the company’s strategy to diversify its financing options with the funds being deployed towards short-term working capital requirements.
MTN Nigeria recently completed its series 10 commercial paper issuance under its upsized N250b commercial paper issuance programme.
Ukpanah, the telecom giant it sought to raise N72.1bn and the offer recorded 149 per cent subscription with N72.1bn issued.
The 266-day commercial paper was issued on 29 November 2023 at a yield of 16 per cent.
The CP issuance aligns with MTN Nigeria’s strategy of continuing to diversify its funding sources and reduce its average cost of debt. The proceeds will be applied to short-term working capital requirements.
Karl Toriola, chief executive officer, MTN Nigeria, said, “We are pleased with the support received from the investor community, having recorded a 149 per cent subscription from a broad range of investors. This reflects NTN Nigeria’s robust financial capacity, brand strength, and market leadership amidst the upward pressure on interest rates”
Stanbic IBTC Capital Limited played the role of Arranger and Dealer with ARM Securities Limited. Chapel Hill Denham Advisory Limited, Coronations Marchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital &Investments Limited, Rand Marchant Bank Limited, and Vetiva Capital Management Limited played the role of Joint Dealers on the transaction.
Telecom
How AI Agents can Step in as Consumer Trust Slips
Salesforce’s latest State of the AI Connected Customer research reveals consumer trust in companies is at a record low and that AI is raising the stakes for brands.
Today, 60% of consumers believe that advances in AI make trust even more important, and with AI agents on the rise, the findings point to real opportunities for companies to win back consumers with trustworthy AI agents this holiday season. This opportunity is greatest with Gen Zers, with almost a third of Gen Z consumers saying they’d be comfortable having an agent shop for them.
Faced with a challenging holiday shopping season and sinking consumer trust, brands can’t afford to get AI wrong—especially as more than $200 billion in global online sales will be influenced by AI this holiday season.
AI agents, or intelligent software that understands and responds to customer inquiries without human intervention, can help companies drive higher margins and keep consumers buying by delivering incredible customer service. From alleviating clunky purchase experiences to difficult return processes, there’s an agent for that. But to build trusted customer relationships, brands need trusted AI agents that are grounded in transparency and the right data.
Consumers trust less, expect more
Consumer trust is at its lowest point in eight years, and advances in AI make earning that trust more critical than ever.
Nearly three-quarters (72%) of consumers trust companies less than they did a year ago
65% feel companies are reckless with customer data
It’s not just about trust; consumers also expect best-in-class experiences.
69% of consumers expect consistent interactions across departments
Nearly 60% of consumers prefer using fewer touchpoints to get information or complete a task
While better deals are a top driver for consumers to switch to a new brand, customer service experience, convenience, and consistent product or service quality drive more long-term brand loyalty.
43% of consumers say poor customer service experience will stop them from making a repeat purchase from a company or brand
More than a third of consumers say that inconvenience, such as a difficult return process or clunky purchase experience, will cause brands to lose them
Younger consumers are most open to AI agents
The research shows Gen Zers and millennials are more willing than older generations to use AI agents to improve their customer experience by creating more personalised, or useful content.
Younger generations, in particular, hold companies to a higher standard when it comes to adapting to and anticipating their needs—43% of Gen Zers and millennials say AI raises the bar for customer experiences compared to just 32% of baby boomers.
Gen Z and millennial consumers are more likely than older generations to consider the benefits provided by agents.
Transparency is key to building consumer confidence in the AI agent era
Despite the promise of young shoppers, many consumers haven’t made up their minds on AI yet. Nearly half of consumers are neutral about AI’s impact on their lives, whether personal or professional.
In fact, many consumers feel a mix of suspicion (44%) and curiosity (41%) about the future of AI —revealing a ripe opportunity for companies to help consumers see and understand the benefits of AI agents.
Over a third of consumers would work with an AI agent instead of a person to avoid repeating themselves
30% of consumers—even more among Gen Z and millennials (37%)—would work with an AI agent instead of a person for faster service
A quarter of consumers — even more among Gen Z and millennials (roughly one-third)—would share their personal information with an AI agent so it can better anticipate their needs
To build confidence in the agent experience, businesses need to bridge the trust gap through more transparency.
Nearly 75% of consumers want to know if they’re communicating with an AI agent
45% are more likely to use an AI agent if there’s a clear escalation path
44% are more likely to use an AI agent if its logic is clearly explained
“Retailers face a much more competitive shopping season this year, as they look to deliver higher margins in the midst of increasing customer demands. AI agents can help brands deliver consistent, personalised experiences for shoppers across every channel – deepening customer loyalty and ultimately driving more sales,” says Linda Saunders, Salesforce Director Solutions Engineering Africa.
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