‘Corporate institutions must create innovative ideas through effective collaboration’

Corporate organisations and financial institutions must develop innovative ideas through effective collaboration and creation of standardised platforms to accelerate digital transformation, a group of experts have said. Speaking at the KPMG Digital Summit 2019 in Lagos, stakeholders opined that this means co-creating with other companies to rapidly develop and scale new solutions.
 
They argued that technology-driven ideas is pivotal to developing strong and productive relationships among companies, from providing communication tools to using new systems like augmented reality to enable businesses to share their expertise. Furthermore, the stakeholders added that digital transformation could help by creating standardised platforms to share data seamlessly and increase collaboration.
 
Specifically, the head of the AI & Cognitive practice in KPMG Israel Data & Analytics department, Rolan Kab said in order to create a successful transformation process, and there is need for different alignment and collaborative processes to occur.“You need to harness stakeholders, you need different people aligning, working together and creating insight to achieve and with this, you cannot encounter any traffic. Working jointly is the key to success.”
 
He pointed out that Artificial Intelligence (AI) is currently creating a significant impact in businesses, noting that it enables platforms to reduce cost significantly, making it possible to serve the bottom pyramid without smartphones.He urged business managers to ensure that they display their products in clout, adding that it is a new initiative that is more secured and reliable.
 
“Businesses cannot skip the digital transformation, you have to realise that the landscape is changing with more competitive edge.“You need to make digital transformation success. Just make sure that the relevant stakeholders are willing to make the change with you. Ensure you carry everybody along in your decision making,The Chief Executive Officer and Founder of Mines, Ekechi Nwokah said changes in technology provide an opportunity for businesses to create new digital models and values.

“Nigeria is an interesting place in terms of data. We use AI to improve data quality that we got even from larger institutions. There are regulations around privacy. With AI, you process and secure your data because you are in the business  of trust and if you leak it, you may lose your customer.“I urge business leaders to take a business risk. They should utilise the data they have to make a profit. You must take this risk if you must survive, if not, you may not be in existence again in the next 210 years. You must embrace data.”