Artificial Intelligence (AI) Reigns Supreme

Introduction

One of the greatest inventions of tech developers is Artificial Intelligence (AI), which has rapidly envelope most sectors of the world, leaving absolutely nothing aside. This machine-oriented programme posits intelligent solutions to everything it’s instructed. Characteristic in nature is its creative and generalized high cognitive skill that surpasses human intelligence to yield a solution (hypothetical future). AI, like ants, has creeped into shaping and advancing sectors ranging from finance, agriculture, education, entertainment and healthcare. This study, however, places the basis on highlighting the influence of AI on these industries especially on tech startups and how they harness the potential of AI to meet up with current trends and practices in Africa. 

AI in Healthcare

Ever since the invention of AI, the healthcare sector has seen radical transformation in its overall mode of operations. Here, AI has introduced the concept of enhanced diagnostics and treatment. Unlike the old pattern, AI diagnostics helps track and read data through its designed algorithms to quickly diagnose diseases and identify patterns that need to be clinically updated. In healthcare, AI has put to light the concept of personalized treatment where a treatment plan can be composed for one according to the genes and medical records of the person, rapidly improving the pharmaceutical discipline. 

HealtTech Startups like 54gene and LifeBank basks on the usefulness of AI, pioneering applications catering for the analysis of genomic data to detect and understand genetic diseases better in Africa while for LifeBank, AI is banked upon to optimize supply of blood and oxygen to hospitals in need. 

AI in Predictive Analytics

AI in predictive analytics leverages machine learning algorithms, data mining and statistical techniques to initiate predictions based on historical data. This has wholesomely transformed the industry by enabling proactive decisions and strategic planning. For African tech startups, they venture into this and are currently making impressive footprints in the industry. Typical of this is mPharma who specialises on the prediction of drugs on demand and managing perfect inventory for pharmacies. Here, AI can easily predict upcoming outbreaks of diseases based on the review of factors such as climate change and nature of foods consumed. It will suggest proactive measures to take in order for the outbreak to be managed successfully.  

AI in Finance

The financial sector reigns in absolute edge as the transformative effort of AI has continually aided their operations to be more efficient and accurate. AI in this sector, is responsible for setting up security structures that prevent the possibility of a payment solution being hacked or defrauded due to the constant machine learning introduced by AI; easily detecting a transaction with tendencies of fraud. In Nigeria, flutterwave who actually cannot be considered a tech startup but has laid a blueprint for startups to follow by leveraging machine learning algorithms to track transactions and identifying potential dubious activities. This is an edge enhanced by AI that has protected financial institutions and payment platforms from losses, further building trust in digital financial services. 

AI in Credit Scoring and Loan Approval

Also, in finance, AI has helped in tracking the profiles of random people who are on the quest of loans from mobile money and payment solution applications. This revolution is confidently used by tech startups, Tala and Jumo where AI intentionally assess the creditworthiness of individuals and when the algorithms suggest a poor rate showing a lack in traditional credit history, such individuals are denied a loan request. This is done round the clock in financial platforms as this helps in preventing losses for financial platforms. 

AI in Agriculture

Agriculture and AI have become too intertwined, to the extent it’s now inextricable. Artificial Intelligence plays the role of organizing and making credible arrangements for farmers, to give relief. Aerobotics, a South Africa tech startup, uses powered drones to monitor the well-being of crops and plants across farmlands. This drone gives vivid imagery analysis based on the image captured. This is a credible reliever for farmers as it informs their decisions and enables them to take due actions as and when necessary, rather than staying in the human format of seasonal checks based on weather conditions and planned planting duration. At TwigaFoods, the Kenyan startup uses AI to help farmers gain credible market access by connecting farmers directly to vendors; wholesalers and retailers in the marketing chain. This saves the stress of customer-hunting and allows for the distribution of fair prices, allowing consumers to receive fresh products at lower prices. 

Challenges Faced by AI Startups in Africa

Data Availability and Quality

In Africa, there’s substandard flow of data and this obstructs the functionality of certain AI performances. AI as a system requires a large amount of data to enable its algorithms to operate effectively. Despite this plight, it gets even more pitiable as infrastructures aren’t built to even sustain high-speed internet. This is a major challenge for startups and must be addressed by investing in building standard data collection systems which will eventually serve as a virile resource reserve. 

Infrastructure and Connectivity

To ensure optimal results, the existence of reliable internet connection is paramount for employing AI services. Unfortunately, this is not obtainable in most parts of Africa, especially in remote areas. The limitation of internet access threatens the connectedness of startups and might lead to disrupted goals in cases where operations are in tandem with cloud computing and data processing. Mitigating this challenge, government and private tech players need collaboration in building high-end digital infrastructure across the continent. 

Regulation and Ethics

The digital landscape as a whole still battles with staggering laws that guide its practice. Its laws are yet to meet instantaneous implementation. It’s from this orientation that birth the culture of abuse from tech players, misusing concepts and causing harm to fellow users within the space. Issues of this kind include cyberbullying, vulgarity and obscenity, fraud and software-hack, etc. Digital associations should be formed, having strongholds in the law to prescribe measures that would guide the practice within the digital terrain in Africa for its practitioners to operate with a sense of moderacy. Also, unstable regulations on inter-country collaboration still pose a challenge to the growth of AI especially to startups whose starting goals may include collaboration and assistance from the bigger organisations. Regulatory frameworks should be harmonized to ensure conducive room for innovation and sustenance of consumer rights. 

Despite the existing challenges, there’s a lookout for steaming hope on the potentials of AI hammering the impact of socio-economic development in Africa as it has already begun but needs to be highly intensive. As earlier mentioned, AI is capable of reshaping the dimensions of diverse concerns in different sectors such as healthcare, finance, and agriculture, tackling the pros of access, inclusion and productivity. If this is constantly leveraged, startups in Africa can solve the continent’s most unique challenge without having to import the expertise of foreigners. To further overcome the limitations spread by AI, media literacy be set-up as mandatory courses tech enthusiasts must learn in order to be sensitively equipped on managing digital issues without having to misinterpret or misalign. This would further strengthen the potential of AI innovation in Africa. 

Conclusion

The advent of AI, in no doubt, has done the world a favour, transforming technological patterns and redeeming long-standing problems faced in the digital ecosystem. Its profound impact in healthcare, finance, and agriculture has driven impeccable innovation and in general, made the world easy. Nonetheless, basking in its glory needs concerted efforts to eliminate limitations of its operation; data availability/quality, infrastructural connectivity, and regulatory frameworks need to be sorted out. African startups are therefore mandated to navigate with caution and sought to solve the above ugly challenges to achieve great impact. 

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Hilary Utuke is the CEO of Korlod Works, a top Digital Marketing firm in Lagos. He’s authored four books including “Digital Strategies for Online Brand Visibility” and created Digital Luminary Pro™️, a model helping Nigerian Thought Leaders connect with Millenials and GenZ audiences.

 

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