Firm urges organisations to harness data, AI for economic growth

A certified data management professional and the Chief Executive Officer at Berkeley Data Strategists, Adetokunbo Ajibola, has called on the private and public sectors to harness data for innovations and enhance productivity across all sectors of the economy.

In a researched document released by the company, Ajibola urged corporate and private sectors to take data advantages in Artificial Intelligence (AI) as Nigeria positions itself on the global stage of technological advancement in the country.

Speaking on the development, Ajibola, said AI promises to revolutionise industries, driving efficiency, innovation, and economic growth.

However, as Nigeria embarks on this ambitious journey, he said a crucial aspect must not be overlooked: data quality. Data is the lifeblood of AI.

According to him, the accuracy, completeness, and reliability of data directly influence the effectiveness and trustworthiness of AI systems.

In essence, the quality of data fed into AI models determines the quality of the outputs generated. Poor data quality can lead to flawed insights, biased decisions, and ultimately, a loss of trust in AI systems.

For him, before AI can deliver on its promise, he said “data must be accurate, consistent across various sources, complete in capturing all necessary information, timely in its relevance, and aligned with the context in which it will be used.

“Consider healthcare, where AI systems are increasingly used for diagnostics and treatment recommendations. If the data used to train these AI models is incomplete or inaccurate, the consequences could be dire. Misdiagnoses, inappropriate treatment plans, and other critical errors could occur, undermining the potential benefits of AI in improving healthcare outcomes.

“Similarly, in finance, AI-driven credit scoring models depend on high-quality data to make accurate lending decisions. Poor data quality could result in unfair credit assessments, either denying credit to worthy individuals or extending it to those who are not creditworthy, potentially leading to financial instability.”

He noted that in Nigeria, the AI revolution is underway, with startups, tech giants, and the government all recognising the transformative power of AI.

“However, to fully harness this potential, the Nigerian government must prioritise data management as part of its AI strategy.

“Historically, Nigeria has faced challenges with data accuracy and reliability. Issues such as inconsistent data collection methods, lack of standardization, and inadequate data infrastructure have plagued various sectors, including healthcare, education, and finance. Without addressing these challenges, the country risks building AI systems on shaky foundations,” he said.

Ajibola also said “that the government must implement robust data governance frameworks to ensure that the data used in AI initiatives is of the highest quality. This includes establishing clear data standards, ensuring the integrity and security of data, and promoting transparency in data collection and usage practices.

“To create a solid foundation for AI, Nigeria needs to invest in data management infrastructure and capabilities. This involves training and equipping data professionals with the skills necessary to manage and curate high-quality data. Additionally, the government should encourage public and private sector collaboration to create comprehensive and standardized datasets that can be leveraged for AI development.

“Moreover, there should be a strong emphasis on ethical data practices. As AI systems become more integrated into critical decision-making processes, the ethical implications of data use cannot be ignored. The Nigerian government should establish regulations that ensure data privacy, prevent data misuse, and address potential biases in AI systems.”

He said that as Nigeria is looking to build a strong data foundation for its AI initiatives, the Berkeley Data Strategists stands ready to assist.

“With extensive experience in data governance, quality management, and AI, Berkeley Data Strategists can partner with the Nigerian government and the private sector to develop and implement robust data management strategies. Our expertise can help ensure that Nigeria’s AI systems are built on a foundation of high-quality data, driving innovation and delivering sustainable growth for the nation,” he noted.