Artificial intelligence is rapidly shifting from experimental technology to a core business tool, with companies increasingly deploying AI-powered systems to improve financial visibility, automate operations, and enhance customer engagement as digital commerce evolves across Africa’s largest economy.
Industry leaders at the recently concluded Glovo Future of Commerce Summit 2.0 in Lagos said the next phase of business competitiveness will depend less on access to technology itself and more on how effectively organisations use artificial intelligence to solve operational challenges, improve decision-making, and unlock productivity gains.
The discussions, held during a panel session titled “The Next Frontier: AI & Automation,” highlighted how businesses across sectors are moving beyond theoretical conversations about artificial intelligence and integrating practical applications into finance, commerce, customer service, and supply-chain management.
Speaking during the session, Afolabi Ayoola, chief executive officer of PaddyMark, said many businesses continue to struggle with fragmented financial data, making it difficult to accurately track revenues, expenses, investments, loans, and other cash flows.
According to him, AI-powered financial systems can eliminate many of these inefficiencies by automatically categorising transactions, identifying patterns, and providing real-time financial intelligence that allows businesses to make faster and more informed decisions.
“We think about AI without looking at the problems the AI is aiming to solve. In business, different types of cash move through your system: sales, expenses, investments, loans, and assets. But many businesses cannot differentiate them. That is one of the key problems AI can solve,” Ayoola said.
He noted that many companies still rely on manual reconciliation processes that can take days or even weeks to complete, often delaying the identification of errors, fraud, or operational inefficiencies.
By automating financial categorisation and reconciliation, businesses can gain greater visibility into their financial position and improve decision-making speed.
The adoption of AI-driven financial management tools is also expected to support small and medium-sized enterprises (SMEs), many of which lack the resources to maintain large accounting teams but require accurate financial information to scale operations.
Beyond finance, experts at the summit highlighted the growing role of artificial intelligence in transforming customer interactions and operational processes.
Ibrahim Adepoju, chief executive officer of Tyms, said messaging platforms have become the dominant channel through which many consumers engage businesses, creating opportunities for AI-powered automation to improve service delivery and operational efficiency.
According to Adepoju, platforms such as WhatsApp and Instagram now serve as primary commercial touchpoints for many SMEs, making it increasingly important for businesses to deploy technology that can manage customer requests, process orders, monitor inventory, and analyse data simultaneously.
“The primary way customers engage businesses is through messaging, particularly on WhatsApp and Instagram. Businesses capitalise on this demand, so we wanted to create a system that allows them to operate at maximum efficiency without compromising the quality of customer service,” he said.
He explained that AI-driven systems can automate repetitive tasks across multiple business functions, including order processing, customer support, inventory management, and performance analytics.
Industry stakeholders at the summit noted that the future of commerce will likely be defined by the integration of real-time data, intelligent automation, and seamless digital engagement.
Businesses that successfully combine these capabilities are expected to gain stronger operational visibility, improve customer retention, and respond more effectively to changing market conditions.
The growing emphasis on AI-driven efficiency also reflects notable economic realities.
With companies facing mounting pressure to optimise costs while sustaining growth, automation is increasingly viewed not as a technology investment alone but as a business necessity.
Experts believe that organisations that delay AI adoption risk falling behind competitors that are already leveraging intelligent systems to streamline operations and unlock new revenue opportunities.
