The Nigerian economy is bolstered by a thriving small to medium enterprise (SME) community, with many engaging in business that can only be made possible through cloud technology, the adoption of which is instrumental if businesses and government want to remain relevant and competitive.
This was resounded at the weekend when Oracle Nigeria hosted its Impact Technology Summit in Lagos, aimed at driving awareness of emerging technologies and their impact on local business.
The event brought together domain experts and business leaders to discuss the influence emerging technologies have on business innovation. The summit explored how the right technologies, when used in the right combination, can make innovation something businesses do every single day.
Managing Director, Oracle Nigeria, Adebayo Sanni said, “The world of business is changing at an unimaginable rate; emerging technologies, including Artificial Intelligence (AI), the Internet of Things (IoT) and Blockchain are changing the way companies do business at every level, across every function.”
According to him, “With the availability of Blockchain, machine learning, AI and IoT, businesses have the opportunity to focus on driving revenue streams as these solutions remove the risk of human error and are self-learning. These technologies provide transparent and simple data validation to drive efficiency and predictable results, so that the businesses can focus on driving results and increasing revenue.”
A recent example of blockchain’s impact is Nigeria Customs Service (NCS) that piloted Oracle Blockchain Cloud Service to provide it with a trusted platform for the full automation of Customs Excise Trade business processes and procedures.
This technology allows NCS to document and track products that are manufactured locally, right from the source of licensing and permits for manufacturing, to distribution and point of sale. This proof of concept shows that the entire business environment of NCS can be migrated to blockchain to automate as many customs processes as possible, creating transparency and predictability.
Another example of the impact of cloud-enablement is the Kenya Revenue Authority (KRA). To support its strategic drive to enhance service delivery to taxpayers, KRA deployed Oracle Customer Relationship Management (CRM) that provides it with a single platform to better understand customer needs and respond to their demands more quickly and efficiently.
“It’s time to stop thinking about emerging technologies as scary or disruptive challenges business needs to overcome. Business leaders must move beyond the vision they have for technology in their organisation and start to explore the practical steps they can take to make innovation something they do every day. Most businesses, if not all, should be excited about these new technologies,” added Sanni.
Oracle has in recent months announced new products that put the power of several emerging technologies into the hands of its customers. Its Oracle Adaptive Intelligent Apps provide a suite of pre-built AI and data-driven capabilities for the entire enterprise across customer experience (CX), human capital management, enterprise resource planning (ERP) and manufacturing.
Leveraging innovative machine learning and automation capabilities, Oracle’s new self-driving database cloud service is built to run the most demanding finance, retail, manufacturing, and government applications, supporting a complex mix of high-performance transaction processing, reporting, batch, and analytic workloads.