Digital transformation is inevitable, we must digitise to survive

By Jamie Loden

In the world of technology today, the debate is on whether Artificial Intelligence (AI) will ultimately elevate humanity or destroy it.

In the United States, the House of Representatives has launched a bipartisan Task Force on Artificial Intelligence in a rare coming together of the divided Republicans and Democrats. The Task Force is expected to develop guiding principles, forward-looking recommendations, and bipartisan policy on AI. Its formation followed a meeting with the heads of the big technology companies in the United States who were similarly united on the view that with the rapid advances in AI, it is best that the US government step in to guide development.

In November 2023, the UK convened an international summit on AI safety, pulling together technology and political leaders, and crucially bringing the US and China together for the first time on this issue. The output of the summit was an agreed framework to address the safety concerns of AI, and consensus that governments must approve AI tools before public release, building on the work that has started in the US.                      

As they mull over the task, the rapid advances in technology continue. AI is around every corner. There are now AI extensions on the Internet that can view and summarise a video on YouTube for you in seconds, improve articles such as this one with a few commands and even draft sensible emails for you when you are lost for words.

Businesses that intend to remain relevant now and, in the future, must embed digital technologies at the heart of their operations to meet ever-changing customer needs.

A recent study indicates that the market for digital transformation solutions is expected to hit $1.2 trillion by 2026, underscoring how many businesses are striving to take advantage of new technologies and advanced tools to achieve competitive advantage. In fact, according to a Deloitte survey, 56% of CEOs reported that their digital transformation initiatives have already borne fruits as they have increased revenues.

By accelerating their efforts to leverage digital technologies, companies will be able to differentiate themselves by putting new solutions at the hands of their customers. This means that tools such as Big Data, AI, Robotic Process Automation and Cloud Computing among others will be key in enabling businesses to increase efficiency, streamline processes, and bolster customer experience.

Here in Africa, more widespread internet access coupled with increasing smartphone penetration is enabling individuals, companies, and the government to enhance productivity, provide suitable solutions, and serve customers better.

Experts envision a $ 1.15 trillion increase in Africa’s economy by 2030 that will be driven by AI.

Nigeria is already a step ahead as the country is using AI to solve issues and enhance services in sectors cutting across healthcare, agriculture, and education. E-Citizen here in Kenya coupled with mobile money has changed how we access a range of government services while driving financial inclusion. The digital revolution is a key part of the government’s agenda, backed by increased access to fast internet via fibre optic cable.

This dedication and determination from the government highlights the need for the public and private sectors to work together in innovating through digital transformation for the prosperity of the nation.

Recently the World Bank dispatched $390 million to Kenya in the financing of a program that aims to expand access to high-speed internet, improve the quality and delivery of education, selected government services, and build skills for the regional digital economy.

This project will help Kenya to broaden the job-creation pool, widen internet connectivity across the country as it targets to enable over 70% of the population to access the internet through digitised government services, and build resilience.

Financial Institutions are poised to benefit from digital transformation technologies in immense ways, therefore implementing strategies to leverage these tools will become key for these institutions to buttress customer experience and enhance service delivery amidst ongoing challenges and hiccups.

At Diamond Trust Bank (DTB), we seek to play our role in the sector via DTBX , our digital arm, serving as an innovation and tech hub. Located at DTB Centre, we have established a digital factory as the home of DTBX. This serves as an incubation space, where fintech and other tech-enabled partners collaborate with our digital and innovation teams to create innovative products and services. By co-creating products with tech-enabled companies, we are playing our part in supporting the government to build an environment where citizens can thrive.

We believe that everyone must step up to play their role in the digital transformation journey, which remains inevitable and inescapable.

Africa is the most promising continent in terms of economic growth and over the next few years, emerging technologies will shape almost every facet of our lives. Investing heavily in digital transformation through digitisation will be the only way to survive.