Oracle Concludes Its AI & Data Forum In Nigeria

The Oracle Data & AI Forum Lagos recently concluded, marking a pivotal moment for the Nigerian financial services sector as it grapples with the transformative potential of Artificial Intelligence. The forum, initiated by insightful discussions, brought together industry leaders to explore both the vast opportunities and the inherent challenges of AI adoption in the region.

Projections reveal that by 2027, a substantial 29 percent of organizational expenditure will be allocated to AI, potentially unlocking a staggering $17 trillion in economic value within the subsequent three years. Moreover, around 60 percent of CEOs foresee AI as a key driver for enhancing the quality of their products and services.

At the Oracle Data & AI Forum, the message was clear: investments in Generative AI are beginning to bear fruit, and CIOs are actively seeking ways to harness AI for increased efficiency, improved customer experiences, cost reduction, and the development of innovative new offerings. The fundamental principle that ‘the best AI comes from the best data’ resonated throughout the opening sessions.

The forum’s core discussions centered on the practical aspects of implementing AI within the Nigerian financial landscape. A recurring theme was the critical importance of data readiness and governance. A key takeaway was that the effectiveness of any AI program is directly tied to the quality of the data it utilizes.

With this in mind, emphasis needs to be on managing master data and mitigating the risks of ‘Garbage In, Garbage Out (GIGO) through rigorous data quality checks, standardization, and comprehensive staff training. To tackle the GIGO challenge, one financial institution at the forum shared that  it focuses on eliminating inaccuracies and redundancies through centralized data pipeline units and regular audits, treating data as a vital corporate asset.

The forum also highlighted the crucial synergy between operational and IT departments in ensuring successful AI implementation. A collaborative, focused approach to identifying specific AI use cases that align with both operational needs and strategic goals was emphasized. Experimentation was advocated as a key starting point, promoting a measured approach over broad, sweeping changes. Successful AI initiatives often stem from a well-defined data strategy that encompasses the entire data lifecycle, robust inter-departmental collaboration, and a centralized governance framework for AI projects.

The discussions also revolved around measuring the success of AI initiatives. Participants stressed the importance of defining clear objectives and metrics from the outset. Implementing AI for its own sake is counterproductive. Instead, organizations should target specific problem areas and rigorously measure the tangible value generated, such as cost reductions, improved customer experiences, new revenue streams, or increased efficiency. Comparing performance metrics before and after AI implementation and carefully assessing the return on investment are essential for demonstrating the value of AI programs.

Another key issue addressed at the forum is the infrastructure challenge associated with AI deployment. While some organizations have implemented embedded AI solutions, broader AI programs are often in their early stages. A significant obstacle is the need for robust AI infrastructure, including powerful AI processing capabilities, substantial memory, specialized cooling systems, and reliable power sources.

The limitations of existing data center infrastructure necessitate exploring public cloud solutions, with options like on-premise cloud offerings presenting a potential avenue. Legacy infrastructure limitations and data silos also pose challenges that require careful consideration. Furthermore, acquiring and retaining talent in the specialized field of AI is a recognized hurdle.

The Oracle Data & AI Forum Lagos served as a vital platform for Nigerian financial institutions to engage in a candid and insightful dialogue about the transformative power of AI.