Margins ID Group CEO urges businesses to leverage AI

Mr. Moses Kwesi Baiden Jnr, Chairman and Founder of Margins ID Group, highlighted the transformative potential of Artificial Intelligence (AI) in business at the Annual SSTN Ghana Chapter Business Conference 2024. He noted that in advanced countries, AI has enabled businesses to overcome challenges in production and transactions, significantly reducing production time.

AI creates opportunities, not just challenges
Mr. Baiden acknowledged that while AI is reshaping traditional job roles, it is simultaneously creating high-technology careers.
He urged labor to embrace upskilling in AI to remain competitive, emphasizing that every team member should acquire at least basic AI skills.
He advised businesses to begin by using basic AI tools to automate processes like inventory management and customer service, and then expand AI applications based on measurable impacts.

Maximizing customer insight and operational efficiency
Mr Baiden encouraged businesses to use AI to gain customer insights and optimize their processes, as this could lead to significant transformations in efficiency and customer satisfaction.

Policy support needed for AI development
Mr. Carl Richards, President of the Stanford Seed Transformation Network (SSTN) Ghana, called for government policies to foster AI infrastructure development, noting that educating the youth in AI skills would be essential for Ghana’s economic growth.
He underscored that AI offers African businesses an opportunity to leapfrog conventional operations, enhancing their contribution to the economy.

Strategic AI adoption for African businesses
Richards advised African businesses to adopt AI tools strategically, ensuring investments are made in essential infrastructure.
He emphasized that SSTN Ghana is dedicated to advancing business growth through technology and brought together industry leaders, experts, and entrepreneurs at the conference to facilitate networking and knowledge-sharing around AI.

Igniting a revolution in African business
The event gathered over 100 business leaders to explore how AI can drive growth.
Richards said the conference aimed to inspire a revolution in African business by empowering leaders to harness the transformative power of AI, providing a platform for those passionate about digital transformation and AI applications.