Future of Commerce Summit 2.0 Highlights AI’s Growing Role in Business Efficiency

Artificial intelligence (AI) is rapidly reshaping the way businesses manage finances, engage customers, and improve operational efficiency, industry experts have said. The experts spoke during a panel session titled “The Next Frontier: AI & Automation” at Glovo’s Future of Commerce Summit 2.0, recently held at the Landmark Events Centre, Victoria Island, Lagos.

Speaking at the event, Chief Executive Officer of Paddy Mark, Mr. Afolabi Ayoola, stressed the need for businesses to focus on practical applications of AI rather than technological hype. According to him, AI-powered systems can help organisations gain better financial clarity by automating the categorisation of cash flows, including revenues, expenses, investments, payroll, and assets, thereby enabling real-time financial intelligence.

Ayoola noted that many businesses struggle to reconcile data across bank accounts, point-of-sale systems, and accounting software, leading to delays in identifying financial discrepancies. He explained that AI can significantly reduce the time required for reconciliation, allowing companies to detect and address issues before they escalate into major financial losses.

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Also speaking, the Chief Executive Officer of Tyms, Mr. Ibrahim Adepoju, highlighted the growing role of AI in enhancing customer engagement and streamlining operations for small and medium-sized businesses (SMBs). He said AI-powered solutions are increasingly being deployed on platforms such as WhatsApp and Instagram, which have become major channels for customer interactions and transactions.

Adepoju added that the future of commerce will be driven by businesses’ ability to integrate real-time data systems, automate repetitive processes, and adopt scalable AI tools that boost profitability while improving customer experience. He noted that AI solutions can simplify critical business functions ranging from order processing and customer service to inventory management and data analysis, enabling businesses to operate more efficiently without compromising service quality.