Artificial Intelligence (AI) and Machine Learning (ML) are rapidly transforming industries across the globe, and Africa is no exception. Approximately $2.02 billion has been invested in promoting artificial intelligence activities on the continent, so the continent is witnessing a surge in AI adoption. AI is enhancing efficiency, improving service delivery, and fostering economic growth. Over 2,400 companies in Africa specialise in AI, with 41% being startups. Over the next five years, growth and investment rates for AI startups are predicted to reach 77% and 62%, respectively. So today, in this blog, we are going to explore how artificial intelligence & machine learning are transforming key industries in Africa like healthcare, fintech, and supply chain. As businesses and communities harness AI’s capabilities, the future of African industries looks promising, so let’s delve in and find out how you can capitalise on this trending AI revolution:
How Do AI and Machine Learning Transform the African Healthcare System?
Artificial intelligence analyses medical images, predicts patient outcomes, and suggests treatment plans. It leads to improved diagnosis and treatment. According to a recent report by Accenture, AI applications in healthcare could potentially add $2.2 billion to Africa’s economy by 2026.
One notable example is MinoHealth AI Labs in Ghana, which uses AI for automated diagnostics and forecasts. In Nigeria, RxAll enables pharmacies and patients to avoid buying counterfeit medicines online through a Deep Learning-based system. These innovative solutions are making healthcare more accessible and affordable for African communities.
Community-Driven AI Solutions
Grassroots organisations like Data Science Africa (DSA) are spearheading the use of AI to address local health challenges. DSA partners with universities to host annual events where African researchers share data science solutions and build a sense of community. These solutions involve input from end-users like teachers, parents, and policymakers to ensure they meet community needs.
Predictive Analytics and Disease Detection
AI systems are capable of predicting patient outcomes and suggesting personalised treatment plans, which enhances the quality of care provided. In Mozambique, AI has been successfully used to diagnose tuberculosis rapidly using portable X-ray machines, demonstrating its potential in high-demand healthcare settings.
Air Quality Monitoring
Researchers at Makerere University in Uganda created AirQo, an end-to-end air quality monitoring system launched in Kampala in 2018 and now used in 8 African cities. AirQo collects data from cars, motorcycles and engages the community through public-friendly platforms. It also addresses the causes of air pollution.
How Does Artificial Intelligence Help Your Financial Business in Africa?
AI and machine learning are rapidly transforming the financial sector in Africa. It leads to personalised banking, better fraud detection, and overall operational efficiency. Here are the latest trends, in brief:
Personalising the Banking Experience
AI-driven chatbots offer 24/7 customer support, addressing queries and processing basic transactions. For example, UBA’s LEO chatbot in Nigeria is known for its speed and intelligence. AI algorithms also analyse customer data to generate personalised financial insights and recommendations. Machine learning gives you the opportunity to get customer insights and create customised marketing campaigns.
Enhancing Fraud Detection and Risk Management
AI models can analyse vast amounts of data to identify patterns and anomalies that signal fraudulent activity. Beyond traditional credit scores, artificial intelligence also analyses alternative data sources to streamline credit risk assessments. As a financial institution, it helps you make more informed lending decisions and expand access to underserved populations.
Optimising Operational Efficiency
AI can automate regular tasks like document processing and data entry. It reduces manual labour and operational costs. You can invest in AI-powered customised software for your business that helps you monitor equipment and infrastructure. Such a system also prevents potential breakdowns before they occur. AI algorithms also continuously monitor credit scores, providing real-time insights to banks and customers for proactive financial planning.
Driving Financial Inclusion
AI-based software is bridging gaps in access to financial services in underserved areas. AI chatbots and virtual advisors also deliver financial education in local languages, improving literacy among underbanked populations. Unlike traditional chatbots, AI-powered bots provide personalised suggestions based on user behaviour and transaction data. It enhances the customer experience.
How Do Machine Learning and Artificial Intelligence Enhance the African Supply Chain?
African supply chain business owners need efficiency and transparency, and here, the latest technologies like machine learning and artificial intelligence can play a vital role. You can use AI in the following ways:
Enhanced Data Analytics
AI is revolutionising data analytics in supply chain management. Machine learning enables businesses to process vast amounts of data quickly and accurately. This capability enhances demand forecasting and risk management. It allows companies to make informed decisions based on real-time data rather than relying solely on traditional methods. You can leverage AI to identify trends and patterns that were previously overlooked. As a result, it leads to more effective supply chain strategies.
Real-Time Information and Visibility
The adoption of AI technologies facilitates real-time tracking and visibility across supply chains. You can integrate AI with existing systems and IoT devices. As a supply chain owner, you can monitor your operations continuously to ensure transparency and proactive management of potential issues. This real-time information flow helps stakeholders make timely decisions. It improves overall supply chain responsiveness and efficiency.
Supplier Relationship Management
AI is also transforming supplier relationship management to provide detailed insights into supplier performance. Through real-time analysis of supplier behaviours, companies can identify strengths and weaknesses. It helps to make better decisions in supplier selection and management. This capability ultimately enhances the reliability of supply chain operations.
Focus on Sustainability and Efficiency
AI applications are increasingly focused on improving sustainability within supply chains. Customised AI-based software helps you minimise waste and reduce the environmental impact of manufacturing processes. Moreover, AI-driven solutions enhance operational efficiency, which leads to cost savings and improved resource management.
Conclusion
Indeed, AI is shaping key industries in Africa, which means new opportunities for businesses to innovate and grow. You can harness the power of data analytics and artificial intelligence to unlock the full potential of your business. As we move forward, African business owners must stay informed about the latest AI trends and best practices. Governments, software development companies, policymakers, and educators need to work together to boost AI adoption and innovation in Africa.
