Unless business owners and employees embrace new technologies, they risk losing their means of livelihood, a university don, Prof. Barnabas Barde, has warned.
Barde, a senior lecturer in the Department of Business Administration at the Nasarawa State University, Keffi, said the threats posed by Artificial Intelligence (AI) and Robotics technology are real and factual.
He stressed that the innovation had led to millions of job losses worldwide, with many businesses and previously thriving enterprises folding.
Barde gave the warning during the 56th Inaugural Lecture of the university with the theme, “Business Administration in the Digital Age: Navigating The Impact of Business, Artificial Intelligence, Robotics, Data Analytics and Entrepreneurship (BARDE) in Keffi, Nasarawa State.
The lecturer, therefore, urged business owners to invest heavily in technologies to remain afloat, even as he called on employees to learn new skills to remain relevant.
He said, “Businesses can leverage data analytics to create targeted advertising campaigns or use AI and robotics to develop new products and services.
This is highly important, given that AI and robotics are gradually replacing jobs held by humans. So, we must be prepared for the challenges coming ahead.
“Employees are advised to learn and equip themselves with relevant skills that will help them. By doing so, businesses would be better positioned to navigate the budget model and capitalise on the opportunities it presents.
“Businesses should carefully evaluate the potential benefits and challenges of incorporating these areas in their operations and take appropriate measures to address the potential risks and to take advantage of the potential benefits,” he advocated.
On the budget model in business, Prof. Barde said it has significant implications for business strategies, operations, and management, and can lead to improved decision-making, increased efficiency and productivity, higher revenue and profits, and better risk management.
He, however, explained that there are also job displacement, data privacy, and security concerns or ethical considerations that need to be addressed.
Also, the vice chancellor of the institution, Prof. Sa’adatu Hassan Liman, represented by the deputy vice chancellor (Academics), Prof. Maikano Ari, commended Barde on his inaugural lecture, which, according to her, speaks to the realities shaping industries and the competencies required for survival and competitiveness in a world driven by automation, digital intelligence, and innovation.
He said, “The presentation by Professor Barnabas, a distinguished scholar and a mentor whose academic brilliance and professional integrity continue to inspire generations, could not have come at a more critical time. He embodies education, depth of intellect and a strong legacy of grooming future leaders in business and management sciences.
