Future of Commerce Summit 2.0: AI and Automation to Redefine Financial Clarity and Business Efficiency

Experts in fintech, AI, and digital commerce have highlighted the transformative impact of artificial intelligence on financial clarity, operational efficiency, and business decision-making across sectors.

This was discussed during a panel session titled “The Next Frontier: AI & Automation” at Glovo’s Future of Commerce Summit 2.0, held recently at the Landmark Events Centre in Victoria Island, Lagos.

In his remarks, Chief Executive Officer, Paddy Mark, Afolabi Ayoola, emphasised that AI adoption should focus on addressing real business challenges rather than getting caught up in technology hype, especially in how companies understand and manage financial data.

Ayoola pointed out that AI-powered systems are designed to automate financial categorisation by learning specific cash flow patterns, including revenue streams, expenses, payroll and asset tracking, thereby helping businesses transition from manual reconciliation to real-time financial intelligence.

“We think about AI without looking at the problems the AI is aiming to solve. In business, different types of cash move through your system: sales, expenses, investments, loans, and assets. But many businesses cannot differentiate them. That is one of the key problems AI can solve. You may check your bank balance, your POS system, and your accounting software, yet nothing aligns. Reconciliation can take days or weeks, and by the time you discover an issue, the damage is already done. AI can make this happen quickly,” he said.

Also speaking, Chief Executive Officer, Tyms, Ibrahim Adepoju, explained how AI is already enhancing customer engagement, inventory management, and operational efficiency for small and medium-sized businesses (SMBs), particularly through messaging platforms such as WhatsApp and Instagram, where most business transactions now occur.

Adepoju noted that the future of commerce will depend on businesses’ ability to integrate real-time data systems, automate repetitive tasks, and adopt scalable AI tools that improve profitability and the customer experience.

“The primary way customers engage businesses is through messaging, particularly on WhatsApp and Instagram. And often, businesses capitalise on this demand. So, essentially, we wanted to create a system that allows businesses to operate at maximum efficiency without compromising the quality of their customer service. completely simplified the operations from order taking, customer service, to inventory management, to data analysis,” he added.