CHAPTER FOUR

Part 1: Findings

4.1 Introduction

This chapter describes the findings and analysis of the interviews that were conducted by the
researcher. As previously stated in chapter 3, data was collected from ….

4.2 Findings from Primary Source

In order to accomplish the research's goals, the researcher has created key themes to be used
while presenting the study's findings. The researcher was able to respond to the questions posed
by the research objectives created for this study with the help of those subjects. These results
give us a comprehensive grasp of the various impact of information technology on business
relationships.

4.2.1 The Extent to which Information Technology is Being Used to Develop and Maintain
Business Relationships

4.2.1.1 How would you describe the current level of information technology adoption in
developing and maintaining business relationship?

The answers provided by the participants, in regards to the prevalent level of IT adoption in
maintaining business relationships, were coded into various subthemes.

Storing and securing of data

The response from this study shows that the use of IT has been helpful in storing and securing
data of clients and business partners. An interviewee describes it this way:

“In my firm, IT plays a key role because it helps us to create, process, store, and secure
electronic data.” (Respondent 1)

Another highlighted that apart from storing data it has also helped in smoother verification
process “The adoption has made business smoother and verification has been made easier
regardless of the distance” (Respondent 5)
During a study on the adoption of ICT by accounting personnels, one of the respondent
explained that “using technology for audit issues are very effective to manage and mitigate the
audit risk” additionally another interviewee said “ The software guides you how to do an
audit in a systematic ways and based on ISA (International Standard on Auditing) (Thottoli,
K.V. and Ahmed, 2019)

Also, Pirouz (2018) explains that the use of cloud computing helps large and small-scale
business to move data from one server to another without losing their data or system crashes.

Enhanced communication

Communication is a way people understand the behaviour of others and with that build and
maintain socials interaction and relationship (Hohenstein et al., 2023)

From this study it has been highlighted that information technology helps in maintaining
business relationship a respondent describes it this way:

“Companies often utilize various tools and platforms to streamline communication and
collaboration, such as customer relationship management (CRM) systems, email marketing
software, project management platforms, and social media management tools” (Respondent 5)

Additionally, another respondent described the use of technology in maintaining business

relationship by “using digital platforms for transparent communication, providing stakeholders
with real-time project updates and performance metrics”. (Respondent 2)

Also, fast delivery of information is also achieved when adopting the use of technology as
described by a respondent who explained that “it has helped us keep closed and more productive
relationships with our stakeholders using the highly improved fast paced technology delivery
system”. (Respondent 3)

Timely deliveries

The ability to make timely deliveries not withstanding distance has helped in maintaining
business relationships and delivering services faster. A respondent said
“In our firm we leverage 100% on information technology. Our demand and supply chain is
100% IT based. We do not have to see our customers and suppliers physically to carry out
business”. (Respondent 7)

Another respondent explained that:

“The interactive nature of social media platforms allows us to address inquiries, provide
tailored guidance, and actively participate in industry conversations. This focused approach has
enabled us to build and nurture robust relationships across all stakeholder categories.”

Chan (2000) in his study highlighted that information aids faster dissemination of information
this enhancing communication between business owners and clients. Furthermore (Pirouz, 2018)
highlighted that companies can also make use of IT in proper branding of their organization as
well as getting feedbacks from their customers.

Another study by (Mgunda, 2019) showed that information technology enhances the sharing of
information as well as developing online business and sales of products. Organizations who
employ the use of technology have their efficiency improved.

4.2.1.2 Can you provide examples of specific information technology tools or platforms
commonly used by your organization for business relationship development?

The answers of the participants were coded into various subthemes:

Social Media

Social media is an integral part of everyday life used in communicating and sharing information
it is cost effective and easy to use. Hence, it can help business connect to their customers more
easily.(McCann and Barlow, 2015) This platforms includes Facebook, WhatsApp and Twitter.
Diverse tools and platforms are used to build business relationship. In this study several
participants opined that social media was the most used platform.

To illustrate, a respondent said|.

“Social media and online communities for engagement (Facebook, LinkedIn, Twitter and
WhatsApp) collectively has enabled seamless communication, collaboration, and data-driven
decision-making, strengthening relationships with customers” (Respondent 2)
Another further described that:

Social media (instagram, whatsapp and Facebook) Website is our most used platform.
(Respondent 1) additionally another respondents also supported the use of social media platform
saying:

Facebook, whatsapp, instagram, LinkedIn, twitter and the online newspapers are the most
efficient platform (Respondent 5)

A study on the use of social media by SME’s showed that majority of the participants used
twitter, Facebook and LinkedIn in their business. (McCann and Barlow, 2015)

Also, another study by (Soelaiman and Ekawati, 2022) expanded that social media is more
advantageous because it reduces the cost of marketing and improves customer-service
activities.

(Cao et al., 2018) highlighted the positive outcomes of social media in enhances marketing
strategies and performance outcomes this includes improved communications, Access to
information and provides a link between the customers, suppliers, and employees

Microsoft Office

Microsoft office suite has been used as a great communication tool. In the words of one of the
participants:

“We often employ email marketing tools such as newsletters, and virtual meetings through the
use of Microsoft Teams. Zoom and Google Meet are employed as marketing tools and to ensure
efficient communication. (Respondent 8)

However, another participant had a contrary opinion saying that the tool or platform used is
dependent on the various departments in the organization” In my department we use relieve and
assist 365 and quick assist as well as genesis one cloud”.

Dibbari and Joshua (2018) in their study explained that with Microsoft outlook the transfer of
information is fast and with zero cost, also features such as excel sheet enhances proper
arrangement of data.s
The ability for people to work simultaneously on a document on Microsoft is also an advantage
in boosting business relationships. (Sircar et al., 2021)

According to Jusoh and Ahmad (2019), Microsoft Excel can also be a tool to analyse and report
accounting information to business counterparts accurately.

Furthermore, Lynch online Office 365 also aids communication among employees and people
within Outlook 2010 (Skendzic and Kovacic, 2012).

Other Software

Other platforms such as zoom, flutter wave where highlighted to be used by certain participants
of this study. However, one participant pointed that the combination of all these platforms is
used depending on the task to be carried out. This opinion was explained thus:

“Our organization makes use of Customer Relationship Management (CRM) systems like
Salesforce for personalized communication. SAP Ariba for streamlined supplier collaboration.
Terminal for Shipping from oversea to Nigeria Deliveries. Microsoft Teams and Slack for real-
time communication. Trello and Microsoft Project for project management. MS-Excel, Tableau
and Power BI for data analytics. E-commerce platforms for customer ordering. Social media
and online communities for engagement (Facebook, LinkedIn, Twitter and WhatsApp)”.

4.2.2 Impact of IT on the Nature and Quality of Business Relationship

4.2.2.1 What communication channels or technologies have you observed to be most
effective in enhancing business relationships?

Social media

Participants expressed contrary opinions on the most effective communication channels however
the social media platform stands out as the most preferred others. This could be due o reasons
such as its cost effectiveness and easy accessibility. To illustrate, a respondent said:

“I have observed Telegram and WhatsApp as providers of simplistic and less-complicated

platforms for communication. Everyone can easily have them on their devices and cost relatively
little to maintain or use.” (Respondent 6).

Another respondent also gave reasons that:

“Social media, is straightforward and mobile and prompt for tackling problems”
Chikandiwa, Contogiannis and Jembere (2013) study on the use of social media in South Africa
banks showed that Facebook was the most used social media platform followed by twitter. These
social media handles were effective for customer service, brand awareness and empowering
customers to make right decision concerning purchase.
Emails
The electronic mail has also been said to be an effective means of communication to illustrate a
respondent gave an explicit insight in the paragraph below:
Email communication allows for personalized interaction and the delivery of educational
content directly to our stakeholders' inboxes. Additionally, social media platforms enable us to
foster engagement, share valuable insights, and participate in meaningful conversations, thus
cultivating a sense of community and trust. This dual-channel approach has consistently yielded
optimal outcomes in nurturing and strengthening our business relationships. (Respondent 8)
4.2.2.2 What are some key factors you have observed that contribute to the successful
implementation of information technology for promoting good relationship?

A lot of factors can contribute to implementing information technology.

Communication

Among the factors that were discussed included proper communication between clients and
business owners which is essential in promoting good relationship. A respondent said that
consistent communication, is an essential factor another respondent further explained that
keeping the information straight to the point aids effective communication (Respondent 6)

A case study on Dockless Bicycle Hire in Manchester opined on the importance of the public
participation of customers or public in the innovation of new technology proper communication
helps in the transition process and prevents failure of the new technological innovation especially
at the implementation stage. An interviewee said “what you have with public consultation is, on
the good side, you get lots of input” (Dudley, Banister and Schwanen, 2017).

Commitment /Literacy level

The commitment to learning new trends on the path of the customers and business owners is also
an important factor to illustrate a participant said:
“Innovation and adaptation to new trends, relevant and engaging content, and content
segmentation and personalization, and conversion opportunities have proven to be of paramount
importance.” (Respondent 8)

Also, “the management should be committed in training, support and regularly update user-
friendly technology. (Respondent 4) Additionally the commitment and attitude of clients to learn
and accept IT usage would go a long way in the successful implementation. (Respondent 7)

Other factors mentioned includes stable internet facilities as well as affordable data bundles
which would go a long way in the use of information technology. Also, data gotten should be
properly secured.

4.2.3 The Challenges Faced by Companies When Implementing IT to Enhance Business

Relationships

4.2.3.1 Are there any specific challenges or barriers that your company faces or has
previously faced when implementing information technology to strengthen business
relationships? if yes, what are they?

Majority of the participants agreed that there has been challenges and barriers that has been faced
when implementing information technology however the challenges defer from participants
hence their reasons are coded in various subthemes.

Adoption and conversion

The ability for workers and organization to adhere and manage the changes that come with the
implementation of information technology serves as a challenge this was described by a
respondent who said:

User adoption of new platforms necessitated training and change management efforts.

Another said:

Employee resistance to change, lack of technical expertise, compatibility issues with existing
systems, (Respondent 4)

Additionally, a respondent explained that:

Overcoming these challenges often requires a careful planning, clear communication, training
programs, and ongoing support. (Respondent 4)

Secondary data

According to Adoption of Digital Technologies and Skills (ADiTS) recent survey it was
established one a major barrier to adopt digital technologies was that majority taught that these
new invention were not useful or important to them and their business (Silvia Massini, Mabel
Sanchez-Barrioluengo, 2022).

Furthermore, (Mahroof, 2019) in his study explained that lack of proper management of the shift
to technology might lead to going back to the manual way of doing things hence, it should be
ensured that the change is handled and delivered effectively.

Data Security

Another key theme gleaned from the analysis is data security when sharing information. A
respondent puts it this way:

“Ensuring data security and compliance while sharing information externally required stringent
protocols” (Respondent 2) another affirmed this by saying concerns regarding data security and
privacy is a challenge. (Respondent 4)

A study by Na et al., found that an algorithm could be used to re-identify 85.6% of adults and
69.8% of children identity in a cohort study, despite the removal of “despite data aggregation
and removal of protected health information (Na et al., 2018)

Customer feedback and management

The ability to satisfy and manage various customers from different parts of the world at the same
time poses to be a challenge by some participants to illustrate a participant said having different
time zones could be a challenge in meeting the needs of customers located in other countries
another explained that “I would say due to the population of people using these apps. There is a
tendency to miss some information at critical times because there are always messages coming
from different people constantly.’ Also, bad reviews from customers could also be another
downside.
“Addressing negative feedback or comments requires careful handling through thoughtful
responses to safeguard our brand's reputation” (Respondent 8)
Cost of implementation
The cost of implementation may also be a challenge and barrier. A participants illustrated saying:

As a startup in the financial literacy sector, we've faced specific challenges when utilizing IT to
bolster business relationships, particularly within the realm of social media. Managing the flow
of interactions and upholding a steady stream of content creation has proven demanding due to
our resource constraints. (Respondent 8)

Prause (2019) in his study discussed that the high cost of implementation and maintenance of
new technology may be greater than the merits gotten from it especially in a small-scale
business.

4.2.4 AI and Business Relationships

4.2.4.1 Do you understand what is meant by ai? if yes, what are the potential benefits of
incorporating ai into your business operations?

The respondent of the study all understood what the term AI meant some gave definitions as
follows:

AI, which stands for Artificial Intelligence, is an area of computer science that focuses on
developing machines that can perform tasks requiring human intelligence. (Respondent 4)

I understand that AI stands for Artificial Intelligence. It refers to the simulation of human
intelligence processes by computer systems. (Respondent 2)

Saves time

Artificial intelligence has been incorporated into business operations as stated by the
respondence however the most common benefit highlighted was the ability for AI to speed up
processes and saves time. It was described by a respondent thus:

One major potential benefit it’ll be to our business is by reducing work-time (how long we spent
to achieving some task). I believe when we introduce AI into some of our tasks, we’ll be able to
spend less time and get better results on most jobs thereby strengthening our service/business.
(Respondent 3)

Another said:

Artificial intelligence is capable of reducing work time significantly so that other sections can
get attention. (Respondent 6). It also helps automate routine tasks, like scheduling content
distribution or managing email campaigns would free up our time and resources, allowing us to
focus on more strategic endeavors. (Respondent 8)

Furthermore, AI aids routine activities to run on autopilot and more time will be available to
focus on other business areas. (Respondent 7)

Another participant said that “It makes work easy for me and it will help me cut down on man
power” (Respondent 7)

(Lee and Tajudeen, 2020) in his research Usage and impact of artificial intelligence on
accounting: Evidence from Malaysian organization discussed the organization impact of AI as
regards saving time the respondent put it thus: “’we need half a day to complete 100 invoices,
but with Xero, only need 1 to 2 hours to complete”. Another said:

“The volume of the transaction is increasing. Workers can handle more volume now. Eight years
ago, we have 30 staff to handle 10 entities with 8 activities. Now we have less manpower to
handle volume of 10 entities with 37 activities”(Lee and Tajudeen, 2020)

Improves customer service

Artificial into further explained that Artificial intelligence helps to provide quick response to
customers to illustrate a respondent described it thus:

AI-powered chatbots are potential enhancers of customer service. These bots could provide
quick responses to stakeholder inquiries, ensuring they get the support they need, exactly when
they need it. Efficiency is another area where AI shines. Automating routine tasks, like
scheduling content distribution or managing email campaigns would free up our time and
resources, allowing us to focus on more strategic endeavors. (Respondent 8)
Another respondent also affirms that AI can be used to keep customer records. However, another
participants had a contrary opinion on the use of AI in customer service explaining that many
times when customers complain about auto generated responses they frequently ask that hope
this isn’t a robot response. (Respondent 7)

A research paper on Machine Learning and AI in Business Intelligence talked about how
Artificial intelligence powered Chabot and virtual assistants makes customer care services easier
by providing instant responses to customer inquiries and support requests. This ensures that
customers need are met despite different time zones and geographical location (Bharadiya, 2023)

4.2.4.2 How is ai playing a role in transforming marketing and advertising operations of

your firm?

Artificial intelligence helps to understand the preference of customers using their demography
patterns a respondent described that AI-powered algorithms can analyse consumer data to
understand preferences, interests, and behaviours, allowing companies to tailor advertisements
and promotional content accordingly. (Respondent 4)

Also, “AI had helped us understand customer behaviour as well as provide us with
comprehensive market analysis that aids in decision making” (Respondent 7) Additionally
Artificial intelligence has helped to streamline the audience needed to be targeted (Respondent
8)

Artificial intelligence plays a role in making the marketing and advertising faster and easier a
respondent said “It’s improving the speed at which assigned tasks are carried out. (Respondent
6)

However, 40% of the participants of this study have not started using artificial intelligence in
transforming marketing operation.

A research paper on the strategic framework for artificial intelligence in marketing talked about
the various ways AI can be used in marketing ranging from price negotiation in a business to
business relationship through the study of Interpersonal likeability of various customers(Huang
and Rust, 2021)
A market survey done Europe found that 80% of the individuals that worked in the media agreed
that AI would have significant impacts on their industry while 62% believed AI would improve
decision-making, 47% thought it would improve productivity.

SECTION B:

4.2.5 INFO TECH IN NIGERIA BUSINESSES

4.2.5.1 How do you perceive the overall readiness of companies in Nigeria to embrace and
leverage information technology and artificial intelligence for business enhancement and
relationship development?

The replies of the interviews were coded into various subthemes

Companies are ready and already implementing the use

Some of the interviewee’s are affirmative that many organisation are ready for the
implementation of AI and some have already started using them in their day to day business
activities. A respondent described this saying:

Companies in Nigeria are gradually embracing information technology and Artificial

Intelligence (AI) for business enhancement and relationship development. While there is
growing awareness of their potential benefits, adoption rates vary. Larger firms and industries
such as finance and e-commerce tend to be more prepared due to greater resources.
(Respondent 2)

Another put it this way:

As for the overall readiness of companies in Nigeria to embrace and leverage information
technology and AI, it is steadily increasing. The digital landscape in Nigeria has been evolving
rapidly, and businesses are recognizing the importance of adopting technology to remain
competitive. (Respondent 4)

A respondent gave an insight that: In the finance world in Nigeria AI is used (Respondent 10)

Not ready for implementation/ not in use

Most business organization leverage on technology as illustrated by the respondent however a lot
still has to be put in place by business organization to harness the full potential of using
technology in their business relationships as described:

“Challenges like resource constraints, skill gaps, and infrastructure limitations still impact
readiness. While some sectors embrace technology more readily, regulatory uncertainty and
cultural shifts also play a role.” (Respondent 8)

Additionally:

Another respondent said “The rural areas are unexposed to it”. Companies in Nigeria are yet to
implement AI but they are ready. (Respondent 5)

AI is seen to be a novel development in Nigeria despite being well known a respondent thinks it
will make a gradual change just like any other new technology until it becomes the dominant
form by which business is carried out. Furthermore, some fintech startups and many more
businesses are adopting the use of AI with a potential for spread (Respondent 9)
Secondary data
A research journal on “Artificial Intelligence in Accounting for Revenue Generation in Nigeria”
concluded that artificial intelligence poses greater opportunities for economic growth and
development provided the government is willing to handle the challenges that come with
implementation. (Bala, Adekunle and Olarewaju, 2022)

4.2.5.2 Can you discuss any specific regulations or compliance requirements that impact
the utilization of information technology for business relationship in Nigeria?

There are various opinions as regards compliance requirements of the utilization while 60% of
the participant think there are no specific regulation the remaining 40% gave various bodies that
regulated the use of technology in Nigeria

The most commonly mentioned was Nigerian Data Protection Regulation (NDPR) of 2019. A
respondent said

NDPR establishes guidelines for the processing of personal data, impacting how companies
handle customer information for relationship-building purposes. Firms must ensure data
security, transparency, and obtain explicit consent for data processing. (Respondent 2)
While another described NDPR as: regulation that governs the processing of personal data and
mandates businesses to ensure data protection practices, affecting how customer data is
collected, stored, and used. (Respondent 8)

Another regulatory body mentioned was Consumer Protection Council Act and Cybercrime Act
which address online business practices and cyber security respectively. These regulations
emphasize the importance of safeguarding customer data, enhancing transparency, and
maintaining ethical practices in utilizing information technology for business relationships in
Nigeria.

A respondent said:

The Cybercrime (Prohibition, Prevention, etc.) Act of 2015 addresses cyber-related offenses and
the protection of computer systems and networks. Companies must implement cybersecurity
measures to safeguard customer data and prevent cybercrimes. Consumer Protection Laws
while Nigeria's Consumer Protection Council Act and the Federal Competition and Consumer
Protection Act provide guidelines for fair business practices and consumer rights. Companies
must ensure transparency and fairness in their online transactions and relationships.
(Respondent 8)

It was also established from this study that the regulation could also be pivoted on the specific
organization to illustrate a respondent explained it thus:

Financial institutions must adhere to regulations set by the Central Bank of Nigeria (CBN),
while healthcare companies must comply with the National Health Act. Cross-Border Data
Transfer: Companies engaged in cross-border data transfer must ensure compliance with
international data protection standards when transmitting data across borders. Navigating these
regulations demands a thorough understanding of their implications for IT utilisation in
business relationships. (Respondent 8)

However, taxes and government ban could also act as a check. The twitter ban by the
government was used as an illustration as described in the next paragraph:
The ban on twitter which resulted into people not having access to their business accounts on the
platform. Hence customers who could only reach their sellers on the platform had to go
elsewhere.

4.2.5.3 How do you foresee the future of ai in shaping business relationships among
companies?

From the response of the various respondents of this study it can be envisioned that AI has good
prospect in enhancing strong relationships among companies, although there are still various
hurdles to cross.

Respondent 1 said:

It could be challenging, it will require a number of things like Literacy & Enabling environment
asides these, and AI will revolutionaries the efficiency of businesses in the coming years for
good.

A respondent further described the future of AI thus:

I see AI playing a transformative role in shaping business relationships among companies in the
future. Several trends such as enhanced customer support, AI-Enhanced decision making,
efficient networking, predictive insights and seamless communication are likely to emerge.
Consequently, AI will bring about a revolution that will redefine how companies connect,
collaborate, and cultivate enduring partnerships in a technologically advanced landscape.
(Respondent 8)

Additionally, a respondent said:

Artificial intelligence would also be much involved in strong relationship with customers as well
as understanding their preferences through predictive Artificial intelligence. It is illustrated in
the paragraph below:

“AI-driven analytics will provide deep insights into customer preferences, enabling hyper-
personalized interactions. Chatbots and virtual assistants will enhance real-time customer
support. Collaborative AI tools will facilitate seamless partnerships and project management.
Predictive AI algorithms will optimize supply chains and demand forecasting” (respondent 2)

CONCLUSION
From the survey conducted it could be seen that the use of Artificial intelligence in is essential in
maintaining business relationships and it has played a major role in communication and timely
deliveries as well as securing of data is although, there are some challenges faced with its use
such as lack of data privacy, inability for workers to learn new changes.

AI is welcomed by many business organizations however a lot of work still has to be put in
place for efficient implementation.

Part 2: Analysis and Discussion

New technological development puts new demands on companies, or provides new possibilities
for developing or improving market activities as well as developing business relationships. One
example of such technological development is the employment of information technology among
industrial companies doing business. Data through semi-structured interviews was collected for
this research and several insights have emerged. As per the findings of this research, it has been
found that organisations in Nigeria often use IT use in developing and maintaining business
relationship. The respondents provided information on how IT usage helps them to store and
secure data, how it enhanced communication and ensured timely delivery. Comparing this
finding with that of Siddiqa, Karim and Gan (2017) who expanded on the use of various data
storage technologies NoSQL (not only SQL) databases which offer flexible, available,
accessible, and relatively cheap storage, it is evident that increased level of IT usage increases
the development and maintenance of business relationship. This can further be re-evaluated with
the findings of Ahmad et al. (2023) on big data and the use of Artificial intelligence using
Jordanian business as a case study, which showed that Artificial intelligence has a role in the
storing of data. It further explains that business intelligent systems help organizations to store
manage and analyse their data which is important in studying customer’s behaviour and decision
making. A journal review on “Emerging Roles of Artificial Intelligence in ecommerce”
highlights that chatbots which are AI communication tools are used by different ecommerce
websites. It uses in text or speech medium to communicate to people visiting the website.(Soni,
2020). The participants’ varied responses also correlate with insights from Bharadiya (2023),
revealing that AI virtual assistant enables communication and can operate productively. The
customer’s request history is studied to provide the right solutions and answers to requests. This
personalization enhances customer engagement and improves long-term relationships.
Considering the most effective channels or technologies of communication being used to
enhance business relationship, the participants expressed contrary opinions (social media and
electronic mails); nonetheless, the social media is the most preferred channel. A study by
Venkateswaran et al. (2019) on “Impact of Social Media Usage of Organization” gave insights
that the organization reviewed made use of social media particularly Facebook has a means to
reach to communicate more with their customers. Also, a study by Culnan, McHugh and
Zubillaga (2010) on three different brands on the use of social media implementation as a
communication channel showed that social media platform were used in advertising as well as
communicating to customers and was effective. The findings of this study further highlight
factors such as communication and commitment/literacy level as key factors that contribute to
the successful implementation. These findings corroborate Musheke and Phir (2021) study on
factors that revealed that there is a positive relationship between the channel of communication
used by an organization and the effectiveness of the communication. The study showed that
effective communication was advantageous in implementing organisation goals and
performance.

It is quite evident from the findings of this research that despite the effectiveness and efficiency
of implementing information technology to strengthen business relationships, it is not without its
challenges. The significant problems of adoption and conversion, security of data, customer
feedback and management, and cost of implementation are often encountered by business
entities. Prior studies also pointed these problems. Mahroof (2019) in his study explained that
lack of proper management of the shift to technology might lead to going back to the manual
way of doing things; hence, it should be ensured that the change is handled and delivered
effectively. Prause (2019) in his study also stated that security based on confidentiality and
availability is a factor in adopting Industry 4.0 technologies the more transparent the market the
easier it is to adopt technology. Another study by Bala, Adekunle and Olarewaju (2022) explored
the limitation of AI data security was said to be a challenge because most AI decision making
capabilities are built with large classified data which may be sensitive or personal hence issues
such as data theft or data breaches may occur. The findings regarding implementation of IT
challenges can as well be compared to Faizal, Nara and Nurdiyanto (2018), who explored
various organizations and reported that the cost of implementation stood out as one of the
challenges in adopting the use of information technology.
Artificial intelligence (AI) integration into company operations has the potential to enhance
decision-making, promote innovation, and ultimately drive growth and market competitiveness.
In regards to the findings of this study, AI offers a range of benefits such as time saving and
improved customer service. Ability to speed work process – thereby reducing work time - is one
of the most prominent features AI offers. Lee and Tajudeen (2020) in his research Usage and
impact of artificial intelligence on accounting: Evidence from Malaysian organization discussed
the organization impact of AI as regards saving time. Another study on “the influence of
artificial intelligence on the banking industry & how AI is changing the face of modern-day
banks” showed that Chabot or virtual assistants are new tools designed to help interaction
between humans and computer. They have replaced front desk scenes this save time and helps
responds to customers swiftly (Kaur et al., 2020). The findings of this research, with regards to
artificial intelligence, further revealed that AI is playing a role in transforming marketing and
advertising operations of businesses by analysing customers data to understand preferences,
interests, and behaviours, allowing companies to tailor advertisements and promotional content
accordingly. A study by Soni (2020) on “Emerging Roles of Artificial Intelligence in
Ecommerce” showcased the importance of Artificial intelligence in marketing because it helps
the needs and expectations of the customers, hence, they can predict which marketing tool to use.
This also aligns with Netzer, Lemaire and Herzenstein (2019), who opined that artificial
intelligence plays a role in segmentation in which the needs, preference and behaviours of
customers are segmented for human marketers to see. For example, text-mining and machine
learning can be used to analyse loan requests to segment borrowers into good customers (those
will pay back the loan) and bad customers (those will not).

As per the findings if this study, it has been found that information technology is slowly gaining
popularity in Nigerian businesses. While investigating the readiness of Nigerian businesses in
incorporating AI in their businesses, the result was that a number of organisations now make use
of AI, while others are yet to harness its full potential, especially those in rural areas. A research
journal by Bala, Adekunle and Olarewaju (2022) on “Artificial Intelligence in Accounting for
Revenue Generation in Nigeria” concluded that artificial intelligence poses greater opportunities
for economic growth and development provided the government is willing to handle the
challenges that come with implementation. By connecting this research findings to prior studies,
this analysis presents through a broader lens the major trends of information technology on
businesses in Nigeria.

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