By NEXTER
Unless business owners and employees embrace new technologies, they stand the risk of losing their means of livelihood, University don, Prof. Barnabas Embugus Barde, has warned.
Barde, a senior lecturer in the Department of Business Administration at the Nasarawa State University, Keffi, noted that the threats posed by Artificial Intelligence and Robotics technology are real and factual, stressing that the new innovation has led to millions of job losses across the globe with many businesses and hitherto thriving enterprises folding up.
He gave the warning during the 56th Inaugural Lecture of the university with the themed, “Business Administration in the Digital Age: Navigating The Impact of Business, Artificial Intelligence, Robotics, Data Analytics, and Entrepreneurship (BARDE), in Keffi, Nasarawa State.
The don therefore urged business owners to invest heavily in technologies to remain afloat, even as he called on employees to learn new skills in order 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 taking away jobs from 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.
Speaking on BARDE Model in business, Prof. Barde noted that it has significant implications for business strategies, operations, and management and can lead to improved decision-making, increased efficiency and productivity, increased revenue and profits, better risk management.
He, however explained that there are also job displacement, data privacy, and security concerns or ethical considerations that needs to be addressed.
Prof. Barde further narrated that Entrepreneurship could be leveraged to create new business models and revenue streams based on the technology, explaining that it is also important to note that the BARDE model could have a significant impact on the workforce as it can lead to job displacement and the need for new skills and expertise.
He, therefore advised that Businesses should be prepared to address these challenges in the workforce and develop strategies to attract, retain, and develop the necessary talent.
“In summary, the BARDE model represents a complex and dynamic environment that requires businesses to stay informed and adapt to new technologies and trends quickly. Businesses should understand the potential of each area and how they can be leveraged to create new opportunities, stay competitive, and address the potential risks and challenges that may arise.
“By taking a strategic and holistic approach with the BARDE model, businesses can capitalise on the opportunities they present and create new revenue streams, improve their operations, enhance customer experience, profit, and wealth maximisation objectives,” he added.
Also speaking, the Vice Chancellor of the Nasarawa State University, Keffi, Prof. Sa’adatu Hassan Liman who was represented by the Deputy Vice Chancellor Academics, Prof. Maikano Ari commended Prof. Barnabas Embugus Barde on his inaugural lecture, which according to her, speaks to the realities shaping industries and the competences 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 continues 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.
“The topic, “Business Administration in the Digital Age: Navigating the impact of Business, Artificial Intelligence, Robotics, Data Analytics, and Entrepreneurship is profoundly relevant in today’s fast-evolving global economy. It speaks to the realities shaping industries and the competences required for survival and competitiveness in a world driven by automation, digital intelligence, and innovation.”
The VC, therefore expressed confidence that the lecture will undoubtedly simulate fresh conversations, deepened understanding, and guide policymakers, students, entrepreneurs, and academics in repositioning business practices for the future.
“As we gather to learn, reflect, and change directions, we celebrate and applaud Professor Barnabas Embugus Barde for sharing from his work of scholarship.
“This moment is not only a lecture, but is also a milestone in the growth, knowledge creation, and progress of this university. May I, on this note, sincerely appreciate the Inaugural Lecture’s Organising Committee for being very consistent with this tradition,” the Vice Chancellor said.
In his remark, a Senior Lecturer in the Department of Entrepreneurship Studies in the University, and Chairman, Expanded Planning Committee of the event, Dr. Vincent Paul while welcoming all the dignitaries to the inaugural lecture, commended Prof. Barnabas Embugus Barde for showing great concern and seeking solutions to issues relating to business development in the country.
The Inaugural Lecture was attended by the management, staff and students of the university including family, friends and well-wishers of the Professor of Business Administration.
