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Outsourcing in the Digital Age: Harnessing Automation and AI for Nigerian Companies

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Introduction As the business landscape in Nigeria continues to evolve, embracing technological advancements has become imperative for staying competitive and efficient. Outsourcing, a practice that has been transforming industries for decades, is undergoing a digital makeover with the integration of automation and artificial intelligence (AI). This article explores how Nigerian companies can leverage outsourcing in the digital age to harness the power of automation and AI for enhanced efficiency, innovation, and growth. The Evolution of Outsourcing Outsourcing has come a long way from its traditional roots. Initially focused on cost reduction, it has now evolved to encompass a broader scope of benefits, including access to specialized skills, scalability, and improved focus on core business activities. In the digital age, automation and AI have added a new layer of transformation to outsourcing. The Power of Automation Automation involves using technology to perform repetitive tasks that were previously executed manually. In the realm of outsourcing, automation can revolutionize various functions, including finance, customer service, data entry, and more: 1. Enhanced Efficiency: Automation eliminates the risk of human error and accelerates processes, leading to increased efficiency and reduced turnaround times. 2. Cost Savings: By automating routine tasks, companies can save on labor costs and allocate resources to more strategic initiatives. 3. Data Accuracy: Automation ensures consistent data accuracy and eliminates discrepancies caused by manual input. 4. Scalability: Automation allows companies to seamlessly scale operations up or down based on demand, without the need for additional human resources. The Promise of Artificial Intelligence AI takes automation to the next level by enabling machines to learn and make decisions based on data analysis. In outsourcing, AI can deliver transformative outcomes: 1. Predictive Analytics: AI-powered algorithms analyze data patterns to make predictions and provide valuable insights for informed decision-making. 2. Customer Engagement: AI-driven Chabot’s offer real-time customer support, enhancing user experience and reducing response times. 3. Risk Management: AI can identify anomalies and patterns in financial data, aiding in fraud detection and risk assessment. 4. Personalization: AI can analyze customer behavior and preferences, allowing companies to tailor products and services to individual needs. Strategies for Successful Integration 1. Identify Opportunities: Assess your business processes to identify tasks that can be automated or enhanced through AI. 2. Select the Right Partner: Choose an outsourcing partner with expertise in automation and AI, ensuring a seamless integration of technology. 3. Collaborative Approach: Foster open communication and collaboration between your internal team and the outsourcing partner to ensure technology alignment. 4. Data Security: Prioritize robust data security measures to protect sensitive information, especially when using AI for data analysis. 5. Continuous Learning: Keep abreast of the latest automation and AI advancements to optimize their implementation and leverage emerging opportunities. Conclusion The digital age presents Nigerian companies with an unprecedented opportunity to elevate their outsourcing strategies through automation and AI. By embracing these technologies, businesses can achieve greater efficiency, accuracy, and innovation in their operations. Outsourcing in the digital age goes beyond cost savings; it’s about equipping your company with the tools to thrive in a technology-driven landscape, positioning your business for sustained success and growth. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

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Tribunal fixes definite hearing in suit of double taxation against FIRS

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The Tax Appeal Tribunal sitting in Abuja, on Wednesday, fixed May 14 for definite hearing in a suit filed by a company, “M FIFTEEN” Consultants against the Federal Inland Revenue Service (FIRS). The company also dragged the FIRS, before the Tax Appeal Tribunal sitting in Abuja over alleged double taxation. Also joined in the suit are the Independent Electoral Commission (INEC) and the Nigeria Police. The company, said it was dissatisfied with the FIRS assessments of it’s Tax Liability. The tribunal presided over by Mrs Alice Iriogbe, adjourned after the appellant counsel, Mr Chike Adaka informed the tribunal that his witness took ill and could not be in court. The counsel to FIRS Mr Ade Ogunmola told the tribunal that while the respondent sympathizes with the appellant ‘s witness but objected to what he called ‘sheer display of un seriousness of the appellant Ogunmola, the counsel ought to have notified both the court and the respondent and there was no medical report against that before the tribunal. He further told the tribunal that in view of that he would ask for a cost of N50, 000 which the tribunal rejected saying that it does not award costs for now. NAN reports that the company specifically said that it was dissatisfied with an intent letter by the FIRS imposing a tax liability of N14. 662 million on it without due consideration of all the material and available facts. The company further stated that the N7. 9 million captured as part of the tax liability have already been deducted at source by the FIRS and the police from the contract sum of the appellant. The company argued that it would amount to double taxation if FIRS expected the appellant to pay same again. It therefore sought the order of the tribunal to declare as null and void, the intent letter by FIRS dated April 7, 2014 . The company also sought an order of the tribunal directing INEC and the Police to show evidence of remittances to FIRS of the sums deducted from the payments made by the appellant in respect of contract executed. The appellant also asked the tribunal to direct that, credit should be given to the appellant in respect of the tax deductions made on payments due to it from the INEC and the Police totaling N7. 9million. The Company further sought an order directing FIRS to issue it a tax clearance certificate which was withheld for the 2006 to 2011 year of assessment. The company further stated that the N7. 9 million captured as part of the tax liability have already been deducted at source by the FIRS and the police from the contract sum of the appellant. The company argued that it would amount to double taxation if FIRS expected the appellant to pay same again. It therefore sought the order of the tribunal to declare as null and void, the intent letter by FIRS dated April 7, 2014. The company also sought an order of the tribunal directing INEC and the Police to show evidence of remittances to FIRS of the sums deducted from the payments made by the appellant in respect of contract executed. The appellant also asked the tribunal to direct that, credit should be given to the appellant in respect of the tax deductions made on payments due to it from the INEC and the Police totaling N7. 9 million. The company further sought an order directing FIRS to issue it a tax clearance certificate which was withheld for the 2006 to 2011 year of assessment.   Source: Nigeria Observer

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FG secures N1bn EFCC traced to Patience Jonathan

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The court ordered that the forfeited sum be deposited in the Treasury Single Account of the Federal Government. A Kano division of the Federal High Court has ordered an interim forfeiture of the sum of N1,000,494,000, suspected to belong to former First Lady, Patience Jonathan, to the Federal Government. According to an investigation conducted by the Economic and Financial Crimes Commission (EFCC), the sum in question was lodged in three deposits with Fidelity Bank Plc on May 20 and May 25, 2015. The bank account allegedly belongs to Magel Resort Limited, a company linked to Mrs Jonathan, according to a statement signed by the EFCC’s spokesperson, Tony Orilade, on Friday, February 1, 2019. The commission had received information that the money was not being utilised and had commenced an investigation that allegedly revealed that Mrs Jonathan and some relatives of former president, Goodluck Jonathan, were directors of the company. Others listed as directors of the company are Oba Oba Tamunotonye, Goodluck Jonathan Aruera, Goodluck Jonathan Ariwabai and Esther Fynface. Investigations revealed that the sum of N500,000 was deposited on May 20, 2015 by one Fynface, who is alleged to be in charge of the company, while N1 billion was transferred in two tranches on May 25, 2015 from PAGMAT OIL AND GAS NIGERIA LIMITED, a company that was not incorporated with the Corporate Affairs Commission. Acting on an ex parte motion filed by the EFCC to forfeit the money to the government, Justice A. Lewis-Allagoa ordered that the forfeited sum be deposited in the Treasury Single Account of the Federal Government. Source: Punch

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Reps approve N30,000 new minimum wage

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The House of Representatives has approved the sum of N30,000 as the new national minimum wage. The approval followed the adoption of the report by the ad hoc committee set up on the New Minimum Wage Bill presented to the National Assembly by President Muhammadu Buhari on Thursday. Passing the bill for the third reading on Tuesday, the lawmakers unanimously approved the N30,000 recommendation by the committee in consonance with the resolution by the tripartite committee set up by the President. Buhari had in the executive bill sought the approval of N27,000 as against the N30,000 agreed by the stakeholders. Dogara said, “Today, we passed the new national minimum wage Bill 2019 in keeping with our commitment to improve the welfare of the Nigerian workers. “The Bill was given speedy and accelerated passage in just two legislative days as a House of the Nigerian people.” The ad hoc committee had recommended and adopted N30,000 minimum wage. According to the bill, any employer who fails to comply shall be liable to a fine not exceeding five per cent of the offenders’ monthly wage. The House resolved in the Committee of the Whole to consider the report. It resumed with the synopsis of the bill. According to the chairman of the Committee, Mr. Yussuff Lasun, the bill did not cover employers whose staff strength is below 25. Raising a point of order, the House Majority Leader, Mr. Femi Gbajabiamila, was of the opinion that the bill should take effect from six months after assent. On the contrary, the lawmakers moved that the bill should take immediate effect as soon as the President signs it into law. But the Speaker held a different opinion, noting that with the absence of appropriation, the bill could not be implemented. To save the House from further debate, the Chairman House Committee on Rules and Business, Edward Pwajok, moved for an amendment to include that the bill becomes effective from the date it is assented to. The bill, therefore, passed third reading on the floor of the House. The House is to harmonise with its counterparts in the Senate for onward transmission to the President for his assent.   Source: Punch

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