Dr Satyendra Singh, a Professor in Marketing and International Business, University of Winnipeg, Canada, who made the call at a public lecture, in Accra, said the world had become a global village, therefore, banks must take advantage to integrate into the global economy by outsourcing their online banking operations in order to remain competitive.

Speaking on the topic: "How Business Intelligence and Outsourcing can Build New Product Development Capabilities for Firms in Emerging Markets", Dr Singh urged businesses to form strategic partnerships through outsourcing to enhance their capacities and quality of their products and services.

The Marketing Professor entreated businesses to effectively use information and communication technology (ICT) in advancing their cause.

The public lecture, which formed part of the 10th  anniversary of the Regent University College of Science and Technology, brought together entrepreneurs, experts in marketing, financial analysts, academicians, head of faculties and students.

Dr Singh, also the Executive Director, Academy of Business and Emerging Markets, advised businesses not to outsource the most important aspect of their operations but rather peripheral ones so that they could have time to focus on their core mandate.

He urged businesses to develop customer-oriented products and services that would stand the test of time.

The Chancellor of the Regent University-Ghana, Professor Emmanuel Kingsley Larbi, advised the country's education system to have international flavour by incorporating information and communication technology in all aspects so that Ghanaian graduates could integrate effectively into the globalisation process.

Professor Nicholas Nuamah-Nsowah, the President of the Regent University-Ghana, in his welcome address, said businesses in Ghana and in most African countries lack business intelligence.

"Your business intelligence should help you to decide what product to develop, when to improve on it, when to develop new ones, for which customers and what aspect to outsource and to whom," he said.

He urged businessmen and women, entrepreneurs to use statistics to evaluate information on their ventures.

He said understanding statistics would form a major integral part of the success and development of their products.