Artificial Intelligence Aids Smooth Operation For SMEs

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All small and medium-scale enterprises have been advised to embrace artificial intelligence (AI) technology to aid business growth.

The founder of AI Nigeria, Ehia Erhabor, in a recent statement made available to BrandSpur, stated industries are fast evolving with AI assistance, by automating procedures, improving analytics, and enabling tailored consumer experiences.

He further encouraged these SMEs to seize the potential of AI to spur innovation and obtain a competitive edge over firms that refuse to step up their games.

Erhabor stated, “AI technology holds the key to the future. It is quite pervasive. It is part of our existence and will have an impact on businesses in the best way we can ever imagine. It can help SMEs develop new products and services by analysing data and identifying customers’ needs. AI can also be used to automate repetitive tasks, streamline workflows, and improve efficiency by reducing operational costs.”

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Continuing, he debunked some people’s ideology that embracing AI would bring about the end of the world.

Although it listed the risks and problems associated with AI, such as bias, explainability, privacy, transparency, and misuse, it was nevertheless characterized as a resource for advancement.

According to Bode Abifari, Former Chief Operating Officer of Flutterwave, he stated that AI technology was the key to the future and that it could help with difficult activities like research, decision-making, and problem-solving.

He added that AI may enhance consumer satisfaction and loyalty by personalizing interactions, providing customised recommendations, and enhancing customer service.

Ecobank launched the MySME Growth series in February, and it is designed to empower SME operators across the country.

The company said that it was a component of the bank’s pledge to educate more than a million SME owners in a range of economic sectors by 2024.