General

SMEs urged to embrace AI technology

SMEs urged to embrace AI technology

The founder of AI Nigeria, Ehia Erhabor, has encouraged small and medium-scale enterprises to embrace artificial intelligence technology to grow their businesses.

In a recent statement made available to The PUNCH, he stated that AI was quickly changing industries by automating procedures, improving analytics, and enabling tailored consumer experiences.

Erhabor added that SMEs could seize their potential to spur innovation and obtain a competitive edge.

“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.

Read:  Lagos, Ogun urge taxpayers to file annual return before March 31

He dispelled some people’s assertions that artificial intelligence would bring about the end of the world.

It was described as a resource for advancement but enumerated the hazards and issues with AI, including bias, explainability, privacy, transparency, and misuse.

Read:  Establishing trust through every action

The former Chief Operating Officer of Flutterwave, Bode Abifari, stated that artificial intelligence technology was the key to the future and that it could help with difficult activities like research, decision-making, and problem-solving.

She stated that artificial intelligence has the potential to improve the customer experience, customise interactions, offer tailored recommendations, and improve customer service, which can increase customer happiness and loyalty.

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

Read:  Proven Expert Strategies for Successful Business Networking

The firm stated that it was part of of the bank’s commitment to train over 1 million SME operators in various sectors of the economy in 2024.

Related posts

34 Companies granted tax exemption to promote investments

NigGal

The impact of taking small actions

NigGal

With right support, MSMEs can increase export by 15%

NigGal

Do you have a plan for financial freedom?

NigGal

Access Bank Boosts Support for MSMEs with Expanded N50 Billion Loan Scheme

NigGal

Ways to prevent external financial pressure

NigGal

Leave a Comment