Small and Medium Enterprises (SMEs) in the country have been advised to embrace Artificial Intelligence (AI) technology to grow their businesses.

 

 

Founder AI Nigeria, Ehia Erhabor, made this submission in his presentation titled “ Using AI for Business Innovation,” delivered at the Ecobank MySME Growth Series webinar.

 

 

Emphasising  AI  as a game-changer, particularly for small businesses, Erhabor noted that the technology  is rapidly transforming industries by automating processes, enhancing analytics, and enabling personalized customer experience. He stressed  that the future of AI is its democratization where companies of all sizes including SMEs can harness its power to drive innovation and gain competitive edge.

 

 

Specifically, Erhabor pointed out that “AI technology holds the key to the future. It is quite pervasive. It is part of our existence and will impact businesses the 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.”

 

 

He listed the challenges and risks of AI as bias, authenticity, privacy, transparency and misuse,  while debunking claims in some quarters that AI will lead to the end of the world, arguing it will rather serve as  a tool for development.

 

 

Also speaking, former Chief Operating Officer, Flutterwave, Bode Abifari said AI technology holds the key to the future, explaining that it simulates human intelligence to perform complex tasks like research, decision making, pattern recognition and problem solving.

 

 

She submitted that AI is capable of improving customers’ experience and engagements for the SMEs, adding that the technology can personalize interactions, provide personalized recommendations and enhance customer service leading to increased customer satisfaction and loyalty for small businesses.

 

 

Ecobank MySME Growth Series, which started in February this year, is designed to empower SME operators across the country. It is part of the bank’s commitment to train over 1 million SME operators in various sectors of the economy in 2024.

 

 

The training will provide resources for starting a business, registration processes, industry statistics, and essential considerations for running a business. The series cover key areas such as Accounting, Credit, Sales and Marketing, Taxation, and Inventory Management.