The nation’s Small and Medium Sized Enterprises (SMEs) have been recommended to use Artificial Intelligence (AI) technology in order to expand their operations.During the Ecobank MySME Growth Series webinar, Ehia Erhabor, the founder of AI Nigeria, presented a slide titled “Using AI for business innovation.” He made a point of saying that AI is revolutionary, especially for small firms.
He emphasizes that the future of AI is its democratization, where businesses of all sizes, including SMEs, can harness its power to drive innovation and gain competitive edge. He claims that AI is rapidly transforming industries by automating processes, enhancing analytics, and enabling personalized customer experiences.
Erhabor made the specific observation that “AI technology holds the key to the future.” It is quite prevalent. It is a necessary component of life and will have an unimaginable impact on enterprises. By analyzing data and determining client wants, it can assist SMEs in creating new goods and services. AI can also be used to automate monotonous jobs, optimize workflows, and save operating costs while increasing productivity.
Bias, explainability, privacy, transparency, and misuse were among the risks and challenges he listed, refuting the notion held by some that AI will bring about the end of the world and instead be a tool for progress.
