Small and Medium Enterprises (SMEs) in the country are being encouraged to adopt Artificial Intelligence (AI) technology to expand their businesses.
Ehia Erhabor, Founder of AI Nigeria, emphasized this point during his presentation titled “Utilizing AI for business innovation” at the Ecobank MySME Growth Series webinar. He stressed that AI is a game-changer, especially for small businesses.
Erhabor explained that AI is rapidly revolutionizing industries by automating processes, improving analytics, and enabling personalized customer experiences.
He highlighted that the future of AI lies in its democratization, where companies of all sizes, including SMEs, can leverage its power to drive innovation and gain a competitive edge.
He specifically mentioned that “AI technology is the key to the future. It is pervasive and will impact businesses in ways we cannot even imagine.
It can assist SMEs in creating new products and services by analyzing data and identifying customer needs.
AI can also automate repetitive tasks, streamline workflows, and enhance efficiency by reducing operational costs.”
Erhabor also addressed the challenges and risks associated with AI, such as bias, explainability, privacy, transparency, and misuse.
He debunked claims that AI would bring about the end of the world, emphasizing that it is a tool for development.
Former Chief Operating Officer of Flutterwave, Bode Abifari, echoed Erhabor’s sentiments, stating that AI technology is crucial for the future.
She explained that AI mimics human intelligence to perform complex tasks like research, decision-making, pattern recognition, and problem-solving.
Abifari added that AI could enhance customer experiences and engagements for SMEs by personalizing interactions, providing tailored recommendations, and improving customer service, ultimately leading to increased customer satisfaction and loyalty for small businesses.
The Ecobank MySME Growth Series, which commenced in February this year, aims to empower SME operators nationwide.
As part of the bank’s commitment to training over 1 million SME operators by 2024, the series provides resources on starting a business, registration processes, industry statistics, and essential considerations for business operations.
Key areas covered include accounting, credit, sales & marketing, taxation, and inventory management.
Additionally, the series offers articles on topics like boosting sales, innovative advertising ideas, effective business management practices, case studies, and leveraging technology.
Ecobank also plans to launch an SME Mentorship program to collaborate with successful entrepreneurs. Overall, the MySME Growth Series reflects Ecobank’s dedication to fostering growth and success within the SME community.
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