Lagos, May 15, 2024 – Small and Medium Enterprises (SMEs) in the country have been advised to embrace Artificial Intelligence (AI) technology to grow their businesses.
Ehia Erhabor, the Founder AI Nigeria, gave the advice during in his presentation at the Ecobank MySME Growth Series webinar titled “Using AI for Business Innovation”.
He described AI as a gamechanger particularly for Small Businesses.
According to him, AI is rapidly transforming industries by automating processes, enhancing analytics, and enabling personalized customer experience, stressing 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.
“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.”
Erhabor listed the challenges and risks of AI as bias, explainability, privacy, transparency and misuse.
He debunked the claims in some quarters that AI will lead to the end of the world, but rather a tool for development.
Bode Abifari, a former Chief Operating Officer in Flutterwave, said AI technology held the key to the future as it simulates human intelligence to perform complex tasks like research, decision making, pattern recognition and problem solving.
She said AI is capable of improving customers’ experience and engagements for the SMEs, adding that
Abifari also said the technology could personalise interactions, provide personalised recommendations and enhance customer service leading to increased customer satisfaction and loyalty for small businesses.
Ecobank MySME Growth Series, which started in February this yea,r 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 & marketing, taxation, and inventory management.
Additionally, articles on important topics like increasing sales, advertising ideas, business management practices, case studies, and leveraging technology will be provided. Ecobank also plans to launch an SME Mentorship program to collaborate with successful entrepreneurs.
Taken together, the MySME Growth Series reflects Ecobank’s dedication to fostering growth and success within the SME community. (GBN)
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