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SMEs in the nation are being encouraged to adopt Artificial Intelligence (AI) technology to expand their businesses.
The Founder of AI Nigeria, Ehia Erhabor, presented on the topic "Utilizing AI for business innovation" at the Ecobank MySME Growth Series webinar.
He emphasised that AI is a game-changer, particularly for small businesses.
He believes that AI is rapidly revolutionizing various industries by automating operations, improving analytics, and enabling customized customer experiences.
He emphasizes that the future of AI lies in its democratization, allowing companies of all sizes, including SMEs, to utilize its capabilities for innovation and competitive advantage.
In particular, Erhabor emphasized that "AI technology is the key to the future, with a pervasive impact on our existence and potential to significantly influence businesses. It can assist SMEs in creating new products and services by analyzing data and understanding customer needs. Additionally, AI can automate repetitive tasks, streamline workflows, and enhance efficiency by reducing operational costs."
He highlighted the challenges and risks associated with AI, including bias, explainability, privacy, transparency, and misuse. He debunked claims that AI will bring about the end of the world, emphasizing that it is a tool for development.
Former Chief Operating Officer of Flutterwave, Bode Abifari, also expressed that AI technology is crucial for the future, as it can replicate human intelligence to perform complex tasks such as research, decision-making, pattern recognition, and problem-solving. She suggested that AI has the potential to enhance customer experiences and interactions for SMEs, offering personalized interactions, recommendations, and improved customer service to foster increased satisfaction and loyalty among small businesses.
