Richard Ingham


AI in SMEs

Jul 24, 2023 | AI

Now, I know what you may be thinking: “Didn’t you already make this post?”. Well, sort of, but not really. There were a few points left out of the “How can AI be used” post. This will go over some of those missed points, as well as briefly explain what an SME is to those who are in the dark.

SME stands for Small and Medium-sized Enterprises. While there are a lot of definitions for what an SME is exactly, they’re generally characterised by the fact that they are much smaller than normal businesses in terms of staff, revenue and possibly the actual size of the building they operate from. They are also usually independent, not owned by any larger companies or corporations.

How can AI actually be beneficial to an SME is what we’re going to go over now.

Innovation and Product Development – AI can be used to analyse market trends and customer feedback. This allows you to identify potential new product opportunities and areas for improvement.

Competitiveness – Just by embracing AI technology, you are putting yourself ahead of the competition as using AI can be used as a selling point. If you use it correctly, that is.

Cost Savings – Automating tedious and monotonous tasks as well as optimising operations through AI. Can lead to cost saving for SMEs. Which is very important, since you’re not gonna make as much money as those big businesses. You gotta save every penny you get.

Predictive Analytics: By using AI for predictive analytics, SMEs can forecast future trends, demand, and customer behaviour. It allows you to do more with limited resources and improve your overall profitability.

Overall, it’s extremely beneficial to use AI with an SME. It will (hopefully) boost your profitability, efficiency and maybe one day it can make you breakfast. Who knows?