Small and Medium Enterprises (SMEs) in Nigeria have been urged to embrace Artificial Intelligence (AI) technology to drive their business growth. Ehia Erhabor, Founder of AI Nigeria, emphasized this during his presentation titled “Using AI for Business Innovation” at the Ecobank MySME Growth Series webinar. Erhabor highlighted AI as a transformative force, particularly beneficial for small businesses.
“AI is rapidly transforming industries by automating processes, enhancing analytics, and enabling personalized customer experiences,” Erhabor said. He stressed that the future of AI lies in its democratization, allowing companies of all sizes, including SMEs, to harness its power for innovation and competitive advantage.
“AI technology holds the key to the future. It is pervasive and integral to our existence, set to impact businesses in unprecedented ways,” Erhabor stated. He pointed out that AI can help SMEs develop new products and services by analyzing data to identify customer needs. Additionally, AI can automate repetitive tasks, streamline workflows, and improve efficiency by reducing operational costs.
Addressing potential challenges, Erhabor mentioned issues such as bias, explainability, privacy, transparency, and misuse. He debunked fears that AI could lead to catastrophic outcomes, positioning it instead as a development tool.
Former Chief Operating Officer of Flutterwave, Bode Abifari, also spoke at the event, reinforcing the potential of AI. Abifari noted that AI simulates human intelligence to perform complex tasks such as research, decision-making, pattern recognition, and problem-solving. She highlighted AI’s capacity to enhance customer experience and engagement for SMEs by personalizing interactions and providing tailored recommendations, thereby boosting customer satisfaction and loyalty.
The Ecobank MySME Growth Series, which commenced in February, aims to empower SME operators nationwide. It reflects Ecobank’s commitment to training over 1 million SME operators across various sectors in 2024. The series provides resources on starting a business, registration processes, industry statistics, and essential business considerations, covering key areas like accounting, credit, sales and marketing, taxation, and inventory management.
Furthermore, the series will offer articles on increasing sales, advertising ideas, business management practices, case studies, and leveraging technology. Ecobank also plans to introduce an SME Mentorship program, collaborating with successful entrepreneurs to foster growth and success within the SME community.