Prof. Jay Mitra from the University of Essex, UK, has provided INSME with a key paper on AI and its impact on SMEs around the world titled AI Revolution: Transforming Industries and Empowering SMEs for Future Growth. This exclusive Issue Paper has been prepared for the 19th Annual Meeting of the International Network for SMEs, held in Berlin on 9-10 October 2023. The paper explores the multifaceted realm of Artificial Intelligence (AI) and its profound influence on various sectors with a particular emphasis on the interests of small and medium sized enterprises.
Beginning with a brief historical overview of AI’s evolution, the article provides an account of the transformative impact on industries highlighting AI’s application in manufacturing, education, retail, healthcare, and finance. the key verticals in which AI has begun to make a significant mark. We highlight the diverse adoption patterns of AI, drawing comparisons between high technology (‘high-tech’) firms and other non-‘high-tech’ players in manufacturing and services. It shows varying rates of adoption and the influence of government initiatives in driving AI integration. The paper demonstrates how AI enhances data analysis, decision-making, and resource management, while also scaling impact, improving accessibility, and promoting collaboration. We do so by quantifying AI usage globally and across sectors, presenting appropriate statistical insights that underscore AI’s pivotal role in reshaping industries. Challenges and possible solutions to problems of AI adoption for SMEs range from limited AI skills and high costs to the lack of strategy and leadership ownership. Government initiatives for AI adoption among SMEs, including funding, training, collaboration, and regulatory support, which play pivotal roles are also referred to in this paper.
Read the full publication here!
Source: INSME Secretariat
