Technologies for MSMEs: Priyanka (renamed) runs a start-up that provides employable skills to low-income engineering students in remote areas of India. The first step is to ensure that they have the skill selection that best fits their interests, skills and career options. Because students come from remote areas and have different language preferences, Priyanka and her team often end up explaining the same process over and over again.
Her students also had an inconsistent experience, often unable to connect to the team because other phones were busy. Collecting data for her students was cumbersome and her team was overworked and tired.
She believed AI was only for large companies with large IT teams. But I soon learned that this was a false assumption.
Also read: Leveraging DigitALL for MSMEs
Impact of AI on SMEs
Artificial intelligence (AI) technology is revolutionizing how small businesses operate, offering ways to improve efficiency, reduce costs, and increase revenue. Large companies and organizations are quickly adopting AI, but small businesses can also benefit from this revolutionary technology.
How MSMEs Can Implement AI
Automate routine tasks: Small businesses often have limited resources and often have to delegate multiple tasks to a small number of employees. This can be time consuming, error prone and costly. With AI, MSMEs can automate these mundane tasks, freeing up employees’ time to focus on more complex tasks that require human expertise. For example, chatbots can be used to handle customer inquiries, orders, or troubleshooting queries, alleviating the need for employees to repeatedly respond to simple questions. Meeting scheduling and calendar management can also be automated using AI.
Enhanced data analysis: Small businesses collect a lot of data, but often lack the resources to analyze the data and derive insights. With AI, small businesses can leverage advanced analytics to better understand their customers, operations, and market trends. AI algorithms quickly process large amounts of data, identify patterns and trends, and deliver actionable insights that help businesses make informed decisions in real time.
Improving customer experience: Customer experience is a key factor in the success of any business. AI-powered tools help MSMEs deliver personalized and timely customer service. For example, a chatbot can provide a customer with her 24/7 support, handle basic queries, and even make recommendations based on the customer’s previous interactions with the company.
Increase efficiency and productivity: MSMEs need to optimize their resources to remain competitive. AI-powered tools can help companies streamline operations, reduce manual processes, and improve efficiency. For example, AI can be used to automate accounting processes, transactions, and invoicing, reducing the time and effort required for financial management. Similarly, AI-powered inventory management systems can help businesses optimize inventory levels, reduce waste, and increase profitability.
ALSO READ: The Big Problems in Talent Attraction and Management for MSMEs
After consulting a computer science friend, Priyanka decided to use an AI-based recommendation engine to simplify her life. Based on her target audience’s skills and profile, the engine displayed course recommendations.
Priyanka was able to cover hundreds of students in minutes. The system used algorithms to help students make choices based on existing vacancies in the industry, rather than relying on personal intuition. Soon she was able to place 3,000 students.
Priyanka was aware of the fact that AI could not solve all her problems. She and her team also needed to harness their emotional intelligence to boost their students’ mental toughness. As the employment situation deteriorated, students also needed guidance and support to advance their professional careers. The power of the community helped them a lot. It’s also important to remember that AI needs to be complemented by the sensibility of mentors and coaches.
And now the team has had enough time to incorporate the magic of touch into the power of technology.
Navia Naveli Nanda and Madhura DasGupta Sinha are building EntrepreNaari. The views expressed are those of the author.
Subscribe to the Financial Express SME (FE Aspire) Newsletter Today: Weekly News, Opinions and Updates from the World of Small Businesses
