Ecobank MySME Growth Series webinar: AI holds the key to business development, says Erhabor – Tech | Company

Small and Medium Enterprises (SMEs) in the country have been advised to embrace Artificial Intelligence (AI) technology to grow their businesses.

Ehia Erhabor, Founder AI Nigeria, made this submission in his presentation titled “Using AI for business innovation” delivered at the Ecobank MySME Growth Series webinar.

He emphasized that AI is a game changer, especially for small businesses.

According to him, AI is rapidly transforming industries by automating processes, improving analytics and enabling a personalized customer experience. He emphasizes that the future of AI is its democratization, where companies of all sizes, including SMEs, can leverage its power to drive innovation and gain competitive advantage.

Erhabor specifically pointed out that:

“AI technology is the key to the future. It’s pretty ubiquitous. It is part of our existence and will impact businesses in ways we can ever imagine. It can help SMEs develop new products and services by analyzing data and identifying customer needs. AI can also be used to automate repetitive tasks, streamline workflows and improve efficiency by reducing operational costs.”

He listed the challenges and risks of AI as bias, explainability, privacy, transparency and abuse, debunking claims in some quarters that AI will lead to the end of the world, but rather a tool for development.

Bode Abifari, former chief operating officer of Flutterwave, also said that AI technology holds the key to the future, explaining that it simulates human intelligence to perform complex tasks such as research, decision-making, pattern recognition and problem solving.

She stated that AI has the potential to improve customer experience and engagement for SMBs, adding that the technology can personalize interactions, provide personalized recommendations and improve customer service, leading to greater customer satisfaction and loyalty for small businesses .

Ecobank MySME Growth Series, which launched in February this year, aims to support SME operators across the country.

It is part of the bank’s commitment to train more than 1 million SME operators across various sectors of the economy by 2024.

The training provides tools for starting a business, registration processes, industry statistics and essential considerations for running a business.

The series covers key areas such as accounting, credit, sales and marketing, tax and inventory management.

In addition, articles will be offered on key topics such as increasing sales, advertising ideas, business management practices, case studies and leveraging technology.

Ecobank also plans to launch an SME mentorship program to work with successful entrepreneurs. Taken together, the MySME Growth Series reflects Ecobank’s commitment to fostering growth and success within the SME community.

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