Agriculture professional advocates for Micro, Small and Medium Enterprises (MSMEs) to capitalize on artificial intelligence for financial gain
Dr. Fakunle Aremu, a Senior Agribusiness and Policy Advisor, has urged Micro, Small and Medium Enterprises (MSMEs) to adopt Artificial Intelligence (AI) to remain competitive. Despite specializing in agricultural value chain development and food systems, Dr. Aremu believes AI can be integrated into small businesses in simple, practical ways.
In a recent discussion, Dr. Aremu did not specify any particular AI solution for piloting in the retail example given. Instead, he emphasized the importance of focusing on a specific use case. For instance, a retail company could potentially see a 15% increase in orders by piloting a simple AI solution for personalized product offers. However, Dr. Aremu did not provide any data or evidence to support this potential increase.
Dr. Aremu recommended a "start-small, think-big" approach to AI integration in MSMEs. This strategy, he said, reduces risk, builds internal confidence, and allows the team to learn. Affordable off-the-shelf tools such as Google Cloud and Microsoft Power BI can be used by small businesses for AI integration, and the high cost of custom AI can be reduced by starting small with cloud-based tools that offer pay-as-you-go or monthly plans.
One major challenge for MSMEs in adopting AI is the perception that they lack the technical expertise or budget. Dr. Aremu noted this as a concern but emphasized that MSMEs do not need to be tech experts or have a large budget to start using AI. Freelance experts can also be engaged for AI integration, and prioritizing the organization and digitization of data is crucial for accurate AI results.
Addressing employee resistance to AI, Dr. Aremu emphasized the importance of communicating AI as a tool to enhance work, not replace jobs. He noted that employee resistance was one of the potential challenges in communicating AI as a tool to enhance work but encouraged businesses to address this issue head-on.
Dr. Aremu did not discuss any off-the-shelf tools or freelance experts for AI integration other than those mentioned earlier. He also did not mention any specific industry other than retail in the example of AI implementation. Nevertheless, his call to action for MSMEs to embrace AI for competitive advantage is a timely reminder of the opportunities that AI presents for small businesses.
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