6 Ways AI and Automation Empower SMEs and MSMEs: Unlocking 2024

Small and Medium Enterprises (SMEs) as well as Micro, Small and Medium Enterprises (MSMEs) are considered the backbone of any country’s economy and the United States of America is no exception to that. Since the advent of Artificial Intelligence (AI) and Automation in business, these sectors have undergone tremendous digital changes and are at pace with their growth graph. The 21st-century technology is rapidly reshaping the world without a doubt and SMEs-MSMEs are a significant part of that. 

Boom of Startups

The recent surge in startups across the States has given rise to the integration of AI across all the verticals of processes and operations in such enterprises. To ensure that they all have a smooth flow of work and witness the best-in-industry ROI, the right implementation of AI is of the essence. There are plenty of reasons behind this upsurge, the main being:

• Robust ecosystem
• Access to venture capital
• Integration of revolutionary technologies

These startups are not only disrupting traditional industries but also creating new marketplaces for the betterment of society as well as the world as a whole. Being an integral part of micro and small enterprises, these startups are the flag bearers of AI integration and business automation. 

How AI is Benefitting SMEs & MSMEs in 2024

As we know, technology always benefits a business if implemented well. So here are the top 6 ways- how AI is actually going to affect a business involved in SME and MSME sectors in 2024.

1. Operational Efficiency

AI-driven tools can help an organization bring its supply chain management on track with the right kind of optimization. Moreover, it can also help them look after the inventory control and logistics processes while reducing expenses and improving overall efficiency. It eventually helps them have a competitive edge over their industry rivals. 

2. Insightful Decision Making

It can be considered a KRA of Artificial Intelligence to analyze large data sets in order to understand customer behavior and market trends, which will ultimately help them analyze the overall operational performance of the said organization. AI is a valuable asset when it comes to customizing marketing campaigns, identifying market opportunities, making a better pricing strategy, and lots more. As a result of that, the SMEs and MSMEs become masters of resource allocation as well.

3. Risk Mitigation

Thanks to AI, potential threats and risks related to financial fraudulent activities can be analyzed and dealt with. If it is implemented well with the help of a digital transformation expert or pro, these SMEs and MSMEs can keep themselves protected from financial losses and enhance their financial health. An AI-powered fraud detection system can easily identify indiscretion in transaction patterns and indicate suspicious activities in real-time. 

4. Talent Acquisition Simplified

AI can turn out to be a great help in analyzing candidates’ resumes and narrowing down to an elite pool of promising contenders whose skills fit the available jobs in the industry. It becomes essential in building a globally skilled team with top-notch talent from all over the world. It is a boon for such recruitment agencies that are in dire need of the applicant tracking system and need to save time to a great extent.

5. Enhanced Automation 

With the help of AI (and automation), SMEs and MSMEs can get rid of manual tasks as they automate their operations and processes. This way, they are engaging their employees in more creative and valuable tasks by setting them free from menial manual tasks. In addition to that, such enterprises can automate their logistics, and save time. It works toward improving their delivery efficiency by cutting down on operational costs and improving the scope of productivity.

6. Better Customer Engagement

The increasing use of chatbots and virtual assistants has made customer engagement and query resolving, a better practice than before. Its availability 24/7 has also contributed toward enhancing the overall experience of the end customer with the brand. This way, these enterprises elevate the level of customer satisfaction and build their credibility among their client base, strengthening their relationship with them. 

Conclusion

Other than these fundamental use cases, AI and automation in business can also enhance the scope of innovation and boost product development in an organization. This new-age computer program has the potential to make the future of SMEs and MSMEs, brighter. As AI technology keeps evolving, these enterprises certainly need professional help and a digital transformation company in USA, like ours, can assist them better. Get in touch with SkyTrust, your confidante in this digital landscape.