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With the rapid development of artificial intelligence (AI), businesses of all sizes are wondering how they can use this technology to improve their operations. For small and medium enterprises (SMEs), the opportunities presented by AI are particularly exciting. Here’s a look at some of the opportunities – and challenges – of AI for SMEs.
Challenges
The first challenge that SMEs face is a lack of data. In order to train an AI system, businesses need a large dataset to work with. This can be a challenge for SMEs, which generally have smaller amounts of data than their larger cousins. However, there are a number of ways that SMEs can get around this issue, such as partnering with other businesses to access their data or using public datasets. In Singapore, SMEs are able to tap into a vast set of public data provided by various government agencies to merge with their internal data set from their ERP, MES, CRM, Inventory, and WMS to improve their business processes, create new products and enhance their go-to-market strategies. (https://data.gov.sg)
Opportunities for SMEs
Despite these challenges, there are many opportunities for SMEs to take advantage of AI. One area where AI can be particularly helpful is automation. By automating tasks that are currently being done manually, businesses can free up time for employees to focus on more important tasks. For example, customer service tasks such as responding to emails or social media messages can be automated using AI chatbots.
Many RPA (Robotic Process Automation) vendors are incorporating AI into their platforms and allowing deeper automation for efficiency, productivity and improved profitability for SMEs.
In addition, AI can be used for predictive maintenance, which can help businesses avoid costly downtime due to equipment failures. By monitoring equipment data and identifying patterns, AI systems can predict when maintenance is necessary and send alerts to employees so that they can take action before a failure occurs.
Finally, AI can help businesses personalize their products and services for customers. By analysing customer data, businesses can identify trends and preferences that can be used to tailor their offerings in a way that meets customer needs and expectations.
Conclusion
AI offers SMEs many challenges and opportunities. While lack of data and expertise can be hurdles, there are many ways around these obstacles. Automation, predictive maintenance, and personalized products and services are just some of the ways that small and medium businesses can take advantage of artificial intelligence.
Written by Colin Koh, Senior Business Development Manager, Industry 4.0 Consultant. He is a technology evangelist, digital transformation specialist, and highly-respected figure in the ASEAN business community. Colin previously served as the President of the Singapore Industrial Automation Association (SIAA), is a certified IoT specialist and an MIT Sloan School of Management Executive program in Artificial Intelligence and IoT. Colin currently provides mentorship and advisory to companies implementing digital transformation towards Industry 4.0.
Co-authors of “Industry 4.0: Navigating the Manufacturing in ASEAN” & “Smart Factory” www.asean4ir.com
Current member of IoT and Smart Manufacturing technical committee of Singapore Standard Council. Member of the Advisory Committee of Ngee Ann Polytechnics. EE Dept.
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