Here’s How MSMEs Can Leverage AI
*This is a sponsored article by Dell India*
Given the immense growth possibilities that AI offers, it can prove to be a catalyst spurring a transformation in India's micro, small, and medium-sized enterprises segment
Artificial Intelligence is omnipresent. Combined with increasing connectivity, data and computing, it’s primed to be the business game changer of our time. An Accenture study estimates that AI can add $957 billion, nearly 15 percent to India’s current gross value by 2035.
With AI permeating our lives through predictive searches, maps, e-mail filters and smart replies in Gmail, its relevance to the MSME sector cannot be undermined. In fact, AI can be the catalyst that empowers MSMEs to scale up and grow their business faster.
MSMEs can save vital resources—time and effort, and get insights through AI capabilities that process large data such as memos, emails, external information sources, and even paperwork. According to an Accenture report, AI could boost average profitability by 38 percent and lead to an economic value increase of $14 trillion by 2035.
Given their scanty budgets, tools such as predictive analytics coupled with AI can be a boon for MSMEs. With AI-powered PA, they can identify trends, make informed decisions and devise winning strategies faster. With AI, MSME suppliers can streamline their material sale and delivery processes by ascertaining accurate sales figures of various products to guide sales orders, thereby ensuring a balanced supply for their clients.
On the customer service arena, AI chatbots are increasingly becoming popular. These will soon dominate 95 percent of online customer communication with their “human-like” conversations. MSMEs can leverage such technologies to overcome their inability to hire high-end customer service professionals—due to budgetary constraints—and still offer a great user experience.
Similarly, MSME recruiters can get suitable candidates and achieve better retention rates by using AI-driven recruiting tools, which skim through huge profile-volumes, based on criteria.
AI Solution Examples
Dell EMC Ready Solutions are pre-designed AI solutions, built in collaboration with Intel, and ideal for simpler and swift implementation of deep learning. Dell’s range of AI-enabling infrastructure comprises servers, storage and workstations and is suited for open and scalable AI approach. Customers can choose between Dell EMC PowerEdge R940xa server that offers secure and faster data sharing to business-critical applications, sans cloud fees or PowerEdge R840 intended for in-database analytics. PowerMax is another class-leading storage solution with built-in ML that leverages predictive analysis and pattern recognition, aimed at businesses looking to transform their database into powerful insights.
Crossing The Chasm
MSMEs have traditionally trailed in AI adoption due to accessibility challenges and utility skepticism. To motivate MSMEs, the government has envisioned a national-level AI adoption programme. The Government of India, as part of its effort to push research, IoT, and AI, has doubled the funds for Digital India to Rs 3,073 crore. NITI Aayog has recommended that the Union cabinet should allocate Rs 7,500 crore to build a cloud platform AIRAWAT and research institutes and create an institutional framework for artificial intelligence. Top technology players like Dell EMC have started offering business solutions to seamlessly integrate AI with MSME organisations’ customer value chains.
As technical know-know could be a barrier in MSMEs adopting AI, companies like Dell offer services to aid MSMEs in their AI journey. Dell’s consulting, deployment and financial services assist businesses by identifying end-to-end solutions based on their specific scenarios and finance them too. Support services ensure that businesses have a smooth service experience, post-deployment.
The Power Of AI
AI has become the norm of the day, driving informed decisions, better customer engagement and operations. The global AI market will reach $190.61 billion by 2025, growing at 36.62 percent CAGR, according to MarketsandMarkets. Gartner predicts that business value derived from AI will reach $3.9 trillion by 2022. Given this scenario, it’s time that Indian MSMEs grab the AI opportunity and use it to spur their own growth.
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