AI Makeover Can Help Indian SMBs Stay Ahead Of Global Peers. Here's How
Small and Medium Businesses are now turning to AI-powered tools and working with more vendors to support their growth ambitions.
With artificial intelligence (AI) gaining popularity and demonstrating its ability to foster growth and achievement, there are hundreds of use cases that show AI integration boosts business operations, increases productivity and efficiency among workers. This AI advantage is accessible to humans and organisations alike, irrespective of their size.
According to New York-headquartered Payoneer, a financial technology company that enables small and medium businesses (SMBs) to conduct transactions, engage in business and expand globally, SMBs are now turning to AI-powered tools and working with more vendors to support their growth ambitions.
'SMBs A Major Driver For India Which Is On Track To Become $10 Trillion Economy'
For German software giant SAP, Indian small and medium businesses (SMBs) will be a major driver for the country which is on track to become a $10 trillion economy. The company also believes that SMBs need to double down on digital transformation initiatives, including on AI, to gain significant advantages over their peers worldwide.
"...SMBs will have to address factors such as credit crunch, changing customer expectations, escalating input costs, supply chain disruptions and many others. Hence, it is imperative that SMBs double down on digital transformation initiatives to gain significant competitive advantages over their global peers. AI will be a major pillar of this digital transformation," Rajeev Singh, Vice President and Head of Mid-Markets, SAP Indian Subcontinent, told ABP Live.
AI tools can be a catalyst for entrepreneurs to enter the market by bringing cost-effective and scalable solutions that were once inaccessible.
"Through our conversations with customers, we have found that they are using AI for three main use cases: solving customer challenges, driving operational efficiencies and hiring the right talent. Today, 80 per cent of our customers come from the mid-market segment, who are primarily using our ERP solutions. As AI takes centre stage, we are helping our customers stay competitive by integrating AI throughout our enterprise Cloud portfolio, bringing out synergies across processes and fuelling innovation," Singh informed.
Enterprise resource planning (ERP) includes software systems designed to help businesses manage and automate a range of operations, including finance, accounting, supply chain and human resources. SAP is one of the most widely used ERP solutions globally.
'Solar Energy And EV Makers Fastest Adopters Of AI In India'
Among SMBs, traditionally, professional services such as IT and ITeS have been early adopters of AI. However, solar energy and electric vehicle (EV) makers have also become the fastest adopters of AI in India.
"Over the past two to three years, consumer goods have experienced significant growth in India, driven by the country's overall economic expansion and increased technology adoption. We are also seeing a strategic focus from the government on specific sectors, with substantial investments flowing into infrastructure, defence manufacturing (as part of the Make in India initiative), solar energy, and electric vehicles (EVs). This targeted approach has led to hyper-growth within these segments," Singh explained.
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