To start on an abstract note, SME’s who had shut shop didn’t have the possibility or didn’t look at the possibility to innovate. Or they just couldn’t innovate. This article is not looking at the administrative structure reasons (external factors included too), but pure manufacturing reasons on why SME’s possibly don’t innovate. And can AI really innovate for the Indian SME.
In all of this how does one make AI work for your business. Now those who want to be left behind will fear the reaper of a competition. Worse, what if we are left behind.
Now AI evangelist, will talk about the means of how mesmerising is AI to SME. So, why is AI being increasingly considered path-breaking for the manufacturing sector? This is because of the implausible potential that AI exemplifies, both, on and off the factory floor. From real-time maintenance of equipment to pre-empting imperfections during production (for both – product & machinery), and from streamlining the process of designing which enables improved and customised products to creating a smart supply chain, AI showcases the best of Industry 4.0.
I am not a critic here, but I need to say this “AI can make work like Magic and it’s amazing. But! let’s do our research first.” While it’s been talked about for years, the practical applications of AI for businesses are slowly being realised and it’s not a decision for organisations to leap into headfirst. AI can form business strategy, revolutionise customer service and improve recruitment and retention. But, with so much noise surrounding AI at the moment, it can get difficult to know what to invest in and what to avoid.
The Time To Invest is Now
For decades, AI has played the role of the villain, even in a recent Super Star movie in India. Just as AI has integrated seamlessly into our daily lives, it’s doing so in business too. We’re already seeing AI playing a role in customer experience, process automation and predictive analysis.
Reduce Stress & Work Pressure – AI Is the Answer
Whatever be the business size or tasks involved, including data processing and completing manual tasks, it’s an AI business opportunity. It’s estimated manufacturing and sales and marketing will account for over two-thirds of AI scope of work.
Use AI technology To Your Advantage
Let’s straightaway get to the expert advice here. If the product already exists, buy it and invest time and money in aligning your business strategy to maximise its potential. Getting a head start here allows for flexibility to modify key functionality when you need to.
Use AI to Help with Cyber Security – Thus Focus on Competition.
Company executives didn’t know, cyber security insurance exists. Thankfully they now know, given the number of cyber-attacks every start-ups and SME’s face. AI will bolster your cyber-security needs. It’s a good combination AI and cyber-security. It seems like a must have against sophisticated hackers.
On the competition side of things, AI as a sector is experiencing a skills-gap due to the time it takes to train and recruit a specialist. Success will come with learning from mistakes and ironing out hiccups to make platforms and applications as efficient as possible. A good example is how AI is being used in the banking industry which is infamous for time-consuming administration.
The homework here is, which processes can AI streamline or make more efficient? Which tasks can AI automate, freeing up staff to spend more time on other more important things? Now you know why India’s top leading software companies are in the news about training thousands of staff on AI. They are prepping for the big marathon.
AI Evolution – SME’s to Benefit
Much of the critical groundwork for AI has already been laid. Future advancements will be a result of continued machine learning and deep learning, plus problem-solving. As the data size in SME usually small for a full-grown AI platform, the execution can be quickened. Then the SME can look at AI’s potential to assist in a wider scope of tasks.
The Movies Know Half The Truth.
Don’t let movies decide on your approach to AI. Yes, AI can replace human employees and automate jobs. However, it has the capacity to empower every employee to achieve more with less.
We refer AI to artificial intelligence, but in reality, it’s a technology that will enhance our progress. Checks and balances of AI will be a topic for another day on www.industry4o.com.