What’s the Next Step for SMEs and Startups with Gen AI? How to Drive Your Business Growth with It?

What's the Next Step for SMEs and Startups with Gen AI? How to Drive Your Business Growth with It?

Research shows that AI can streamline tasks and connections, boosting productivity by 66%. Additionally, AI enables businesses to accurately predict customer behavior, enhancing their ability to adapt swiftly to market changes.

However, for small and medium-sized businesses (SMEs) and startups, adopting AI is not so straightforward. Research indicates that SMEs face significant challenges when adopting AI-based technologies. For instance, tight cash flow can increase operational costs, which might be passed on to customers, and SMEs often struggle to fully understand AI’s value and benefits. This situation can trap SMEs in a digital conundrum, making AI implementation difficult to navigate effectively.

Complicating matters further, the lack of unified standards for AI-related data formats, integration, and quality poses additional hurdles. They also frequently face a shortage of skilled professionals capable of addressing these technical challenges. Additionally, ethical and trust issues surrounding data governance, privacy, and security further hinder AI adoption. Concerns about data misuse and the ethical implications of AI, combined with privacy laws that complicate data collection, limit AI development, and pose risks such as technology leakage, especially for newer SMEs.

Addressing these challenges is crucial for SMEs to successfully integrate new technologies in the era of AI. This not only fosters their growth but also contributes to the overall prosperity of our economy. To tackle these issues, startups can collaborate with established businesses.

Many businesses have accumulated significant experience and data through their long-term development in specific fields. This experience can help SMEs reduce the costs associated with exploring the market during the initial stages of AI implementation, addressing the issue of tight cash flow mentioned earlier. Moreover, these enterprises, having already invested considerable resources in AI, specific industry talent development, and database maintenance, can assist SMEs in overcoming challenges related to talent shortages and the lack of unified standards for AI-related data formats. If SMEs are concerned about ethical and privacy issues after adopting AI, they can choose to collaborate with enterprises that have already implemented industry-standard security measures and obtained security certifications. This will help reduce the obstacles and concerns associated with entering the AI market.

Additionally, if SMEs are still unsure about how to choose the right partner, they can start implementing AI services by targeting the areas with the highest internal demand or those that require the most improvement. For instance, according to a study by the International Data Corporation (IDC), it is predicted that over 80% of enterprise data has lacked structured management in recent years. SMEs can begin by partnering with businesses that offer AI data analysis services to enhance their data-driven decision-making capabilities.

Source: KDAN

At KDAN, we are dedicated to providing diverse workflow and data solutions, investing heavily in AI development, and creating KDAN AI. Leveraging customer data and experience, we gain industry insights to offer tailored AI service modules, continuously optimizing with feedback to stay innovative with the latest technologies. KDAN AI integrates digital document workflow and data strategy services, providing end-to-end solutions that enhance workflow efficiency and decision-making processes. Our modules facilitate flexible integrations, optimize operations, reduce costs, and drive business growth. Additionally, KDAN AI boosts SMEs’ agility by accurately predicting customer behavior and enabling data-driven decisions. Our interactive AI chatbot technology improves document workflow efficiency, while auto redaction of PDF text ensures robust information security. Committed to safeguarding data and privacy, KDAN is ISO 27001 certified and GDPR compliant, effectively addressing ethical and trust concerns for SMEs integrating AI.

Through collaboration with businesses and the integration of AI services, SMEs can leverage the experience of larger businesses to overcome limitations related to insufficient funds and expertise. This partnership also helps address ethical and privacy issues that may arise from AI implementation. Moreover, by utilizing the customer data and feedback accumulated by these businesses, SMEs can continuously optimize their databases and enhance their ability to identify industry opportunities, thereby unleashing business growth.

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