Why AI is the perfect business partner for UAE SMEs
Over the past few years, the United Arab Emirates (UAE) has experienced significant expansion in its small and medium-sized enterprise (SME) industry. SMEs make up around 94 percent of all businesses in the UAE and contribute 86 percent of the private sector's employees, highlighting their crucial position in the nation's economic structure.
The leadership in the UAE has shown a strong dedication to fostering small and medium-sized enterprises (SMEs), acknowledging their ability to innovate, generate employment opportunities, and contribute to overall economic growth.
Another important area that the country is prioritizing is the adoption of the Fourth Industrial Revolution, specifically artificial intelligence (AI). This offers SMEs a great chance to utilize various AI resources, systems, and tactics established by the government in order to achieve success in their businesses.
The UAE administration has been at the forefront of promoting the use of AI in different fields. The introduction of the UAE Strategy for Artificial Intelligence 2031 showcases the government's innovative plan to make the country a leading AI hub worldwide. This strategy seeks to create a strong foundation for AI, attract and develop AI professionals, and implement AI in important sectors. Thanks to the government's efforts, considerable advancements have been made. It is estimated that AI could contribute up to 14% of the UAE's GDP, amounting to Dh 352.5 billion, by 2030.
The groundbreaking innovation will assist the government in shifting away from relying on an economy driven by oil to one powered by digital means. It is evident that artificial intelligence (AI) will revolutionize the business environment in the UAE by promoting effectiveness, boosting output, and potentially supporting the country's objective of having digital services contribute 20% to its non-oil gross domestic product (GDP) within the next decade.
Small and medium-sized enterprises (SMEs) need to acknowledge that AI is not some distant idea, but a useful tool that can enhance and streamline their operations. Presently, there exist numerous curiosities and anxieties concerning AI, largely due to a lack of comprehension or awareness. Unfortunately, this is impeding SME staff from fully harnessing the power of this valuable technology.
Business leaders must prioritize the development of their teams' proficiency in AI and machine learning abilities and software. This is crucial to adequately harness the potential benefits offered by AI-powered tools.
Creating Equal Opportunities
Artificial intelligence (AI) removes the drawback faced by small and medium-sized enterprises (SMEs) due to limited resources. It enables them to have equal opportunities, contend with bigger companies, and fuel progress in a swiftly changing market.
This technology has the potential to assist your business across multiple domains including simplifying processes, improving supply chains, enriching customer interactions, and facilitating informed decision-making by utilizing data. Moreover, it can lead to efficiency in terms of time, finances, and resources.
Nevertheless, just like any revolutionary innovation, small and medium-sized enterprises need to keep in mind the moral and technical aspects before incorporating AI.
At present, artificial intelligence (AI) is a progressing field, which means that although it can work well alongside businesses, it is not capable of fully replacing human input. To achieve a prosperous integration of AI, it is imperative to have employees who monitor and supervise its operations. This is essential in order to uphold ethical principles and avoid any unintentional repercussions.
From an ethical standpoint, it is crucial for businesses to place importance on transparency and accountability. They must make sure that their AI systems remain impartial, fair, and unbiased, while also refraining from perpetuating any form of discrimination.
From a technological perspective, small and medium-sized enterprises need to allocate resources to establish strong systems for managing data to guarantee its accuracy, confidentiality, and protection.
The forward-thinking government of the UAE has introduced national regulations in the past few years that grant individuals authority over their own data. In order to contribute to the country's efforts in promoting secure and open data practices, enterprises must possess a comprehensive grasp of the data they gather, the data they require, and the process of deriving valuable insights from it.
These procedures can guarantee openness, acquire user agreement to establish faith, and uphold favorable image of the brand. Partnering with professionals in artificial intelligence and data analysis can assist small and medium-sized enterprises in navigating the intricate technical aspects and creating customized artificial intelligence solutions that fit their particular requirements.
The small and medium-sized enterprises (SMEs) in the UAE are on the edge of entering a new phase of expansion and creativity, and artificial intelligence (AI) is the ideal companion to drive it forward. With the government's dedicated focus on embracing AI and creating a competitive environment for entrepreneurs, the future is full of potential. SMEs should take action promptly and utilize the power of AI to maintain their competitive edge.
Adam Taylor holds the position of Marketing Director at IFZA.
