Ehia Erhabor, founder AI Nigeria, made this submission in his presentation titled “Using AI for business innovation” delivered at the Ecobank MySME Growth Series webinar.

He emphasied that AI is a game-changer, particularly for small businesses.

According to him, AI is rapidly transforming industries by automating processes, enhancing analytics, and enabling personalized customer experience, stressing that the future of AI is its democratization where companies of all sizes including SMEs can harness its power to drive innovation and gain competitive edge.

Specifically, Erhabor pointed out that:

“AI technology holds the key to the future. It is quite pervasive. It is part of our existence and will impact businesses the way we can ever imagine. It can help SMEs develop new products and services by analysing data and identifying customers’ needs. AI can also be used to automate repetitive tasks, streamline workflows, and improve efficiency by reducing operational costs.”

He listed the challenges and risks of AI as bias, explainability, privacy, transparency and misuse, debunking claims in some quarters that AI will lead to the end of the world but rather a tool for development.

Also speaking, Bode Abifari, former chief operating officer, Flutterwave, said AI technology holds the key to the future, explaining that it simulates human intelligence to perform complex tasks like research, decision making, pattern recognition and problem solving.

She submitted that AI was capable of improving customers’ experience and engagements for the SMEs, adding that the technology can personalize interactions, provide personalized recommendations and enhance customer service leading to increased customer satisfaction and loyalty for small businesses.

Ecobank MySME Growth Series which started in February this year is designed to empower SME operators across the country.

It is part of the bank’s commitment to train over 1 million SME operators in various sectors of the economy in 2024.

The training will provide resources for starting a business, registration processes, industry statistics, and essential considerations for running a business.

The series cover key areas such as accounting, credit, sales & marketing, taxation, and inventory management.

Additionally, articles on important topics like increasing sales, advertising ideas, business management practices, case studies, and leveraging technology will be provided.

Ecobank also plans to launch an SME Mentorship program to collaborate with successful entrepreneurs. Taken together, the MySME Growth Series reflects Ecobank’s dedication to fostering growth and success within the SME community.

The post Ecobank MySME Growth Series webinar: AI Holds the Key to Business Development, Says Erhabor appeared first on Tech | Business | Economy.

Charles Okonkwo, general manager, Enterprise Marketing, MTN Nigeria, made this submission in his presentation titled: Positioning your brand for a success in a competitive market, delivered at the Ecobank MySME Growth Series webinar.

He stated that it was important for SME promoters to play closer attention to their brands to foster deeper connections with customers and differentiate them in the crowded marketplace.

According to him,

“navigating the intricacies of a fiercely competitive market, SMEs must know how the brand is perceived by the target customers. They must humanize and position to make strong brand statements. Ultimately, success in a competitive market hinges on the ability to carve out a distinctive and resonant brand identity, positioning the brand strategically, and effectively managing resources to achieve desired outcomes.”

He explained that a brand is not about the logo or tagline but everything the company stands for and how it shows up at all times, adding that customer feedback and engagement was imperative to ascertain the brand’s strengths and weaknesses.

Mr. Okonkwo further called on SMEs to leverage digital and traditional channels to reach their target customers to share their stories and reinforce their brand promise, listing the core areas of strengths and competitive advantage such as price, service delivery, innovation, and brand strength as product differentiation to address customers’ ‘unmet’ and emotional need.

Ecobank MySME Growth Series which started in February this year is designed to empower SME operators across the country.

It is part of the bank’s commitment to train over 1 million SME operators in various sectors of the economy in 2024.

The training will provide resources for starting a business, registration processes, industry statistics, and essential considerations for running a business.

The series cover key topics such as accounting, credit, sales & marketing, taxation, and inventory management.

Additionally, articles on key topics like increasing sales, advertising ideas, business management practices, case studies, and leveraging technology will be provided.

Ecobank also plans to launch an SME Mentorship program to collaborate with successful entrepreneurs.

Taken together, the MySME Growth Series reflects Ecobank’s dedication to fostering growth and success within the SME community.

The post Expert Canvasses for Brand Repositioning For SMEs appeared first on Tech | Business | Economy.