Empowering SMEs “Harnessing the Potential of Gen AI for Resilience and Competitiveness”

Abstract

This study investigates how generative artificial intelligence (Gen AI) can enhance the resilience and competitiveness of small and medium enterprises (SMEs). The central question addressed is: How can SMEs leverage Gen AI to navigate challenges and capitalize on opportunities in an evolving digital landscape? We argue that Gen AI offers transformative potential for SMEs by automating processes, enhancing decision-making and fostering innovation, thereby improving their ability to adapt and thrive amidst market uncertainties. Through a comprehensive analysis of SMEs and Gen AI, this article underscores the importance of strategic AI integration, addresses the associated challenges, and provides policy recommendations to support SMEs in harnessing AI for sustainable growth. By exploring real-world examples and theoretical insights, we aim to equip SMEs with the directions, actions, and strategies necessary to succeed in the Gen AI era.