SMEs look to technologies for competitive edge

AT LEAST 80 percent of domestic small and mediumsized enterprises (SMEs) believe they will have to invest in automation or other advanced technologies, such as artificial intelligence (AI), 3D printing and robotics over the next three to five years in order to remain competitive.

This is according to the 2018 Business Partners Limited SME index, which also found that 67 percent of the SME owners surveyed in the first quarter of this year felt that the evolution of such technology had not yet contributed to the growth of their businesses.

Business Partners’ regional general manager Jeremy Lang said that it was undeniable that the Fourth Industrial Revolution had already started to take the world by storm.

“Technologies such as AI are becoming more of a common feature in society and in the business realm. As such, it is imperative for local SMEs to strategise how they can start to incorporate these technologies in their businesses and benefit from them.”

Lang said that despite the talk about how AI might jeopardise jobs, it was important to note that during the development of the previous three industrial revolutions many jobs evolved into new positions.

“This is supported by a recent report by Gartner which states that by 2020 AI will generate 2.3 million jobs, exceeding the 1.8 million that it will wipe out.”

On the risk of cyber attacks, Lang said AI tools could be used to protect data from hackers by using machine learning to detect threats and unusual behaviour.