As the global economy becomes more interconnected, small- and medium-sized businesses (SMBs) in Pakistan have unique opportunities to leverage technology for growth. Among the most transformative technologies is artificial intelligence (AI), which can revolutionize operations, customer engagement, and market expansion. Insights from Payoneer’s SMB Ambitions Barometer Report 2024 underscore the critical role AI can play in empowering SMBs in Pakistan to thrive in a competitive landscape.
The report indicates that a significant number of SMBs in Pakistan, 61%, recognize AI’s potential to enhance global exposure. This optimism is well-founded, as AI can improve various business operations, from customer service to supply chain management, driving efficiency and innovation.
AI can significantly impact customer engagement by enabling businesses to analyze customer data for insights into preferences and behaviors. This information allows for tailored marketing strategies and personalized interactions, enhancing service delivery. For instance, AI-powered chatbots can provide 24/7 customer support, addressing inquiries in real-time and boosting customer satisfaction.
Moreover, AI can streamline operations by automating routine tasks, allowing businesses to allocate resources more effectively and focus on strategic initiatives. For example, AI can optimize inventory management by predicting demand patterns, reducing excess stock, and minimizing costs. This efficiency is crucial for SMBs competing globally, enabling swift responses to market changes.
The report also highlights that 56% of SMBs in Pakistan believe digitization has lowered barriers to entering the global market. By integrating AI, these businesses can enhance their digital capabilities, localizing content and improving translation accuracy to resonate with diverse audiences.
However, challenges remain, including limited access to capital and a lack of technical expertise. To overcome these hurdles, investing in training and collaborating with technology providers can facilitate effective AI adoption. Additionally, 74% of respondents view the pace of technological change as a driver of innovation, presenting an opportunity for SMBs to embrace AI and continuously improve their offerings.
In conclusion, AI holds immense potential for driving growth among SMBs in Pakistan. By enhancing customer engagement, streamlining operations, and expanding global reach, these businesses can thrive in the marketplace, contributing to a more dynamic local economy.
