Unlocking business growth with generative AI in SMEs: opportunities, challenges, the human-ai collaboration
Unlocking business growth with generative AI in SMEs: opportunities, challenges, the human-ai collaboration

Author(s): Anita Kyurova
Subject(s): Economy, Business Economy / Management, ICT Information and Communications Technologies
Published by: Международно висше бизнес училище
Keywords: generative AI; ChatGPT; digital transformation
Summary/Abstract: In the era of digital transformation, small- and medium-sized enterprises are recognizing the transformative potential of generative artificial intelligence in driving innovation, efficiency, and growth. Generative AI solutions can transform SME’s business environment by automating tasks, improving customer relations, stimulating data-driven decision making and cost-saving opportunities. However, its adoption raises important challenges. From data privacy and security concerns to ethical implications and workforce dynamics, the integration of AI into business workflows requires careful planning and oversight. Effective collaboration between humans and artificial intelligence is essential for navigating challenges and capitalizing on the opportunities presented by generative AI. In this context, the aim of this paper is to explore the opportunities and challenges of generative AI in SME’s digital transformation endeavors; the importance of the “human-in-the-loop” practices and strategic business approaches for business success. This study investigates the adoption and utilization of generative AI among small and medium-sized enterprises in Bulgaria and provides insights into the current landscape of AI adoption. By embracing the potential of generative AI in the context of digital transformation, SMEs can position themselves for sustained growth and competitive advantage in the constantly changing data-driven environment.

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