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

Elias George Carayannis · Roman Dumitrescu · Tommy Falkowski · Nikos - Rigert Zotas

90 citations0/0 files storedIEEE Transactions on Engineering Management

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Impact of AI and Big Data on Business and Society Artificial Intelligence Applications Business Strategy and Innovation

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.

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References

2011The New Field of Sustainable Entrepreneurship: Studying Entrepreneurial Action Linking “What is to be Sustained” with “What is to be Developed”2019A dynamic perspective on the resilience of firms: A systematic literature review and a framework for future research 2019Innovation capability in SMEs: A systematic review of the literature 2024Artificial Intelligence Adoption by SMEs to Achieve Sustainable Business Performance: Application of Technology–Organization–Environment Framework 2023Digital Technology Adoption in SMEs: What Technological, Environmental and Organizational Factors Influence in Emerging Countries?2022Artificial Intelligence and Reduced SMEs’ Business Risks. A Dynamic Capabilities Analysis During the COVID-19 Pandemic 2024Building entrepreneurial resilience during crisis using generative AI: An empirical study on SMEs 2022Small and Medium Enterprises (SMEs) facing an evolving technological era: a systematic literature review on the adoption of technologies in SMEs

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