How SMEs Can Survive and Thrive in the AI Era

For SMEs, one of the most challenging aspects of adopting AI is its pace of change. New models, tools, and techniques are emerging almost monthly, meaning what was cutting-edge last year might be standard (or even obsolete) next.

How can an SME even think about keeping up? According to the SME4DD project, the answer lies in a commitment to continuous learning, leveraging communities, and focusing on practical knowledge.

“It’s important to accept that you don’t need to know everything, you just need to know enough to make informed decisions and to identify opportunities and risks for your business,” explains Stefan Wendina, a transformative leader and innovator who teaches the SME4DD project’s AI for Business course.

In a new article, SME4DD offers some practical advice that SME professionals can use to help keep up with the latest AI trends:

1. Follow reputable sources: Dedicate a little time each week to read up on AI developments relevant to your business. This could be subscribing to a newsletter, following thought leaders on LinkedIn or Twitter who curate AI news, or reading industry publications.
2. Join networks and communities: There are many forums and networks where professionals share knowledge about AI. This can range from online communities (e.g., on LinkedIn or specialised forums for entrepreneurs) to local business meetups or webinars.
3. Upskilling and training: Investing in your own education (and your team’s) is one of the best strategies. This can be done by taking short courses, workshops, or certifications focused on AI in business, such as SME4DD’s AI for Business course.
4. Hands-on experimentation: One of the fastest ways to learn is by doing. Practical experience will teach you what the articles and courses might not, and you’ll likely gain intuition on how well a tool works, what pitfalls there are, etc.
5. Monitor regulatory developments: Remember that compliance is part of keeping up. Keep an eye on developments like the EU AI Act, and guidelines from bodies like the European Data Protection Board.