Using artificial intelligence to support growth

Here are some guiding principles for planning growth with AI, along with examples of applications accessible to SMEs. 

Technological maturity: a key stage in business development 

The agility underpinning the success of many SMEs can become an obstacle to growth. “Processes often rely on individual people rather than on methods that can be easily replicated, and information is scattered across emails and informal files instead of being clearly documented,” continues Dion. “Decisions are made on a case-by-case basis rather than using consolidated data.” Growing a business without first addressing these challenges risks simply amplifying the problems.  

Principles for keeping pace 

To remain competitive, SMEs should view the integration of AI into their activities much like the internet or electricity. “With more than 800 million users just three years after its launch,¹ ChatGPT has seen what may be the fastest uptake of any consumer product in history,” notes Dion. Given the breakneck pace of change in this technology, he encourages SME owners to keep in mind a few timeless principles: 

1. Develop a clear business strategy for AI
   Specify how this technology fits into the organization’s growth plan. 
2. Appoint a person responsible for AI governance 
   This individual tracks technological developments and serves as a point of reference within the organization.  
3. Define clear usage rules
   For example, specify what can be fully automated by AI, what requires validation and what should remain under human responsibility. 
4. Build a robust knowledge management strategy 
   The business must collect high-quality data from various sources and structure it to support AI systems.
   “Although they might not become technology leaders overnight, SMEs must be ready and curious as they face the greatest paradigm shift of our working lives.”
   - Frédérick Dion, Regional Vice-President — Commercial Banking and Private Banking 1859, National Bank 

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10 practical applications of AI 

For AI to contribute to growth, its general principles need to translate into concrete day-to-day applications. “The goal is not to replace people but to help them make better decisions,” says Dion. 

Simple projects that automate repetitive tasks or organize data are accessible to most SMEs. Some investment, along with collaboration with technology partners, can open the door to more advanced systems capable of analyzing trends and recommending actions.  

Invoicing and accounting 

• Simple projects: automatic processing of invoices and accounting reconciliations, such as employee expense accounts 
• Detecting billing anomalies and optimizing cash flow  

Order and request management

• Simple projects: chatbots that filter simple requests before human intervention is required 
• Chatbots that can place requests in order of priority, assign them to individuals and suggest solutions based on historical data and operational workload 

Client data management 

• Simple projects: consolidating available client information and preparing a summary ahead of a meeting 
• Advanced systems: recommending business opportunities based on client behaviour and industry-specific standards 

Operations and inventory monitoring 

• Simple projects: demand forecasting and alerts when critical thresholds are reached to prevent stock shortages 
• Advanced systems: real-time supply adjustments based on sales, seasonality and historical data 

Marketing and communications 

• Simple projects: tailoring promotional content for different channels, such as a newsletter and a series of social media posts 
• Advanced systems: generating dynamic advertising campaigns where each client receives real-time personalized offers based on their purchasing journey