According to Payoneer’s SMB Ambitions Barometer, 61% of surveyed small and medium-sized businesses are planning to use artificial intelligence (AI) or are already piloting it in their operations within the next two years.
This echoes the finding that a significant majority (58-65%) of businesses are embracing digitalization to make their operations more efficient, allocate resources effectively, and provide improved products and services that cater to the changing demands of their customers.
The SMB Ambitions Barometer is born out of Payoneer’s passion for supporting and celebrating businesses that have expanded or are looking to grow internationally. It measures and highlights the ambitions and challenges of thousands of entrepreneurs and business owners across 15 countries, including the Philippines.
A new way of doing business
In recognizing the foreseeable impact of AI, Payoneer joined Dominic Vincent Ligot, the founder and chief executive officer of Cirrolytix, to reveal the opportunities offered by the new technology to businesses.
AI is the simulation of human intelligence in machines. One of its key products is machine learning, where programs can learn and adapt to data without human assistance.
According to Ligot, AI has two main approaches. Discriminative AI is often used for image or speech recognition. This concentrates on predicting and classifying data, which can be used for fraud detection and risk assessment tasks.
Meanwhile, generative AI is used to create content based on data. This is ideal for chatbots, automated content creation, and text-to-speech systems.
When used properly, AI can streamline the workforce in terms of productivity, efficiency, and the thorough development of its output. Businesses can leave laborious and time-consuming tasks like analysis, customer care, and content creation to AI while they focus on expanding and promoting their products and services to a larger market.
The operational efficiency of AI has led to criticism that it could lead to job losses. AI, however, has proven to be a tool that employees can use for their own benefit. Recent studies from Microsoft and the Massachusetts Institute of Technology showed that AI improved their employees’ job performance and that they are comfortable using it. At Microsoft, 70% of employees said they would delegate their work to AI to reduce their workload.
Payoneer empowers SMBs to grow with reliable technology
SMBs recognize the transformative power of emerging technologies to enhance efficiency, expand capabilities, and unlock new growth opportunities. Embracing these technologies, including AI, will allow them to expand their business internationally. This supports the SMB Ambitions Report’s finding that 72% of businesses are determined to go global, believing it will increase their revenue and customer base.
“AI is not just the future; it is here and now and holds tremendous power for SMBs in the Philippines. Payoneer understands the unique challenges and aspirations of SMBs, and we are committed to being the bridge that connects them with transformative technology. Our mission is clear: to empower every business in every market with the technology to thrive,” says Monique Avila, Senior Director of Customer Success Management for APAC.