Accelerating SME growth in the African context: Harnessing FinTech, AI, and cybersecurity for economic prosperity

Chinwe Chinazo Okoye,; Ekene Ezinwa Nwankwo,; Favour Oluwadamilare Usman,; Noluthando Zamanjomane Mhlongo,; Olubusola. Odeyemi,; Chinedu Ugochukwu Ike,

doi:10.30574/ijsra.2024.11.1.0231

Cited by 2 publications

References 64 publications

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Adoption of artificial intelligence for manufacturing SMEs’ growth and survival in South Africa

Akoh

2024

IJRBS

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This study advances research and practice related to adopting artificial intelligence (AI) in the context of South Africa (SA). The study evaluated AI adoption by South African manufacturing Small and Medium Enterprises (SMEs); established the challenges faced by manufacturing SMEs in adopting AI; and developed a framework for adopting AI for manufacturing SMEs’ growth and survival. The study adopted a systematic literature review approach. Articles from Scopus and Google scholar databases, ranging from the years 2018 to 2024, were used. Of the 206 articles found, 54 were shortlisted. The systematic review analysis was performed using the PRISMA framework. The results identified AI adoption by South African manufacturing SMEs is low, limiting their innovation and productivity. The results also show, despite the numerous benefits AI adoption can offer manufacturing SMEs in the country, a major constraint is the lack of a framework to enhance adoption and implementation. Hence, this study was conducted to develop a framework to improve AI adoption by South African manufacturing SMEs. The findings contribute to the body of knowledge and provide new insights to manufacturing SME owners/managers, policymakers and practitioners into AI adoption to enhance manufacturing SMEs’ ability to compete on the global stage.

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Adoption of artificial intelligence for manufacturing SMEs’ growth and survival in South Africa

Akoh

2024

IJRBS

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Maximising the Potentials of Small and Medium Scale Business Enterprises in Developing Nations Through the Use of Artificial Intelligence

Michael

2025

Advances in Business Strategy and Competitive Advantage

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The modern human society has seen the drastic impact of modern technologies and it is an undeniable fact that these new tools have significantly affected all facets of human interaction and have tremendously impacted human activities, either by causing mild alteration in the nature and structure of the contemporary world, or directly revolutionizing all the sections and sectors of human endeavors. In fact, one area the effects of technologies have been felt is the economy and the commercial sector. Technologies have continued impact and improve businesses across the world, and commercial activities have drifted towards the power and whims of the contemporary technological realities. Hence, many big businesses are adjusting their operations to utilise these new tools for productivity and profitability; affording them enormous competitive advantages. However, studies have showed that SMEs cannot afford expensive technologies or lack the financial wherewithal to adopt technological innovations. Worse still, SMEs in the developing nations contend with several challenges, and it has been determined that more than 80% of SMEs collapse or die during their first three years. The informal sector in every nation is key to the survival of every country, and if struggling nations continue to experience high business mortality in the informal sector, then the economy of the developing countries will continue to nosedive. Therefore, this work recognizes the transformative power of artificial intelligence and its potentials to improve SMEs. Therefore, this work seeks to examine how the developing nations can utilise AIs for more productivity, performance, engagement, business optimization and profitability amidst stiff challenges and the overwhelming influences of big businesses and multinationals.

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Accelerating SME growth in the African context: Harnessing FinTech, AI, and cybersecurity for economic prosperity

Cited by 2 publications

References 64 publications

Adoption of artificial intelligence for manufacturing SMEs’ growth and survival in South Africa

Adoption of artificial intelligence for manufacturing SMEs’ growth and survival in South Africa

Maximising the Potentials of Small and Medium Scale Business Enterprises in Developing Nations Through the Use of Artificial Intelligence

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