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AI-driven business analytics for SMES: Unlocking value through predictive and prescriptive analytic
1 School of Business, Worcester Polytechnic Institute, Massachusetts, USA.
2 Independent Researcher, Massachusetts, USA.
3 Institute of Science and Technology for Development, Worcester Polytechnic Institute, Massachusetts, USA.
4 Independent Researcher, Alimosho, Lagos, Nigeria.
Review
International Journal of Science and Research Archive, 2024, 13(01), 3009–3022.
Article DOI: 10.30574/ijsra.2024.13.1.2001
Publication history:
Received on 10 September 2024; revised on 20 October 2024; accepted on 23 October 2024
Abstract:
Introduction: With an emphasis on predictive and prescriptive analytics, this study examines the revolutionary implications of AI-driven analytics on small and medium-sized organizations (SMEs). SMEs play a crucial role in the global economy and require advanced solutions to improve decision-making and operational efficiency. The research aims to explore how AI-powered analytics, particularly in predictive and prescriptive forms, can add value to SMEs by enhancing demand forecasting, customer behavior insights, and financial planning. To determine how AI-driven analytics might affect SMEs, a thorough assessment of the literature was undertaken. The study reveals that SMEs implementing predictive analytics experience notable improvements in areas such as inventory management, revenue generation, and overall operational efficiency. Furthermore, businesses that leverage prescriptive analytics benefit from optimized resource allocation, enhanced marketing strategies, and better risk management practices. These findings highlight the potential for AI to overcome key challenges faced by SMEs, including budget constraints and limited data availability. AI-driven analytics can provide valuable insights that allow SMEs to streamline operations and foster growth. With future trends pointing to greater accessibility and developments in machine learning, natural language processing, and the integration of AI with other cutting-edge technologies, like blockchain, AI-powered analytics offers substantial prospects for small and medium-sized enterprises.
Keywords:
Artificial Intelligence; Predictive Analytics; Prescriptive Analytics; Business Analytics; Small and Medium Enterprises
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
