Generative artificial intelligence in small and medium enterprises: Navigating its promises and challenges
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Date
2024-09
Publication Type
Journal Article
ETH Bibliography
yes
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Abstract
The latest technological developments in generative artificial intelligence (GenAI) offer powerful capabilities to small and medium enterprises (SMEs) as they facilitate the democratization of scalability and creativity. With little technical expertise or financial resources, SMEs can leverage this technology to streamline work processes and unleash innovation, improving their product offerings and long-term competitiveness. In this article, we discuss how SMEs can navigate both the promises and challenges of GenAI and offer a roadmap for deploying the technology. We then introduce a sailing metaphor that reveals key strategic dimensions for GenAI deployment: competency of employees, effective leadership and work values, organizational culture, collaboration and cooperation, and relationships with third parties. We conclude with practical recommendations for successfully deploying GenAI in SMEs.
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Publication status
published
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Journal / series
Volume
67 (5)
Pages / Article No.
629 - 648
Publisher
Elsevier
Event
Edition / version
Methods
Software
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Date collected
Date created
Subject
Generative artificial intelligence; Small and medium enterprises; AI management; Competitiveness; Digital innovation
Organisational unit
03719 - von Krogh, Georg / von Krogh, Georg
00002 - ETH Zürich