The coming in of the fourth industrial revolution has come with many changes. Smart technology has been introduced and markets for SMEs have not been spared since each business is going smarter. This book chapter comprises a narrative analysis on the relationship between artificial intelligence and data analytics and SMEs' markets in Zimbabwe. Bibliometric analysis was done and searches of literature on platforms like Google Scholar and Scopus was done. Literature reviewed was from the period 2013 to 2023. It was found that SMEs are being affected by the changes in technology and there was need for governments to intervene so that SMEs move with trends so that they do not fail.
Top2. Background Of The Study
Today, the most important business tool for progressive SMEs is data analytics. It gives one
the capacity to make deft decisions based on precise insights rather than speculation or
looking back. Data analytics will become more and more important as businesses look to
out- perform their rivals.
Decision makers today have access to a vast array of data that can provide them with deeper insights than they did in the past when they were analyzing financial reports and company plans to decide how to move forward. They are able to observe not only what has previously worked, but also why and how it did so. Because of the increased amount of detail, decisions may be made with much more accuracy. It also lessens the possibility of missing time and resources on experiments that don’t work out, freeing up more time and funds for projects with a high chance of success.
Artificial intelligence (AI) is the intelligence exhibited by machines, as opposed to human intelligence. Artificial intelligence is represented by a system of intelligent agent machines that understands its surroundings in order to successfullyaccomplish its objective. Artificial intelligence, according to Russel and Norvig (2016), is the term used to characterize devices (computers)that mimic the emotive and cognitive capacities of humans. Artificial intelligence has advanced tremendously over the past few decades, thanks to the hard efforts of specialists who have laboured to expand the field's concepts.
The effort produced some significant advancements, such as machine learning and big data analytics applications in a variety of contexts and sectors. When someone hears the term artificial intelligence, they typically only consider artificial intelligence (AI) applies to any type of machine that needs to think like a human in orderto produce continuous learning and problem solving. These are the characteristics of AI that make it unique. Occasionally, people find repetitive tasks boring or dull; however, with the aid of a machine, people never have to experience a job that is boring. An artificially intelligent system performs repetitive tasks for humans continuously.
Data ingestion is a very important feature of artificial intelligence. Artificially intelligent systems work with enormous amounts of data. The artificial intelligence system gathers data based on requirements and artificial intelligence algorithms portions of information. Businesses like Google and Amazon manage enormous amounts of data that are too big for people to evaluate. Furthermore, multiple data on multiple individuals, numerous machines, and multiple sources are stored by an artificially intelligent system.
This can all show up on the system concurrently or asynchronously. Systems with AI capabilities are made to notice and respond to their environment. They observe their surroundings, behave in accordance with their perceptions, and consider potential future scenarios. For instance, AI can forecast a machine's breakdown time by using historical data.