The Business Development Bank of Canada introduced a data to AI program for small and medium-sized businesses.
The program provides tools, advice, and solutions to support companies in speeding up their growth and innovation.
In a recent BDC study, just 39 percent of companies reported using AI; however, 66 percent were able to identify AI tools based on a given list. This result suggested that many companies did not know of the AI capabilities built into their tools.
The BDC data to AI program takes a structured approach, offering users training and customized advice. This includes a detailed roadmap intended to modernize businesses and improve productivity by highlighting specific steps and milestones.
Moreover, the program provides assessments and solutions for protecting client information.
The entire cost of integrating AI, cybersecurity, and automation will be shouldered through financing, supporting the roadmap.
The bank’s research has shown that most companies using AI reported greater efficiency, reduced costs, increased sales, enhanced customer services, and boosts in sales, production and inventory management.
“We believe that every small business needs and deserves the opportunity to benefit from the power of AI. Our tailored solutions provide the guidance and support needed to integrate these technologies seamlessly and securely into entrepreneurs' operations and help them increase their productivity,” said Véronique Dorval, BDC executive vice president and COO, in a statement.
The recently published Infosys CMO Radar 2024 global report revealed that AI has been increasingly incorporated into marketing activities and generates value for the businesses, strengthening CMOs’ leverage in strategic corporate decisions. Nonetheless, a KPMG Canada study showed that many employees are unaware of employer-imposed controls on the use of generative AI.
BDC focuses on catering to entrepreneurs. The bank offers risk capital solutions to support innovation through its BDC Capital investment arm