Elevating Small Business Performance With Emerging Technologies and Artificial Intelligence in Africa

Abstract

A sustainable economy, particularly in the context of the fourth industrial revolution (4IR), necessitates a robust and globally competitive manufacturing sector. However, our understanding of how this emerging and rapidly changing technology impacts corporate performance, especially regarding turnover in small enterprises, may be lacking. This chapter examines the impact of developing technologies on the performance of small manufacturing enterprises, with a particular emphasis on Nigeria, the largest consumer market in Africa. Research indicated that developing technologies significantly influenced the business performance of SMEs in Nigeria. The research concludes that new technologies can improve the business performance of small manufacturing enterprises. Small businesses are advised to leverage AI to create disruptive innovation through innovative business models and processes, potentially transforming the manufacturing industry and global competitive landscape.