Leveraging ChatGPT for Empowering MSMEs: A Paradigm Shift in Problem Solving

Abstract

This paper delves into the potential of harnessing ChatGPT, an AI-driven language model, to empower micro, small, and medium enterprises (MSMEs) by revolutionising their approach to problem solving. The research aims to explore the integration of ChatGPT into MSME operations and evaluate its impact on enhancing their problem-solving efficiency. By scrutinising the literature and reviewing several case studies, a comprehensive framework emerges, detailing the utilisation of ChatGPT as a problem-solving tool for MSMEs. This involves training the model with industry-specific data and incorporating it into MSME communication channels, enabling intelligent responses to queries. The results highlight the substantial improvement in problem-solving capabilities, with the model’s real-time assistance diminishing response time, elevating accuracy, and furnishing tailored solutions to intricate challenges. However, limitations arise from the model’s reliance on existing data, potentially introducing biases. Significantly, this research offers practical implications for both MSMEs and policymakers. ChatGPT’s integration holds promise in terms of heightened efficiency, productivity, and competitiveness for MSMEs, counteracting resource constraints, and fostering growth. Policymakers can aid this transition by formulating ethical guidelines to ensure the equitable and transparent application of AI in the MSME sector. This study’s novelty lies in its focus on MSME empowerment through ChatGPT integration, bridging a research gap. Its value emanates from the actionable insights provided, offering guidance to MSMEs, policymakers, and practitioners keen on leveraging AI-driven solutions to amplify problem-solving capacities within the realm of MSMEs.

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