The importance of small-to-medium enterprises (SMEs) on Canada’s economy cannot be understated. In fact, 99.8 per cent of all Canadian businesses are SMEs and around 50 per cent of Canada’s GDP is generated by SMEs.
For SMEs to not only maintain but strengthen their economic power, they must embrace the technological force transforming the global economy: generative AI.
According to our recent report with Accenture, generative AI is expected to save Canadian workers up to 125 hours a year, boosting productivity by 8 per cent and adding $187 billion annually to the economy by 2030.
For SMEs, this translates to an economic value of up to $100 billion per year by 2030—$70 billion from small businesses and $30 billion from medium-sized enterprises. Driving this economic value are the day-to-day benefits generative AI offers SMEs, such as increased operational efficiency, improved sales and marketing, and stronger customer and employee retention.
However, small businesses are concerned about their ability to retain a strong cybersecurity posture through their digital transformation and nearly half emphasize the challenge of upskilling talent to utilize the tools effectively. These findings point to a need for further education and support to help small businesses navigate the AI transformation.
To do so, SMEs must prioritize investing in technology upskilling by embracing AI-powered educational tools. These tools are more accessible than traditional learning programs, streamline administrative tasks, and offer personalized learning pathways, making skill development easier for everyone.
Microsoft is committed to supporting SMEs in their efforts to upskill their employees in generative AI. As part of our national AI skilling initiative, we are working with the Information and Communications Technology Council (ICTC) to execute customized generative AI training for small and medium-sized business leaders, board members, and other senior professionals from coast to coast. All Canadians can unlock new opportunities with AI skills that are in demand for free with our AI Skills Navigator.
Generative AI is transforming the economy, and SMEs must continue to upskill and reskill their teams to stay competitive. Investing in AI-driven learning will create a resilient workforce, future-proofing employees and operations for long-term success.
John Weigelt
National Technology Officer at Microsoft Canada
John Weigelt leads Microsoft Canada’s strategic policy and technology efforts. He helps individuals and organizations across Canada innovate with technology while avoiding the unintended consequences that might arise.
John has contributed to many technological efforts that established the foundation for the electronic services we take for granted today and he continues to lead efforts to evolve technology standards and policy. His extensive experience in technology, business and policy provides him with unique perspective of our technology enabled economy.
When he’s not thinking about what’s next in technology, you’ll either find John tending his bees, boiling maple syrup or brewing cider at his home or travelling the globe in search of his next culinary adventure.
