Leveraging ChatGPT for Empowering MSMEs: A Paradigm Shift in Problem Solving
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...
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MDPI AG
2024-01-01
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| author | Gautam Bapat Rinku Mahindru Anuj Kumar Aruna Dev Rroy Sanjay Bhoyar Sonia Vaz |
| author_facet | Gautam Bapat Rinku Mahindru Anuj Kumar Aruna Dev Rroy Sanjay Bhoyar Sonia Vaz |
| author_sort | Gautam Bapat |
| collection | DOAJ |
| description | 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. |
| format | Article |
| id | doaj-art-9199ce214edf44caaef1b0f7af100d8f |
| institution | OA Journals |
| issn | 2673-4591 |
| language | English |
| publishDate | 2024-01-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Engineering Proceedings |
| spelling | doaj-art-9199ce214edf44caaef1b0f7af100d8f2025-08-20T02:11:05ZengMDPI AGEngineering Proceedings2673-45912024-01-0159119710.3390/engproc2023059197Leveraging ChatGPT for Empowering MSMEs: A Paradigm Shift in Problem SolvingGautam Bapat0Rinku Mahindru1Anuj Kumar2Aruna Dev Rroy3Sanjay Bhoyar4Sonia Vaz5WPU School of Business, Dr. Vishwanath Karad MIT World Peace University, Pune 411038, IndiaMasters’ Union School of Business, Phase II, Udyog Vihar, Sector 20, Gurugram 122022, IndiaApeejay School of Management, Sector VIII Institutional Area Besides DTC, Sector 8 Dwarka, New Delhi 110077, Delhi, IndiaRoyal School of Commerce, Royal Global University, NH-37, opp. Tirupati Balaji Temple, Betkuchi, Guwahati 781035, IndiaNational Institute of Construction Management and Research, Post Office, 25/1, NICMAR University, N.I.A, Balewadi Rd, Ram Nagar, Baner, Pune 411045, IndiaDepartment of Economics, Rosary College of Commerce and Arts, Butica, Navelim, Salcete 403707, IndiaThis 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.https://www.mdpi.com/2673-4591/59/1/197ChatGPTMSMEtechnology adoptionchatbotsartificial intelligence |
| spellingShingle | Gautam Bapat Rinku Mahindru Anuj Kumar Aruna Dev Rroy Sanjay Bhoyar Sonia Vaz Leveraging ChatGPT for Empowering MSMEs: A Paradigm Shift in Problem Solving Engineering Proceedings ChatGPT MSME technology adoption chatbots artificial intelligence |
| title | Leveraging ChatGPT for Empowering MSMEs: A Paradigm Shift in Problem Solving |
| title_full | Leveraging ChatGPT for Empowering MSMEs: A Paradigm Shift in Problem Solving |
| title_fullStr | Leveraging ChatGPT for Empowering MSMEs: A Paradigm Shift in Problem Solving |
| title_full_unstemmed | Leveraging ChatGPT for Empowering MSMEs: A Paradigm Shift in Problem Solving |
| title_short | Leveraging ChatGPT for Empowering MSMEs: A Paradigm Shift in Problem Solving |
| title_sort | leveraging chatgpt for empowering msmes a paradigm shift in problem solving |
| topic | ChatGPT MSME technology adoption chatbots artificial intelligence |
| url | https://www.mdpi.com/2673-4591/59/1/197 |
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