Augmenting Innovation: Artificial Intelligence among Women Entrepreneurs

Abstract

Artificial intelligence is the most powerful tool in this decade that augments innovation in all areas of business. It promotes entrepreneurship through automating several processes like demand forecasting, automated bookkeeping, personalized customer experience, innovative marketing strategies, product design, etc. AI has been adopted by women entrepreneurs, especially after the COVID-19 pandemic. It helps them improve their sales and reduce their efforts. Still, they are confronting a lot of constraints on AI implementation, like the huge cost of installation, a lack of digital skills, a lack of sufficient resources, etc. (Aiswarya and Sangeetha, 2022). The present study aims to understand the perceptions of women entrepreneurs towards the adoption of AI in their businesses. Data was collected through a structured questionnaire and was conveniently collected from a sample of 250 women entrepreneurs from five different districts in Kerala, India, registered under the District Industries Centre (DIC). Cronbach’s alpha test was conducted to test the reliability of the questionnaire. A three-point and five-point Rensis Likert scale was used for measuring the perception of women entrepreneurs towards AI. Statistical analyses are conducted using weighted averages, measures of dispersion, one-way ANOVA, chi-square tests, and factor analysis. SEM Association between women entrepreneurs’ awareness towards artificial intelligence and its tools, usage of AI in their business, nature of benefits realized (positive impact of AI on their business), and nature of challenges faced by them while implementing AI.