Orkhan Mammadov: AI application could reduce business costs by up to 30%

It is impossible to talk about a country's economic development without achieving the development of women's entrepreneurship, according to Orkhan Mammadov, Chairman of the Board of the Azerbaijan Small and Medium Business Development Agency (KOBIA), Report informs.

He made the remark during a panel discussion at the international conference in Baku within the framework of the Conference on Interaction and Confidence Building Measures in Asia (CICA) themed Amplifying Women's Voices for Sustainable Development.

Mammadov recalled that approximately 50 years ago, there were virtually no women as company leaders: "Now we are talking about concrete progress. The formation of digitalization and innovative entrepreneurship also has a positive impact on the development of women's entrepreneurship. At the same time, compared to large companies, small and medium-sized business entities often operate under conditions of limited financial and human resources and a lack of technical knowledge. However, artificial intelligence has the potential to reduce operational costs by up to 30 percent and increase business revenues by up to 34 percent."