BDC Launches Data to AI Program to Aid Canadian Businesses in AI Adoption
The Business Development Bank of Canada (BDC) has launched its Data to AI Program, aiming to help Canadian small and medium-sized businesses (SMEs) adopt artificial intelligence (AI) to boost productivity and competitiveness.
Montreal, Canada – December 4, 2024 – The Business Development Bank of Canada (BDC), Canada's bank for entrepreneurs, today announced the launch of its Data to AI Program. This initiative is designed to help small and medium-sized businesses (SMEs) demystify and adopt artificial intelligence (AI), ultimately enhancing their productivity and competitiveness.
The program addresses the often-overlooked adoption of AI within Canadian businesses. BDC research indicates that while many SMEs utilize AI tools integrated into existing software, a significant portion (up to 66%) do not recognize their current use of AI, with only 39% believing they actively employ it. The Data to AI Program aims to bridge this awareness gap and provide practical pathways for AI integration.
BDC's initiative offers a structured approach, including training, personalized advice, and the development of a strategic roadmap for businesses seeking to modernize operations. The program also includes access to financing options to cover the costs associated with integrating AI, automation, and bolstering cybersecurity measures, which BDC highlights as crucial components for digital transformation.
Examples of the program's application are being highlighted, such as the case of Vortex Aquatic Structures International. With BDC's support, Vortex developed an AI readiness roadmap, outlining specific projects, resources, and suppliers. This included plans for an internet scraping tool for investment information and a customer service chatbot, demonstrating the tangible benefits of strategic AI adoption for increased efficiency and improved customer engagement.