SMEs slow adoption of AI and Canada’s Productivity Crisis

On this episode, Jean-Sébastien Charest, chief information officer at the Business Development Bank of Canada discusses Canada’s productivity crisis. Canada’s labour productivity, which is measured by the real gross domestic product (GDP) by hours worked across the economy, has been compared with the United States and other advanced economies, and Canada is lagging behind.

Charest believes one key factor to Canada’s falling productivity is the underinvestment in new technologies, particularly the hesitance of Canadian businesses to embrace artificial intelligence (AI), especially among small and medium enterprises where AI adoption is slowest.

Canada is ranked 20th among 35 OECD (Organization for Economic Co-operation and Development) countries in AI adoption, so Charest outlines a practical “three horizon” strategy for AI integration to help these Canadian SMEs catch up.

This episode is a useful resource for any entrepreneur, business leader or professional looking to boost revenue and cut costs. Listen now to learn how AI can help close Canada’s productivity gap and its role as a transformative tool in reshaping the country’s businesses and economy.