Five key benefits of AI for women in business
Artificial Intelligence (AI) has reshaped the way people live, work and interact with the world – from managing everyday tasks to revolutionising industries such as healthcare, finance and marketing.
For women entrepreneurs, in particular, the rise of AI opens up exciting new possibilities. It offers smart, accessible tools that can help streamline operations, enhance customer engagement and make data-driven decisions with greater ease. AI can help close longstanding gaps in access to resources and information, empowering women to compete more fairly in male-dominated sectors.
Nicole Sykes, National Head, Women in Business at FNB, unpacks five benefits that can support women in business and complement technological advancement to foster a more inclusive and dynamic business environment.
ALSO READ: Hidden dangers of increasingly advanced AI assistants
Enhanced decision-making
She says AI-powered analytics tools can provide women entrepreneurs with valuable insights into market trends, customer behaviour and business performance.
By analysing large sets of data, AI can help identify patterns and forecast future trends, enabling business owners to make informed decisions that drive strategic growth.
'For instance, AI can analyse sales data to predict inventory needs or assess the effectiveness of marketing campaigns.'
Personalised customer experience
Sykes adds that AI can enhance customer interactions through chatbots and virtual assistants that offer 24/7 support.
'These tools can handle routine inquiries, schedule appointments, and provide personalised recommendations based on customer data. This level of personalisation helps build stronger relationships with clients and improves customer satisfaction, which is crucial for business success.'
ALSO READ: Will AI replace your psychologist?
Operational efficiency
'Automating routine tasks with AI can free up valuable time for women entrepreneurs to focus on strategic aspects of their business,' says Sykes.
From automating financial processes like invoicing and payroll to managing supply chains and inventory, AI can streamline operations and reduce administrative burdens.
'This increased efficiency can be particularly beneficial for small to medium-sized enterprises (SMEs) with limited resources.'
Marketing and sales optimisation
She emphasises that AI-driven marketing tools can help women entrepreneurs create targeted advertising campaigns and analyse their effectiveness.
'AI algorithms can segment audiences based on various factors such as behaviour and demographics, allowing for more precise and cost-effective marketing strategies. Additionally, AI can assist in A/B testing, optimising email marketing, and predicting customer churn.'
Financial management
Sykes adds that AI can play a significant role in financial management by providing real-time insights into cash flow, expenses, and investment opportunities. AI-based financial tools can help with budgeting, forecasting and identifying potential financial risks.
'These insights empower women entrepreneurs to manage their finances more effectively and make data-driven financial decisions.'
NOW READ: 'AI already reshaping traditional job functions,' says Microsoft SA
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