What is Artificial Intelligence (AI) and how can my business benefit from it?

What is Artificial Intelligence (AI) and how can my business benefit from it?

As a successful woman entrepreneur, taking advantage of all the technologies that are at our disposal is key. Understanding what Artificial Intelligence can do for you will help you manage your business seamlessly, freeing up your time, increasing sales and helping with marketing. And the best part is, it’s all pretty simple and most likely attached to your POS system.

Let’s talk about AI.

Artificial Intelligence (AI) the very quickly evolving ability for computer systems to perform tasks that traditionally require the thought and input of a human. Some examples of tasks that increasingly can be handled by AI include speech recognition, basic (and quickly advancing) decision-making, and pattern identification.

Machine Learning is one of the most common forms of artificial intelligence used today. It analyzes data that it collects and makes recommendations based on that information. Your information most likely is analyzed by one form of AI or another daily. This can have multiple benefits for your business. For example, it can track your clients’ transactions and generate information on what they are most likely to purchase at your establishment. If you collect client cell phone numbers, the system can generate coupons and promotions that can be shared with your clients via SMS messaging, making them more likely to return and make a purchase based on individualized recommendations. You can also track how often your clients visit and even how long they stay at your location. We all receive those messages from our favorite shops to come back and visit, check out their new inventory, sometimes even receive coupons for items we’ve been eyeing the last time we were in.

Marketing your business can also take up a lot of your time, but with AI you can send out emails and SMS messages quickly. AI systems can also track user interaction on your social media page and website pages and determine what users spend the most time looking at. This gives you a better idea of what your clients are most interested in. With that feedback you are able to reach those clients based on their interests; you’ll know what they want to see more of and what to remove all together from your marketing messages.

Increasing sales with AI takes the guess work out of trying to figure out what works and what does not. AI keeps track of every transaction that is made, what was included in the transaction, who made it, how much it cost the client, and how much profit you made from it. Your daily reporting can be made simple now by having AI analyze all the data from the day and generate a report for you.  With the information you requested you can track essentially everything that is going on in your business, from inventory reorder timing to what is selling faster and what is not.

An article in the Harvard Business Review states that AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees. The examples in this blog post bring to life how this might come to life for your business. AI can free up your time so you can focus on what is important to you and that’s running a successful business, whether it’s creating content for your social media pages, developing and coaching your team or interacting with your customers more frequently. Being out on the floor of your business or in front of you customers paints a picture of what your customers appreciate the most from what you have to offer.

AI is making it easier for you to get to those customers. Taking advantage of all that AI has to offer will only make your business more successful.

By Izabela Wdowiak, AVP | Private Client Operations Coordinator

About Izabela:

As Private Client Operations Coordinator, Izabela K. Wdowiak focuses on supporting all Kearny Bank Private Client Group functions, with emphasis on reporting, analytics, and informational dashboard development and maintenance. In addition, she monitors adherence to and compliance with all relevant policies and procedures.

A resident of Lafayette, NJ, Izabela is passionate about volunteering within her community. She holds a bachelor’s degree in Business Administration from Ramapo College and is currently pursuing a Master of Business Administration degree through Southern New Hampshire University. Izabela is also a Kearny Bank ChangeMakers Ambassador.