How Entrepreneurs Can Leverage Personalised AI for Business Success
By Roger James Hamilton, CEO and Founder of Genius Group
As an entrepreneur, staying ahead of the competition is key to achieving business success. As we move into Society 5.0, technology is rapidly advancing and is having quite an impact on the business world.
Not too long ago, technology was considered a separate department from all other business functions and today it is fast becoming embedded within the operations of a business. Cloud computing, automation and data storage are all key to helping an operation run efficiently, and now Artificial Intelligence (AI) has been thrown into the mix, presenting entrepreneurs with exciting opportunities to achieve business success.
The majority of people, whether students or businesspeople have experimented with ChatGPT since its launch, and in its basic form, it’s a great research tool but as its capabilities grow, so too do the opportunities for its use.
Personalised AI takes the basic AI model and elevates it for customisation, meaning the user can access personalised products and services relevant to them. Entrepreneurs can leverage this in several ways to drive business success, here are some key strategies for its use:
Personalised AI can analyse large volumes of customer data, including past purchases, browsing behaviour and demographics. This provides an entrepreneur with valuable insights into customer preferences and behaviour which can guide strategy and direction.
Entrepreneurs can use this information to effectively segment their customer base and create targeted marketing campaigns that resonate with individual customers, increasing engagement and conversion rates.
Customised Customer Service
What we knew as customer service has certainly changed in recent years. AI-powered chatbots and virtual assistants are now available to customers, delivering personalised customer service at scale. These intuitive AI systems can understand customer enquiries, provide relevant information and offer personalised solutions. Entrepreneurs can improve response times to queries and completely enhance the customer experience. With the AI tools at their disposal, a business can also provide 24-hour customer service without paying staff, meaning resources can be focused on other areas of the business.
Dynamic Pricing and Offers
Because AI algorithms can analyse customer behaviour, market trends and competitor pricing, it provides insight for entrepreneurs who can use this information to optimise pricing strategies in real time and stay ahead of the competition.
By dynamically adjusting prices and offering personalised discounts or promotions relevant to each customer, entrepreneurs can maximise revenue, optimise inventory management and attract price-sensitive customers expanding their overall customer-base.
Who really enjoys long, drawn-out repetitive processes? With personalised AI technologies, those monotonous tasks can be fully automated, streamlining operations and improving overall efficiency, saving entrepreneurs a lot of time and resources.
Predictive Analytics and Forecasting
A key area for any entrepreneur and business is forecasting. It’s not an easy task to predict market changes or shifts effectively, but personalised AI algorithms can successfully analyse historical data to generate accurate predictions and forecasts. Entrepreneurs can really leverage these insights to make much better-informed business decisions, optimise resource allocation and proactively respond to market changes.
With the increased adoption of digitalisation, entrepreneurs must turn their focus to cybersecurity. With personalised AI, they can identify and respond to cybersecurity threats in real time. Using this tool, entrepreneurs can protect sensitive data, detect anomalies, and mitigate potential risks, ensuring the security of their business and customer information, which is crucial to overall operations.
One of the greatest things about personalised AI is how it learns. These systems can learn from customer interactions and feedback, continually improving their recommendations, responses and overall performance. Entrepreneurs can leverage this capability to govern their business strategy, they can refine their offerings, optimise processes and deliver increasingly personalised experiences to their customers, ensuring a better experience for them.
In summary, there are a plethora of ways and areas in which personalised AI can assist entrepreneurs, from personalised marketing efforts to improving product recommendations and even predicting customer behaviour.
This technology is a necessity for entrepreneurs to adopt and use to their advantage. Businesses can literally be transformed by AI’s ability to decode large amounts of unstructured data, providing better business clarity. The information derived from this data has the potential to revolutionise all industries. For entrepreneurs and startup businesses, the whole business operational side can become streamlined and made far more efficient.
Businesses can position themselves for long-term success in the ever-changing digital landscape by embracing AI and leveraging its potential. As adoption increases, we can only expect more intuitive user functions and a complete transformation of the business world as we know it.
About the Author
Roger James Hamilton is a New York Times bestselling author and Founder and CEO of Genius Group (NYSEAM: GNS), a multi-million dollar group of companies, headquartered in Singapore, which currently includes companies such as GeniusU, Entrepreneurs Institute, Entrepreneur Resorts, Education Angels, E-Squared Education, Property Investors Network, Revealed Films and the University of Antelope Valley. Genius Group has an acquisition plan to add in further acquisitions in 2022 to the Group. GeniusU is an Edtech company and platform providing over 4 million students and users with personalised learning paths and a platform used by partners to share their learning through customized learning journeys. GeniusU attracts 7,500 new students to join GeniusU each week, starting with the entrepreneur quiz to identify their path to wealth and find their next step to take right now. Genius Education Angels and E-Squared Education provide education courses for young people from 0 to 25 years old. Entrepreneurs Institute, Property Investors Network and the University of Antelope Valley provide adult training courses for 25 to 100 years old, and Entrepreneur Resorts is a market-leading group of entrepreneur-focused luxury resorts and lodges, beach clubs and city co-working hubs, offering business leaders professional educational retreats in exotic destinations around the world. Entrepreneur Resorts holds destinations in Singapore, Bali and South Africa and soon the U.S., and has license holders launching properties in the UK, U.S. and Greece. Entrepreneur Resorts will be expanding this year by adding on further properties and license holders. Roger is also the creator of Wealth Dynamics, Talent Dynamics and Impact Dynamics profiling tools, used by millions of entrepreneurs to find and follow their flow.