Entrepreneurs are faced with countless responsibilities in the course of running their business, and leveraging artificial intelligence will result in efficiency and effectiveness that leads to profitability.
Al technology duplicates human intelligence such that activities that were exclusively performed by humans could now be done by machines.
These tasks are done intelligently as if it were humans doing them. This frees the entrepreneur for more strategic work and from performing some repetitive tasks or even unpleasant ones.
Here are a number of ways that an entrepreneur can leverage Al for profitable operations in business.
1. Implement Al in your business
You cannot ignore the role of Al in innovation and growth, so work with experts and implement it in your processes. From customer engagements to routine processes like entering data, Al allows you to reorganize your work and reduce operating expenses. Al frees up time to focus on more important aspects of the business, like business development and strategy.
2. Targeted marketing
Use Al for targeted marketing, which can improve revenue growth. By examining customer data, Al is able to send out personalized recommendations on the products or services you offer to your contacts.
3. Data driven decision-making
Al technologies can identify and predict customer preferences and patterns, so you know what to restock. This can create customer satisfaction and optimize operations and sales to yield profits.
4. Differentiation
Al can help an entrepreneur differentiate their products and services by improving customer experience through improved customer support with the use of chat bots or suggesting appropriate personalized content for emails to customers.
What are the actions to take as an entrepreneur?
1. Be teachable.
Learn and keep learning how Al can help you adapt profitably. Al is an effective tool to help you scale your business. Get knowledge.
2. Review your processes
Always review your processes to identify where Al can assist in improving tasks or increasing the value of your services.
3. Encourage innovation
Create a culture of innovation in your team and encourage them to share their ideas on how things can be improved in the business.
4. Have a feedback mechanism
Feedback is necessary to aid you in measuring your progress, and more progress is achieved by implementing suggestions that you find useful.
In conclusion, entrepreneurs who adopt Al in their business, transform their businesses in extremely remarkable ways because they are able to increase their productivity, make informed decisions and provide personalised services which are required for achieving growth and favorable outcomes in business environment driven by innovation.
Lola Olukuewu’s Bio
Lola Olukuewu is a seasoned serial entrepreneur, consultant, mentor, speaker, green advocate, and technology enthusiast. With her team, she manages multiple businesses based in Nigeria, and the USA. One of her businesses is TOPAS Hub, Lagos, the most eco-friendly tech and business hub in Nigeria.
She also runs two businesses in the real estate sector- a real estate investment business, and an interior/exterior design business for High Networth Individuals, which started in 2022. With over 2 decades as an award-winning business woman, Lola holds an honorary doctorate from Trinity International University of Ambassadors, and a Georgia House of Reps Resolution/Letter of Recognition and Commendation in Entrepreneurship, both from the USA.
She also holds an MBA from Business School Netherlands, an Executive Masters from Project Management College UK, and certificates from notable institutions like Harvard, and Oxford. As a uniquely gifted entrepreneur and skilled professional in operations and business, she has also worked with both local and multinational companies, some of which include Google, Facebook (now Meta), and Amazon.
Being a polymath, Lola has started and run multiple businesses over the last 23 years. Some of those businesses failed, while some survived, thereby making her garner tons of experiences in entrepreneurship. She has also recently co-founded an AI company, focused on AI automation product solutions, set to launch before the end of December 2024.
Artificial Intelligence belongs in the Critical and Emerging Technologies list in some of the world’s largest economies. Having worked at Google, and planned over 200 events (many of which are for tech companies), she has garnered substantial experience in the global tech space and scene.
So far, Lola has trained or mentored over 500 people in soft skills, career growth, and business. She is a force of inspiration and change and a role model to many. As a life-long learner, she enjoys Googling for knowledge, and mentoring.