Talk on the Street
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The Role of AI and Technology in Franchising
AI is here in a big way, for business management, development and customer use. And the franchising world is leading the way when it comes to introducing and utilizing AI in business.
What is AI and What Does it Have to do With Franchising?
Artificial Intelligence (AI) is already widely used within our society and our everyday lives. Research systems like Google, recommendation systems like Netflix and Amazon, human speech recognition like Siri and Alexa and self-driving systems like Tesla are all examples of AI that we are becoming more and more used to as part of our daily lives.
When looking at AI within the business world, AI is a business tool, one that some businesses are catching onto very quickly within the franchise industry. And they are reaping the benefits of being early to accept all the benefits it has to offer.
Simply put, AI is about gathering data, lots of data. A computer uses artificial intelligence to record, collate, process and analyze this data. It then gives out reports, recommendations, suggestions and predictions based on the analysis of this data.
The Benefits of AI in Franchising
“Because AI is all about data analysis, it offers great benefits for franchise owners,” says Derek Cafferata, CEO and President of franchise experts All State Franchise Finders.
AI has the ability to give franchise businesses the leverage needed to be creative and innovative in a confident and impactful way, with less risk. It is a tool that can be utilized to drive a business forward in almost every area.
With AI, predicting the future of your franchise is more possible now than ever before. Evaluate sales statistics, compare profit and loss statements, identify the potential impact of spending or saving decisions.
“Being able to analyse data allows the franchise owner to streamline operations, drive performance and increase profitability,” says Derek.
AI is also a great tool when it comes to recruitment. It takes the bias out of the equation and enables faster analysis and processing of CV’s, cover letters and the like. Where diversity within the workplace plays such a key role in business today, AI makes for a more transparent, streamlined recruitment process in order to identify and hire the best talent and most appropriate person for the role. AI is also great at teambuilding as it is better able to track individual employee performance, making it easier to identify the attributes and skills of a successful employee.
A Downside to AI?
Experts are quick to identify that AI is not something to be feared, as in a Sci-Fi movie. AI should never be used with the intention of replacing actual employees. Instead, the use of AI within a franchise business will enhance processes, systems, marketing, development and growth of the franchise.
When it comes to data protection, which many people tend to raise concerns over when talking about the role of AI in business, best practices must be maintained when using AI within your franchise business. AI will analyse only the data it is direct it analyse, ensuring all data that requires protection remains protected.
AI Already Across a Wide Range of Franchise Industries
When we look at the franchising industry, AI is already used in a big way. In the health and beauty sector, AI systems are becoming more popular for taking phone calls to book appointments, deal with billing enquiries and answer frequently asked questions, leaving reception staff to utilize their time more efficiently.
Orangetheory Fitness and GYMGUYZ are two particular franchises that have really jumped on board with AI, and their customers are loving them for it. Joining forces with MINDBODY, these fitness franchises have enhanced their customer experience by offering detailed recommendations like ideal workouts, the best fitness classes and suggested workout times for each unique customer.
“The use of AI within a wide range of businesses is one of the biggest moves we’ve seen across the franchise industry for quite a while,” says Derek. “And it’s those franchises that are embracing and utilizing the benefits of AI who are the ones leading the way within their particular industries.”
Be AI-Ready in Your Franchise
Derek believes it is important for all franchise owners to be ready for AI within their business. Technology is pushing development forward at a fast rate and it pays to seek the right advice when looking at how best to introduce or expand the use of AI in your franchise.
Derek and his team of franchise experts at All State Franchise Finders are able to guide you in the right direction. For more information, contact ALLSTATEFF.COM today on 1-800-544-2161 or visit allstateff.com now. All State Franchise finders are the award-winning franchise experts able to help you.