Artificial intelligence is here to stay and represents a major impact on business operations. According to Hubspot's survey on the subject, 62% of companies are already investing in AI and automation tools for their employees.
In this sense, the impact that the use of AI will have on the franchise system is favourable as it will help to improve the development of each franchise.
How will AI benefit franchises?
- Franchisee selection: through machine learning algorithms, AI can analyse demographics, financial history and other relevant data to assess a candidate's suitability to be a successful franchisee. AI makes it easy to pull information from different sources into a single source of information and obtain particular data about franchisees that might otherwise go unnoticed.
- Franchisee support: AI can provide support to franchisees, helping them manage their day-to-day operations, answer questions and troubleshoot technical issues.
- Data Analytics: AI can help identify trends and weaknesses, and improve the efficiency of the franchisee system and each individual franchise. In other words, if we can interpret data more effectively, we will improve the relationship with each prospect. In addition, predictive analytics can help franchisors broaden their outlook: they can leverage AI-based information to produce reports, develop key account strategies and make more accurate forecasts about their activities.
- Improvements in Marketing: AI helps to tailor and personalise campaigns to target franchisees. In turn, it gives tools to future franchisees, who can better understand the business through their training and achieve success.
- It will generate new jobs: as it is new, it will require specialised staff in the area, therefore, it will open the possibility of other recruitment opportunities.
According to Hubspot's survey, 66% of companies have already hired people with specific AI skills who know how to implement it.
Franchises can either assign internal staff to develop AI processes or hire consultants or experts to fill the need.
Adaptation and evolution
It is undeniable that artificial intelligence (AI) is on the threshold of a revolution that will transform virtually every economic sector.
However, we should not see this as a cause for concern, but as an unparalleled opportunity for innovation and progress. The key to sustainable growth and long-term success lies in our ability to adapt and evolve rapidly alongside AI.
Sources: Hubspot, AAMF, AMF.