How AI is Changing the Franchise Industry

If you’ve been watching or reading any tech news over the past few years, you’re well aware of the importance of artificial intelligence. It’s taking over many areas of business and entertainment, and as the technology continues to innovate, the benefits for your business will grow even larger. What can AI do for you and your franchise business? Franchise Supplier Network partner Ryan Hicks recently spoke about AI at UnConference, a conversation we’ll be continuing at Franchise Young Conference. Here are some of the highlights:

What is AI?

Artificial intelligence, or AI, combines large sets of data and massive computing power to identify patterns and make predictions. Newer versions are able to fully tailor the output to you with conversation history and memory. AI is smart enough to perform tasks that before now, only a human could complete.

Why should I use AI?

First and foremost, AI is a huge timesaver. For example, there is generative AI (like ChatGPT) that creates things on a human-like level. This can be used to write copy and is smart enough to even understand the subject, tone, and more. Also, it is free, easy to use, and accessible to everyone on many levels. It can be beneficial for marketing and advertising to help you create content that consumers actually want to see. Lastly, it’s important to stay on top of the technology and societal changes in order to ensure your business is relevant.

What are the drawbacks?

No, AI robots will not be taking over the world, but there are some important aspects to be aware of. Some platforms have outdated information and do not have knowledge past a certain year. It’s also important to note that free versions will be more simple than versions you have to pay for.

How can it benefit my franchise?

As you input information, the AI learns and improves. With each task, it understands better and will get closer and closer to perfect. It acts as an all-encompassing, gold-star employee by saving time, creating content, and organizing information. In a business like franchising, where everything needs to be mass-communicated and implemented, AI brings an exciting new opportunity to automate and improve standard systems for your marketing, operations, recruiting, and in nearly every other area of your business.

Interested in learning more about AI and how it’s changing the industry? Get tickets for Franchise Young Conference to connect with our team!