Five Ways CPG Brands Can Incorporate AI in Their Operations
Artificial Intelligence or AI can trigger many emotions depending on who you talk to. However, instead of exploring ways that AI can replace humans and our employment, we are embracing the possibilities that come along with this technology.
According to a new report by Bloomberg Intelligence (BI), the generative AI market is poised to explode, growing to $1.3 trillion over the next ten years from a market size of just $40 billion in 2022.
As business owners, we are used to wearing many hats and struggling to find additional hours in the day to make everything happen. What if there was a cost-effective way to get other resources and more hands-on deck? Enter AI.
Here are five ways that AI platforms and consumer packaged goods (CPG) entrepreneurs could work harmoniously. Please consult a human financial advisor for any issues related to money and all work done by AI should be reviewed by a person.
Business Plan Creation – toying with a business idea? Need help fleshing out a concept? Many tools are programmed to ask targeted questions to help crystallize a thought. Some platforms take it further and create a business plan based on the information provided. The U.S. Chamber of Commerce offers recommendations for AI tools to use. However, remember "to go through the plan in detail to make sure it accurately reflects the financial modeling, mission and vision, and other elements that you're starting to put into motion. Consider any business plan generated by these AI tools as a starting point to finesse your plan to perfection."
Money Matters – what is your company's revenue? How much cash do you burn per month on average? How much product is sold at the retail location in Arizona? As the 'sharks' say, "know your numbers." For small business owners, AI-powered accounting software can solve multiple problems and save time. Check out "Top AI Tools for Accounting 2023" for specific options.
Customer Service – How many customer service-related e-mails do you get daily? My item didn't arrive on time, or this food product did not taste how I wanted. Small business owners could spend a day responding to Amazon reviews, e-mails, social media messages, etc. Customers wish for their issues to be resolved immediately – so when are you expected to run a business? According to McKinsey & Company, "two-thirds of millennials expect real-time customer service, for example, and three-quarters of all customers expect consistent cross-channel service experience." Here are the "Best AI-Based Customer Support Tools," according to MARKTECHPOST.
Social Media Content – Instagram, TikTok, and Pinterest are all free platforms to promote your business. However, any social media channel needs content to reap an ROI. Review our blog post on" What Social Media Platforms are Best For Your Brand?" to ensure you have accounts that make sense for your brand. Now, AI provides an opportunity to create compelling visual content, write effective captions, and schedule posts based on the optimal time for engagement. AllBusiness's "How to Use Generative AI for Content Creation?" provides examples of content and visual software for small business owners.
Virtual Assistant – Wouldn't it be nice to have an assistant? Someone to take notes during meetings, follow up with potential investors, or remind you of funding deadlines or (your child's baseball practice)? There's an AI assistant for almost any task. Read "19 Popular AI Assistants" from Built In for different platforms for your specific needs.
Remember, teamwork makes the dream work. And AI is not going anywhere, so let's find ways for the technology to work for us. Incorporating AI in your business appropriately and responsibly can help your bottom line.