By Dr Bhavya Vankar
The increasing intersection between AI and various industries like entrepreneurship is creating fertile ground for new and aspiring business leaders to thrive like never before. AI and technology is reinventing the way people do business, from streamlining processes to enhancing customer service. AI is also particularly helpful to women entrepreneurs, who have been consistently undervalued and underestimated in the business world. This article explores a closer look at how AI is helping boost women entrepreneurs in 2024.
The first way is by using AI as a decision-enhancing tool. By providing valuable real-time insights and data-driven decision making capabilities, entrepreneurs are able to make informed decisions quicker and with lower risks. AI algorithms have the capability to analyze a large amount of information and data in a short time, and can identify trends, predict market changes, and optimize business strategy. Women entrepreneurs can then make the decisions that benefit their companies, by driving growth and improving efficiency, leading to greater success in their ventures.
Not only do AI algorithms help the back-end of the company grow, but can also be used for front-facing communication with one’s customers and audience. AI algorithms can be used to give customers a tailored experience, by analyzing customer preferences, behavior patterns, and purchase history to offer personalized recommendations, customized products, and to accurately target marketing campaigns. More than increasing sales and revenue, women-led businesses can increase customer loyalty and satisfaction by providing a seamless and memorable customer experience.
Beyond customer interactions, AI streamlines processes for a more efficient day-to-day running of the business, freeing up time for women entrepreneurs to achieve that elusive work-life balance. Not only can streamlined processes make more time available for strategizing on new initiatives to scale their business with ease, but also allow more time for women entrepreneurs to focus on themselves and upskill to understand and learn more about their industries.
Moreover, AI and technology allow women entrepreneurs to build communities and support systems to network through virtual communities, online platforms, and AI-driven matchmaking mentorship tools. By connecting and collaborating with other women entrepreneurs, one is able to create a strong, meaningful community to raise each other up, accelerating their path to success.
Lastly, AI is democratizing access to funding and resources to women entrepreneurs. Oftentimes, women entrepreneurs are at a disadvantage when it comes to raising funding. With AI algorithms to assess credibility, evaluate investment opportunities, and network with investors, these technologies can help level the playing field for women entrepreneurs and empower them to turn their ideas into profitable ventures. AI algorithms and technologies are breaking barriers and challenging harmful gender stereotypes on women and women entrepreneurs that have traditionally hindered their participation in business. With more women using these AI tools, they have given themselves new opportunities and resources they need to succeed. With these AI tools to enhance customer experience, streamline processes, and build strong networks, women can shatter the glass ceiling, defy gender norms, and carve their own paths to success. As we continue to learn the possibilities of AI, we can also embrace the bright new success it can bring for women entrepreneurs that are shaping the future of business and innovation.
(The author is Dr Bhavya Vankar, Co-Founder, Quantum CorpHealth Pvt. Ltd., and the views expressed in this article are his own)
