AI for Business: 4 Popular Business Applications of Artificial Intelligence (2023) – Shopify
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Have you ever listened to a recommended song on a streaming service? Asked a smart speaker about the weather? Fixed typos in a document thanks to autocorrect? If so, you’ve engaged with artificial intelligence (AI).
AI technologies have been proliferating in our daily lives and work for many years. The recent launch of publicly accessible AI tools, like large language model tool ChatGPT, is raising awareness of the technology’s expanding capabilities.
As a small business owner, what do you need to know to create a successful AI strategy? Here’s how to approach and implement artificial intelligence in business.
Artificial intelligence (AI) refers to technology that can perform functions associated with human cognition, such as learning, problem-solving, and creativity. There are different forms of AI, but the field can generally be broken into two primary types:
Companies can use AI tools to improve business processes, increase productivity, and support employees in their current roles. There are multiple business applications for artificial intelligence; a 2023 poll from Gartner showed that nearly half of executives plan to increase investments in AI for business. That said, AI isn’t a replacement for human jobs—it’s a resource that requires humans to set up and prompt it to do specific tasks. Here are four applications of this emerging business technology.
By automating replies to many customers’ common administrative or technical queries, AI can help your customer service team improve response times and lower costs. It also frees up customer experience team members to focus on more complex customer questions. A few examples of AI tools for customer service include:
Companies can use AI as part of their sales business strategy to grow leads and reduce costs. There are several ways AI can support sales and marketing business functions:
AI can help you automate financial business processes, which enhances accuracy and increases efficiency. Some common finance and accounting business applications for AI include:
In a 2022 survey of human resources leaders, the majority reported already using AI in some form, and nearly all said they plan on increasing their use of AI in at least one business context. AI tools can support your business processes related to hiring, training, and performance evaluation via:
A successful AI strategy offers your business multiple benefits, including:
AI offers multiple opportunities for process automation. Streamlining tedious tasks, like sorting through résumés or writing product descriptions, allows employees and business owners to spend their time in more strategic areas. By saving time and reallocating employee resources, AI inherently lowers business costs.
AI and data science can harness the power of your company data by synthesizing information better and faster than the human brain and outputting comprehensive analyses.
AI tools can offer valuable insights into customer behavior, which empowers your business to personalize product offerings, such as recommended products.
With predictive analytics, AI can help your team identify market trends in regards to competitors, customers, talent, and more—giving your business strategy a competitive edge.
As an emerging business technology, AI also presents some challenges to businesses, such as:
If you don’t provide AI technologies with high-quality data, you will not receive high-quality insights. For example, AI tools, such as résumé screening platforms, have rejected qualified women candidates because the algorithms were trained using men’s résumés.
Your employees may be concerned that AI tools will replace or diminish human jobs. Be transparent and offer your employees opportunities to learn about working with AI and educate them about how the tools can enhance their day-to-day work. You can offer access to online programs so they can learn how AI can fit into various business functions.
AI algorithms present privacy and bias concerns. For example, bugs in AI tools have accidentally revealed private consumer data, such as when ChatGPT revealed users’ chat histories.
Leaders who study artificial intelligence are increasingly calling for AI regulation. The latest laws around data protection, consumer rights, and anti-discrimination are changing quickly, and you must stay on top of the changes in order to protect your business from legal problems.
While AI will shift the need for certain human jobs, tasks, and responsibilities, it will also create new career opportunities. In its current form, AI is a complement for human workers, not a replacement.
With AI tools like chatbots and writing and translation assistants, technology can help customer service teams improve response times, provide personalized recommendations, and answer customers’ simple queries effectively.
Yes, AI’s data science capabilities, which include analyzing vast amounts of data about customer behavior, can help you make more informed marketing decisions. In addition, AI tools can help generate marketing content such as product descriptions, website copy, and social media posts.
Some AI tools, like ChatGPT or Shopify Magic, are user-friendly options and can be utilized without special training. To learn more about complex topics like machine learning or deep learning, you can also take premium online short courses.
Some AI tools, like Ellie or ChatGPT, offer free versions, while others, like Shopify Magic or Notion AI, require an upfront investment. In the long term, the improvements to your business processes and your efficiency gains are usually worth the cost of implementing AI for business.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Build your brand
Create your website
Online store editor
Customize your store
Store themes
Find business apps
Shopify app store
Own your site domain
Domains & hosting
Explore free business tools
Tools to run your business
Sell your products
Sell online or in person
Check out customers
World-class checkout
Sell online
Grow your business online
Sell across channels
Reach millions of shoppers and boost sales
Sell in person
Point of Sale (POS)
Sell globally
International sales
Sell wholesale & direct
Business-to-business (B2B)
Accept online payments
Set up forms of payment
Market your business
Reach & retain customers
Market across social
Social media integrations
Chat with customers
Shopify Inbox
Nurture customers
Shopify Email
Know your audience
Gain customer insights
Manage your business
Track sales, orders & analytics
Measure your performance
Analytics and Reporting
Ship orders faster
Shopify Shipping
Manage your stock & orders
Inventory & order management
Outsource fulfillment & returns
Shopify Fulfillment Network
Get paid faster
Shopify Balance
Secure business funding
Shopify Capital
Automate your business
Shopify Flow
Shopify Developers
Build with Shopify's powerful APIs
Plus
A commerce solution for growing digital brands
Enterprise
The composable stack for enterprise retail
All Products
Explore all Shopify products & features
Help and support
Get 24/7 support
How-to guides
Read in-depth business guides
Business Courses
Learn from proven experts
Shopify blog
Business strategy tips
What is Shopify?
How our commerce platform works
Shopify Editions
New, innovative Shopify products
Founder Stories
Learn from successful merchants
Branding
Build your brand from scratch
Marketing
Build a marketing plan
Ecommerce SEO
Improve your search ranking
Social media strategy
Turn social into sales
Business growth
Scale your business
Business name generator
Logo maker
Stock photography
Business Plan Template
Link in bio tool
QR code generator
Changelog
Your source for recent updates
Winter ’24 Edition
The latest 100+ product updates
All Editions
Archive of past Shopify Editions
Newsroom
All company news and press releases
Start selling with Shopify today
Start your free trial with Shopify today—then use these resources to guide you through every step of the process.
Businesses use AI to improve processes, increase productivity, and support employees across customer service, sales and marketing, finance, and human resources.
Start your online business today.
For free.
Have you ever listened to a recommended song on a streaming service? Asked a smart speaker about the weather? Fixed typos in a document thanks to autocorrect? If so, you’ve engaged with artificial intelligence (AI).
AI technologies have been proliferating in our daily lives and work for many years. The recent launch of publicly accessible AI tools, like large language model tool ChatGPT, is raising awareness of the technology’s expanding capabilities.
As a small business owner, what do you need to know to create a successful AI strategy? Here’s how to approach and implement artificial intelligence in business.
Artificial intelligence (AI) refers to technology that can perform functions associated with human cognition, such as learning, problem-solving, and creativity. There are different forms of AI, but the field can generally be broken into two primary types:
Companies can use AI tools to improve business processes, increase productivity, and support employees in their current roles. There are multiple business applications for artificial intelligence; a 2023 poll from Gartner showed that nearly half of executives plan to increase investments in AI for business. That said, AI isn’t a replacement for human jobs—it’s a resource that requires humans to set up and prompt it to do specific tasks. Here are four applications of this emerging business technology.
By automating replies to many customers’ common administrative or technical queries, AI can help your customer service team improve response times and lower costs. It also frees up customer experience team members to focus on more complex customer questions. A few examples of AI tools for customer service include:
Companies can use AI as part of their sales business strategy to grow leads and reduce costs. There are several ways AI can support sales and marketing business functions:
AI can help you automate financial business processes, which enhances accuracy and increases efficiency. Some common finance and accounting business applications for AI include:
In a 2022 survey of human resources leaders, the majority reported already using AI in some form, and nearly all said they plan on increasing their use of AI in at least one business context. AI tools can support your business processes related to hiring, training, and performance evaluation via:
A successful AI strategy offers your business multiple benefits, including:
AI offers multiple opportunities for process automation. Streamlining tedious tasks, like sorting through résumés or writing product descriptions, allows employees and business owners to spend their time in more strategic areas. By saving time and reallocating employee resources, AI inherently lowers business costs.
AI and data science can harness the power of your company data by synthesizing information better and faster than the human brain and outputting comprehensive analyses.
AI tools can offer valuable insights into customer behavior, which empowers your business to personalize product offerings, such as recommended products.
With predictive analytics, AI can help your team identify market trends in regards to competitors, customers, talent, and more—giving your business strategy a competitive edge.
As an emerging business technology, AI also presents some challenges to businesses, such as:
If you don’t provide AI technologies with high-quality data, you will not receive high-quality insights. For example, AI tools, such as résumé screening platforms, have rejected qualified women candidates because the algorithms were trained using men’s résumés.
Your employees may be concerned that AI tools will replace or diminish human jobs. Be transparent and offer your employees opportunities to learn about working with AI and educate them about how the tools can enhance their day-to-day work. You can offer access to online programs so they can learn how AI can fit into various business functions.
AI algorithms present privacy and bias concerns. For example, bugs in AI tools have accidentally revealed private consumer data, such as when ChatGPT revealed users’ chat histories.
Leaders who study artificial intelligence are increasingly calling for AI regulation. The latest laws around data protection, consumer rights, and anti-discrimination are changing quickly, and you must stay on top of the changes in order to protect your business from legal problems.
While AI will shift the need for certain human jobs, tasks, and responsibilities, it will also create new career opportunities. In its current form, AI is a complement for human workers, not a replacement.
With AI tools like chatbots and writing and translation assistants, technology can help customer service teams improve response times, provide personalized recommendations, and answer customers’ simple queries effectively.
Yes, AI’s data science capabilities, which include analyzing vast amounts of data about customer behavior, can help you make more informed marketing decisions. In addition, AI tools can help generate marketing content such as product descriptions, website copy, and social media posts.
Some AI tools, like ChatGPT or Shopify Magic, are user-friendly options and can be utilized without special training. To learn more about complex topics like machine learning or deep learning, you can also take premium online short courses.
Some AI tools, like Ellie or ChatGPT, offer free versions, while others, like Shopify Magic or Notion AI, require an upfront investment. In the long term, the improvements to your business processes and your efficiency gains are usually worth the cost of implementing AI for business.
Keep up with the latest from Shopify
Get free ecommerce tips, inspiration, and resources delivered directly to your inbox.
By entering your email, you agree to receive marketing emails from Shopify.
popular posts
The point of sale for every sale.
popular posts
Nov 8, 2023
Sep 1, 2023
Dec 5, 2023
Nov 9, 2023
Sep 20, 2023
Nov 23, 2023
Dec 2, 2023
Nov 6, 2023
Subscribe to our blog and get free ecommerce tips, inspiration, and resources delivered directly to your inbox.
Unsubscribe anytime. By entering your email, you agree to receive marketing emails from Shopify.
Mar 13, 2024
Mar 12, 2024
Mar 11, 2024
Mar 11, 2024
Mar 11, 2024
Mar 11, 2024
Mar 7, 2024
Mar 6, 2024
Learn on the go. Try Shopify for free, and explore all the tools you need to start, run, and grow your business.
Try Shopify for free, no credit card required.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
