Artificial intelligence (AI) and machine learning (ML) technologies have already penetrated almost all spheres of human life. Their use is also becoming common for business activities, regardless of companies’ scale and industry specifics.
If your business needs artificial intelligence, then the question arises what to choose between AIaaS, hire your own development team, or turn to a company that provides high-quality artificial intelligence development services. In this article, we will look at the main concepts and also figure out which approach is best to choose for your business.
What are AI and ML?
AI (artificial intelligence) is a technology that allows you to create applications, services, and programs with the ability to learn and make decisions. In other words, this is an alternative to human activity with minimization of the probability of errors and a high level of analytics. The development of artificial intelligence allows you to introduce new tools into your business that help improves security, and marketing, optimize costs, increase efficiency and automate many processes.
A slightly narrower concept is ML (machine learning) – machine learning. This is one of the methods of artificial intelligence, and it is just responsible for transferring the necessary “knowledge” to the AI system.
Importance of AI for Business
Artificial intelligence in business helps to optimize work processes and adapt to modern realities. The financial world is too dynamic, and not all companies are able to adapt to aggressive changes. The creation of artificial intelligence allows you to reduce the risks of failed decisions, determine the development vector and perform tasks that require a lot of human resources.
The essence of AI for business is to simplify tasks and improve business performance. It is built on mathematical data, forms algorithms, and reveals what a person may not be able to cope with, or it will take a long time. It helps to do a large number of analyzes, develop algorithms, and recognize images and documents.
How is Artificial Intelligence Used?
Next, we will explore the areas of application of Artificial Intelligence in various business areas.
Control and Accounting
AI for business allows you to minimize the likelihood of errors in the preparation of documents and reporting. Many processes take place automatically. In fact, you get a powerful functional calculator that structures and controls information. This is very important for financial reporting, keeping records of the warehouse, and assessing the demand for goods and services.
Neural networks are trained, study users and identify suspicious transactions. The business is protected from financial losses from fraudulent activities, illegal transactions, or attempts to hack the system. Users are guaranteed the safety and security of their data. At the same time, artificial intelligence for business is constantly improving its skills to identify suspicious transactions.
It is the most important business tool. Only for the sake of it is it worth creating artificial intelligence. Algorithms study sales, collect customer data, research the market and evaluate the company’s actions. Based on the collected data, you can predict sales, and audience behaviour and develop a successful marketing strategy for business growth.
In the financial world, the speed of a company’s reaction to changes is important. AI allows you to quickly analyze information, increase productivity, make forecasts, evaluate employee performance, and automate many processes. As a result, the speed of the company’s dynamics increases, and the probability of errors approaches zero. Artificial intelligence is ideal for business.
How Do Get a Good AI Solution?
It is very difficult to get an AI solution in some cases, and in some cases, it is impossible at all.
In the process of AI development and implementation, 3 main problems can be identified:
- AI solutions are not universal.
- Dedicated AI solutions are required.
- To support an AI solution, retraining or advanced training of specialists is necessary.
There are 3 working ways to get a good AI solution:
- Take a ready-made AI product (AIaaS).
- Create your own AI team.
- Order AI development.
Take a ready-made AI product (AIaaS)
This is an existing or developing product that is likely to be used by several companies.
- no need to wait long;
- the company is only required to conclude an agreement and pay a license fee.
- there is no guarantee of development;
- the license fee, although less than the cost of developing a solution from scratch, is still there;
- perhaps the product has not yet been developed and will still have to wait;
- perhaps the product will not solve the company’s problems.
Create your AI team
The company hires specialists who develop an AI solution for the specifics of its business.
- development accurately solves business problems;
- there are no problems with supporting the functioning of the AI solution;
- the product (without maintenance) has an affordable cost.
- uneven workload: a whole staff of specialists is needed to create a product, 1-2 people to support it;
- shortage of specialists and their high cost.
Order AI development
The company turns to specialists who provide artificial intelligence development services but are not on the staff.
- AI solution tailored for business;
- even load;
- unique software.
- it is difficult to choose a company/specialist;
- developers can charge a high cost to maintain an AI solution because no one else can do it.
When developing an AI solution, it is important that the company has people who understand AI. To do this, you can either teach the basics of leaders or find an intermediary between the AI developer and management. Trained specialists within the company will be very useful when the AI solution is ready: it will not only be implemented but also developed.
If your business needs to implement artificial intelligence and machine learning, then you have a fairly wide range of options. You can choose either a ready-made solution or create your own team of developers or contact specialists who will provide you with high-quality artificial intelligence development services.
You can choose any of these options, but in the last option, you will face a higher cost that will offset the costs in that you will have a unique product that is maximally tailored to all the specifications of your business. That is, you will not come to adjust the processes of your business to the software, but on the contrary, it will adapt to your needs.