How to Save Costs on AI Development Without Losing Quality: Selecting Optimal AI Solutions for Your Business

AI is not the future; it’s the present. The real question isn't whether to adopt AI but how to do so effectively and strategically. This article delves into practical strategies for selecting optimal AI solutions, helping businesses reduce development costs while maintaining high standards. Discover how to navigate the complexities of AI adoption and find the best solutions tailored to your business needs.

Artificial intelligence, a fusion of computer science, cognition, and evolutionary advancements, has captivated human imagination for decades. What once seemed like a distant dream is now poised to revolutionize our reality. Nowadays, the crucial question is not whether to adopt AI but how to execute it effectively and strategically.

Is it worthwhile investing in AI solutions? Absolutely. Let's delve into some figures to underscore its potential.

According to Statista, the current AI market size and revenue stand at approximately 52.7 billion USD, with projections indicating a doubling of this figure in 2024. While AI has roots dating back to the 1950s, its recent surge has firmly established it as an integral component of various applications. The advent of OpenAI’s ChatGPT has kickstarted a generational shift in the technology industry. In the year since the launch of ChatGPT, it has catalyzed transformation across virtually every sector of the technology industry, posing a question for many companies across the globe: “How to simplify and accelerate the AI adoption process to make it more accessible for all businesses?”

Traditionally, while the benefits of AI solutions are numerous, developing them from scratch can be a complex and expensive endeavor. As organizations strive to build their own AI solutions, they face significant challenges ranging from technical complexities and data-related hurdles to talent acquisition and the necessary investments in infrastructure.

Regardless of your industry – retail, finance, small business, or any other sector – there are off-the-shelf AI solutions designed to cater to your specific requirements. The array of possibilities is boundless, from generative AI-powered chatbots to image recognition planogram solutions.

The Benefits of Using Ready-Made AI Solutions

According to a recent research by Pluralsight, 97 % of companies at every scale have already recognized the potential of integrating generative AI technologies within their business operations, primarily to increase productivity and efficiency, improve customer service, and reduce human error.

To achieve this, companies have two ways to approach AI development: custom AI software development or ready-made AI solutions.

In this article, we're taking a closer look at ready-made solutions for AI development and how they can fit your business needs. Ready-made AI solutions address everyday business challenges a service provider has already tackled. Here's a list of reasons for opting for ready-made AI solutions to help you meet your business objectives:

Accelerated Time to Market

Firstly, these solutions eliminate the need to start from scratch, reducing the time and resources required for development. Companies can leverage pre-existing frameworks, models, and algorithms, saving valuable hours of coding and testing.

De-risking Investments

Pre-packaged solutions grant businesses access to the expertise and insights of leading AI solution providers, guaranteeing the adoption of state-of-the-art technology and mitigating the risk of expensive errors and delays. Companies can rely on the experience of industry pioneers, positioning themselves at the forefront of AI innovation without significant investments in research and development.

Cost Reduction

Opting for ready-made AI software incurs an initial cost notably lower than the expenses of developing your product from the ground up. Before engaging in custom development in artificial intelligence, it always makes sense to do thorough research and determine if relevant software exists on the market.

Minimal Ongoing Maintenance

Adopting ready-made AI solutions offers a standout advantage by substantially decreasing the ongoing maintenance demands. Unlike traditional custom-built solutions that frequently require an in-house team for continuous updates, troubleshooting, and optimization, opting for pre-packaged solutions eliminates the need for such dedicated resources. This minimizes operational costs and allows valuable resources to remain focused on core business activities. Conversely, pre-packaged AI solutions are supported by a specialized team from the solution vendor. This team takes charge of every facet of solution maintenance, encompassing routine updates, security patches, and performance optimizations. This relieves businesses from the burden of allocating internal staff or resources to handle these tasks, resulting in significant savings in maintenance costs and workforce.

Key Aspects to Consider When Choosing Ready-to-Use AI solutions

With the current AI hype, there's a tendency among many business owners to view generative AI solutions as a panacea for all their challenges. Yet, there are companies unprepared for this transition, needing a foundational data strategy or clarity on the problems they aim to address. Therefore, before embarking on any investment, assess your situation, articulate your desired future state, and formulate a strategic plan to bridge this gap.

When choosing ready-to-use AI solutions, aligning with your organization's specific needs and objectives is essential. Here are several pivotal features worth considering:

Accuracy and Performance

Choose AI solutions with a proven track record of high accuracy and performance metrics to ensure effective and trustworthy outcomes.

Integration Capabilities

Assess the AI solution's integration capabilities with your existing systems, databases, and workflows to ensure a seamless implementation and efficient data exchange.

Customization of AI Solutions

Evaluate the customizability of ready-to-use AI solutions to enhance effectiveness and gain a competitive edge by tailoring them to your unique business requirements.

Security and Privacy

Prioritize data protection when implementing AI solutions by offering robust security measures like encryption and access controls to safeguard data and comply with regulations.

Vendor Support & Maintenance

Estimate the level of support and documentation the AI solution vendor provides for effective utilization and addressing challenges or questions that may arise.

By considering these key features, you can choose a ready-to-use AI solution that best fits your organization's requirements and maximizes the value AI can bring to your business.

Finding the Right Ready-Made Solution for Your AI Needs

Choosing an AI solution shouldn't be a random act of choice. To define areas where AI can most benefit your business, carefully evaluate and select a solution that aligns with your business requirements.

• Determine your company's strategic priorities and specific problems you aim to solve. The use cases you uncover may vary depending on whether your strategy is geared towards tackling current challenges, such as reducing production costs or delving into new opportunities, like entering untapped markets.
• Understand the current direction and future trajectory of your industry. The allure of success stories, particularly within your industry, is undeniable. Many of us have fallen into the trap of seeing a competitor's triumph and assuming, "If it worked for them, it should work for us, too." Yet, the challenges of prosperous AI projects go beyond surface-level observations. Data quality, team proficiency, operational framework, and the efficacy of change management processes play pivotal roles in determining project success. It's essential to recognize that all companies are unique in this perspective.
• Another aspect to keep in mind is the capacity of the AI tools to scale along with your business expansion. Examine its ability to smoothly integrate with your current infrastructure, software, or platforms. Ensuring compatibility with your existing systems is crucial to mitigate potential disruptions.

When choosing an AI solution, adopting a strategic approach is essential. First of all, assess your company's priorities and specific challenges to identify areas where AI can enhance your business. The next step will be exploring use cases aligned with your strategic focus, whether addressing current challenges or exploring new opportunities.

Below are some AI Accelerators and PoCs developed by DataArt AI Lab:

Document Processing Solution: DP-ML

This AI-driven tool streamlines document handling by intelligently interacting with various document types. It is designed to understand and process numerous documents, enabling users to extract key information, summarize content, and classify data efficiently. Ideal for industries burdened with paperwork, such as legal, healthcare, and finance, this solution significantly reduces manual document processing time, enhances accuracy, and improves data accessibility.

Generative AI-Powered Chatbot Solution

By leveraging company-specific data, this chatbot is not just a communication tool but a comprehensive consulting and client engagement solution. It's designed to delve into company background, client details, and case studies, providing valuable information to potential clientele. This AI-powered chatbot excels in converting inquiries into sales by offering personalized consultations, making it a powerful asset for sales and customer service teams.

OREO

OREO is a predictive analysis tool that helps examine project data to predict values such as costs, durations, and critical milestones. By identifying potential risks and planning gaps, OREO contributes to developing more precise project plans and budgets.

Travel ChatBot

Trained on a comprehensive database of airline-related information, this AI chatbot solution is developed to respond promptly to travel queries. With the capability to cite data sources, it provides a transparent and trustworthy solution for travelers seeking information, establishing itself as an essential tool for travel agencies and airlines dedicated to enhancing customer service.

GPT-PM

GPT-PM automates the generation of project documentation, encompassing business analysis canvases, requirements documentation, project plans, and risk assessments based on project descriptions or requests for proposals (RFPs). This tool simplifies project setup, saves time on document creation, and ensures consistency across project documentation.

Text-to-Data Solution

This solution empowers users to interact with data using natural language, facilitating explanations of table data and aggregations in an easily understandable format. It proves particularly beneficial for data analysts and business intelligence professionals seeking swift insights without delving into complex queries.

DataArt Helpdesk Bot

A Teams’ Bot designed to provide internal support by accessing employee information and company policies. It categorizes queries and guides employees to the relevant support team, enhancing the internal support process with timely and accurate assistance.

AutoML Platform

The AutoML Platform represents a significant leap in data science automation, specifically designed to enhance the efficiency of machine learning projects. Automating mundane tasks can expedite traditional ML project timelines by up to fourfold. With its emphasis on relational datasets and integrated cloud model deployment features, it emerges as a versatile instrument for data scientists seeking to simplify the creation and implementation of ML models. This platform democratizes advanced data science capabilities, making them accessible even to those with limited ML expertise.

Buy-Me-Bot

Buy-Me-Bot was created to assist with DIY project planning and strategically enhance cross-promotional sales. Analyzing the user's project description breaks it into practical step-by-step instructions and makes a curated list of necessary items readily available on eBay. This functionality seamlessly bridges the gap between project inspiration and execution, prompting users to quickly move from planning to making purchases.

Plot Generation

The Plot Generation Proof of Concept is an innovative solution engineered to generate plots and graphs based on textual descriptions from tabular data. This tool seamlessly integrates data analysis and visualization, offering users an effective means to transform raw data into engaging, presentation-ready visuals. Catered to data analysts, researchers, and business intelligence practitioners, it simplifies the complexities of data narrative, rendering intricate data more understandable and actionable.

Meetings Analyzer

The Meetings Analyzer is a solution that leverages an optimized speech-to-text model alongside sophisticated analysis capabilities to extract critical insights from meetings. It performs participant analysis, identifies crucial and action points, and can even respond to questions about the meeting's content. This tool is invaluable for improving meeting efficiency and ensuring that actionable insights are captured and followed, thereby enhancing collaborative efforts' productivity and effectiveness.

Code Productivity Booster

The Code Productivity Booster aims to improve the effectiveness of software development operations by extracting PL/SQL code requirements for validation and assisting in converting SQL to .NET code. This solution accelerates the development timeline while maintaining a higher level of accuracy in code translation and requirement validation. It mainly benefits development teams looking to optimize legacy system upgrades or cross-platform integrations.

Automated Support Agents

Automated Support Agents marks a notable stride in customer service innovation. This entirely automated assistant can engage with customers independently by handling voice input, response generation, and voice conversion. This technology holds the potential to transform customer support by delivering immediate, precise, and tailored assistance, ultimately enhancing both customer satisfaction and operational effectiveness.

Choosing the right accelerator can save your business significant time and resources while ensuring optimal AI performance. So, invest time in the selection process to make a wise decision and reap the benefits of cost-efficient AI development.

Conclusion

To determine the best path toward an AI-driven future, companies must carefully evaluate their options for AI development, considering both custom solutions and ready-made products. This article explores the benefits of ready-made AI solutions and how they can align with your business needs. These solutions offer accelerated time-to-market, de-risk investments, cost reduction, and minimal ongoing maintenance, among other advantages. By strategically selecting the right ready-made AI solution that meets your organization's requirements, you can unlock the full potential of AI technology to drive business growth and innovation.

Contact DataArt AI Lab for more details.

Originally published here.