Businesses in every sector use Artificial Intelligence or Machine Learning software to run their business.
Online retailers use augmented reality combined with AI to create virtual showrooms with 360-degree views to provide buyers enhanced shopping experiences for everything from cars to clothes to furniture. Hiring? Human Resources departments use AI-assisted filters to detect keywords in resumes. Want to improve your online customer support? There’s a chatbot for that. Shipping and supply chain management is often managed by AI software. The email newsletter you’ve been doing every month? That’s AI too. And so is the ability to better target social media ads enabling lower pay-per-click budgets using auto-generated posts.
The choices seem endless in my field of marketing alone.
Globally, in 2018, the top three countries home to AI software companies were the US with 2,028; then China at 1,011 companies; and the United Kingdom has 392 — Statista
Here are five suggestions for consideration:
- Start small and scale as needed — It can be an overwhelming effort to plan for and implement new AI software.
- Consider your budget — The cost of a first-time custom AI solution implementation can be as high as $300,000, and that’s just the software. Add on training and the inevitable unforeseen needs down the line, and costs can easily double.
- Understand the initial training and learning time needed to get up and running — You can expect some bumpy starts and resistance. It may not pay off for a while due to redirecting staff resources.
- What training and ongoing support does the software company offer? How often? And, how often do they plan on releasing updates and new versions? How much additional training time will that require?
- Lastly, will it integrate with the platforms you’re currently using? Because incompatibility with existing platforms will increase costs even more.
It is estimated that by 2025, the global AI market now at $22.6 Billion in revenue will increase 83% and reach $126 Billion — Statista