As organizations look for artificial intelligence (AI) solutions, it will be essential to incorporate AI technology into software products. Software companies looking for that competitive edge need to embrace artificial intelligence in their design and development.
The opportunity is huge.
More than half of companies worldwide plan to incorporate AI solutions into their tech stack in 2024. Yet, many software providers do not have the tools or experience to integrate AI successfully.
Artificial intelligence development services can help, delivering a competitive advantage in a rapidly evolving marketplace.
Overview of Artificial Intelligence Development Services
Artificial intelligence development services involve a team of skilled software developers, AI and machine learning experts, and engineers who work closely with clients. The best teams have the rare skills to understand the unique business needs of clients and create transformative solutions that can produce tangible competitive advantages.
This process often starts with a comprehensive analysis of the current workflows to identify areas where AI can drive efficiency. It is crucial that artificial intelligence development services align technology with future goals to ensure a seamless transition.
Types of AI Technologies for Business Productivity
Depending on the business, industry, and specific use case, AI development services can apply different strategies to unlock the power of AI. This can range from task automation to complete transformation.
Some of the more common types of AI technologies deployed to enhance business productivity include:
Robotic Process Automation (RPA)
RPA automated repetitive and rules-based tasks to free up workers to focus on more strategic activities. Businesses can significantly improve efficiency and productivity.
Examples:
- Automating data entry and data extraction
- Processing payroll, invoices, and reconciliation
- Enabling self-service IT support tasks
Machine Learning (ML)
Machine learning is a subset of AI, enabling systems to learn and improve over time autonomously. ML algorithms process mass data sets to identify patterns and make accurate predictions to provide powerful insights.
Examples:
- Predictive maintenance to avoid equipment failures
- Fraud detection to identify suspicious transactions
- Making product recommendations based on customer behavior
Natural Language Processing (NLP)
Natural language processing allows systems to understand and interpret human language. This reduces the need to code or navigate through layers to find the information you want and communicate effectively.
Examples:
- Chatbots or virtual assistants for customer service and support
- Sentiment analysis and automated call routing in call centers
- Marketing content personalization based on customer analysis
Computer Vision
This type of AI allows systems to understand digital images and video, enabling autonomous interpreting of visual clues.
Examples:
- Uncovering defects in manufacturing for better quality control
- Analyzing medical images for diagnoses
- Facial recognition for security and surveillance
Generative AI
Generative AI can create new content. Leveraging neural networks and deep learning models, this type of AI identifies patterns to produce new content, including text, images, video, and code.
Examples:
- Content creation for websites and marketing materials
- Code writing and debugging software
- Image generation for design
A Blend of AI Technologies
Many use cases require blending several different AI technologies into a comprehensive solution to streamline workflow and provide tangible efficiency gains.
Implementing AI Solutions for Competitive Advantage
56% of companies are using AI to improve and optimize business operations. By embracing AI solutions, organizations are realizing significant benefits and creating a competitive advantage, such as:
- Reduced operational time
- Greater business insights
- Reduced human error
- Automation of tasks
- Enhanced productivity
- Personalized customer service
McKinsey research shows that organizations with strong innovation cultures are most adept at leveraging digital technologies. When doing so, they create significant differentiation from competitors, achieving:
- 3X higher referral rates
- 2.5X greater value delivery
- 4.5X industry-leading products and services
- 12.5X faster product development
An AI and innovative tech-enabled organization is also able to scale and adapt faster, and more likely to attract and retain top job candidates. Leading companies are five times more likely to fill tech talent roles compared to their competitors.
Case Studies on Successful AI Integration
AI has provided a competitive advantage across a large number of industries. One of the most powerful examples is Amazon’s recommendation engine, which is responsible for about 35% of the company’s overall revenue according to a McKinsey analysis. It’s a similar story for Netflix, where about 80% of viewing comes from personalized recommendations. The video streaming service says AI saves them about a billion dollars a year.
AI integration is producing results. Here are just a few case studies that demonstrate the power of AI integration:
- American Express uses AI in customer service to reduce call handling time.
- BMW’s automated guided vehicles (AGVs) streamline the transportation of supplies and inventory management.
- Siemens uses AI data analysis to identify defects and track vibration and temperature in manufacturing.
- Caterpillar applies AI to better forecast customer demand to avoid stock shortages or overproduction.
- Nvidia leverages deep learning super sampling (DLSS) to create additional frames in gaming to improve image quality.
As you can see, the ways AI can enhance operations are varied and can be applied across nearly every industry. However, you don’t have to be a giant enterprise to exploit the value of artificial intelligence development services. Streamlining your workflow with AI integration can provide you with benefits like these.
Future Trends in Artificial Intelligence Development Services
The pace of innovation in AI has been remarkable and the technology continues to advance rapidly. Fueling increased demand for artificial intelligence development services. By 2030, the AI software market is forecast to be worth more than $826 billion, growing at 28% per year by now and then.
Companies looking to gain a significant competitive advantage are turning to AI development services to accelerate their growth. As AI continues to evolve, embracing and integrating AI into your organization’s workflow and solutions will be crucial to producing sustainable growth.
Contact the Ascendle team to discuss your organization’s future with AI.
