More than every second company in the world has already invested in or is assessing the potential of AI app development for increased productivity, cost reduction, or better customer care.
At the same time, AI benefits are becoming more accessible for SMBs thanks to the development of semi-ready open-source or subscription-based solutions, like GPT-3 or GPT-4. This means an average business will not have to invest $191 million, like Google did to build Gemini Ultra, but will use the model as a service to fine-tune it for personal business needs.
In this article, we’ll examine AI’s promise to transform business processes and ways an average company can benefit from it.
Key Business Areas Where AI Development Can Have an Impact
The latest Stanford AI Index Report states, “AI makes workers more productive and leads to higher quality of work.” This statement is supported by numbers, as it is predicted that AI will generate an additional 6.6 trillion USD to the world’s economy thanks to increased productivity only by 2030. The key areas where AI app development can impact are automation, decision-making, and customer experience.
Process Automation
AI apps are famous for their ability to take over repetitive tasks and free up resources for decision-making, innovation, and strategy development. Customer support bots, for instance, classify customer claims to direct them to the correct department for a solution. Analytical algorithms allow for more intelligent and faster resource allocation, medical AI assistants like Suki take over schedule management so that hospital personnel can spend more time with patients, while modern OCR tools automate delivery tracking by scanning parcels in the delivery arsenals.
Data-driven decision-making
A business decision can only be made with all the facts in hand. AI gives a clearer picture for better decisions. For example, Lufthansa uses AI-generated prompts in 90% of its flight scheduling and fleet management decision-making efforts.
Customer experience optimization
AI also simplifies customer interactions with a brand. AI apps help customers navigate shopping malls, answer questions, make appointments, and are accessible 24/7, which is most important. For example, Heathrow Airport uses Salesforce’s Einstein engine to navigate travelers to their gates, send alerts when boarding starts, and answer flight-related questions.
Why AI App Development Is A Strategic Investment For Business
For 61% of businesses worldwide, investing in AI has become part of strategy development. Not without a reason: McKinsey states that companies investing in innovation are 3.5 times more likely to outperform their peers. AI brings numerous gains, such as better efficiency, cost reduction, and more time and resources for innovation.
Efficiency gains
AI-driven apps improve operational efficiency by handling complex tasks that would otherwise require a lot of resources, time, and workforce. For example, doctors use whole-slide medical imaging for diagnostic purposes. These macro images show cell mutations in different tissues and come in large formats. Scrolling or zooming them takes doctors days. AI apps help scan the whole image faster, directing doctors to areas of high risk.
Cost reduction
Increased efficiency and better decision-making inevitably result in cost reduction. Swiss International Air Lines saved 5.4 million US dollars annually thanks to more efficient flight management using AI technology.
Fostering innovation
AI doesn’t just cut routines and free up hands for innovation and creativity; it can also assist in discovering previously untapped business opportunities. AI provides a broader basis for decision-making, streamlines idea discovery, and helps validate ideas faster. In some domains, AI-based algorithms provide better ideas than specialists. Nature reports that in a recent experiment, AI developed more original research ideas than 50 scientists did.
How Businesses Can Get Started with AI App Development
Successful AI app development depends significantly on your vision of the future product and the professionalism of the vendor you hire to develop it.
Assessing business needs
As a business owner, you should do your homework first. AI app development starts with assessing your needs: What parts of your organization will be enhanced with AI: document analysis, decision-making, customer experience, or something else? This will determine which technologies will be used for further product development, what sorts of data will be needed, and what budget should be allocated for the project.
Choosing the right technology partner
An experienced AI vendor will help you throughout the AI journey. Therefore, before starting collaboration with a technology partner, it is necessary to assess their expertise. You can check the references in the vendor’s portfolio, social media pages, and website. A reliable partner with the potential to build long-term trusting business relations will always share their expertise in experience-sharing events like webinars, conferences, or dedicated sections of their website.
Summing up
As AI becomes more accessible for businesses worldwide, the AI rush is gaining pace. Numerous businesses worldwide, from aviation, banking, and healthcare to marketing companies, are investing in innovation while receiving gains like enhanced efficiency, cost reduction, streamlined operations, better customer experience, and more.
With over a decade in the tech field, Bogdan blends technical expertise with insights on business innovation in technology.
A regular contributor to TMS Outsource's blog, where you'll find sharp analyses on software development, tech business strategies, and global tech dynamics.
- How to Check Screen Time on iPhone - December 11, 2024
- How to Autoformat in VSCode Effortlessly - December 10, 2024
- How to Turn Off Restrictions on iPhone - December 10, 2024
