Table of Contents
- What Is AI And How Did It Come To Be?
- What Is An Artificial Intelligence Company?
- What Do AI Companies Do?
- How Much Do AI Development Companies Charge For Their Services?
- Why Hire An AI Development Company?
- How To Choose The Best AI Development Company?
- 15 Questions To Ask Artificial Intelligence Companies Before You Hire One
- Takeaways On Top AI Development Companies
What Is AI And How Did It Come To Be?
Artificial intelligence (AI) is the simulation of human intelligence and cognitive patterns processed by machines, mainly computer systems. Virtual assistants like Alexa and Siri are not considered true AI, but they are using AI technology and techniques to become smarter and adaptable.
While artificial intelligence’s wide acceptance in society is a fairly new phenomenon, it is not exactly a new concept.
The beginnings of modern AI can be traced hundreds or even thousands of years ago when classical philosophers attempted to contextualize human thinking and behavior as a symbolic system.
The field formally came into existence in 1956 at a conference at Dartmouth College, Hanover, New Hampshire, but it took decades to make significant progress toward developing systems that make it the tech reality of today.
An AI development company integrates artificial intelligence solutions to improve services ranging from natural language processing (NLP), chatbot development, machine learning (ML), algorithms, hardware infrastructure, data science and more.
From being a focal point of science fiction, Artificial Intelligence has found its way into the business by bringing innovative and highly intelligent solutions to transform and streamline work in totality.
What Do AI Companies Do?
AI already plays a massive role in transforming industries around the world. In fact, the global AI market is predicted to skyrocket in the next few years, reaching a whopping $190 billion market value in 2025.
Having in mind the exponential growth of the so-called second digital revolution, many expect this already massive number to double in the same period.
It’s no wonder AI is seen by many as the future engine of productivity and economic growth. Rather than serving as a replacement for genuine human intelligence, AI is generally seen as a supporting tool.
Even though artificial intelligence still faces some challenges, it is adept at processing and analyzing mountains of data more quickly than the human brain can fathom it.
But besides implementing AI automation in various fields of technology, what do artificial intelligence companies actually do?
The core services of AI companies include but are not limited to:
- Machine learning: ML is a method of data analysis that automates analytical model building. AI companies can help you implement the latest AI-based solutions melded with the newest ML technology to handle complex data interpretation, detecting patterns and trends, recognize given targets, make decisions and help you reach smart business outcomes.
- Natural language processing: NLP helps computers understand, interpret and even manipulate and mimic human language whether it’s text or spoken words. Interpreting natural speaking or writing into adequate consumer input and insights helps you take optimum and timely actions, as well as improving the overall user experience (UX).
- Deep learning: DL is a type of machine learning that imitates the way humans gather and gain knowledge. Traditional machine learning algorithms are linear, while deep learning stacks data in a hierarchy of increasing complexity and abstraction. Implementing DL processes helps you discover the true power of your collated data and handles complex arrangements with ease.
- Computer vision: The so-called “future of AI” is backed up with the prowess of the aforementioned Deep learning. Computer vision enables computers and software systems to derive meaningful data from digital images, videos and/or similar visual triggers, as well as taking actions or make recommendations based on the gathered information. It essentially functions as a human vision, with the added capacity of performing actions according to designated goals.
- Robotic process automation: Simply put, RPA is a software technology that enables building, deploying and managing software bots that emulate human behavior interacting with digital systems and/or software. It is the precursor to building chatbots, predictive agents and cognitive process automation.
- Cognitive customer analytics: Cognitive analytics analyze large customer-oriented data sets and gives structure to the unstructured data. Ventures of all sizes can use cognitive analytics to monitor their customer behavior patterns and emerging trends and react accordingly.
- Enterprise operational analytics: This process uses data analysis and business intelligence to improve efficiency and streamline everyday operations in real-time. It offers solutions for operations resource planning and makes better IT decisions. As a subset of business analytics, it is supported by data mining and ML.
- AI software development solutions
- And more
How Much Do AI Development Companies Charge For Their Services?
There’s a multitude of factors that influence AI software costs aside from your business goals or preferences for a custom or pre-built solution. The most influential pricing factors include:
- AI type
- AI features
- Project type
Putting the exact price on AI services is not an easy task. Obviously, the more complex the project is for the AI developer, the more can you expect to pay.
For example, custom AI solutions can cost anywhere from $5,000 to over $250,000. This price tag usually includes development and rollout.
Ongoing AI services, such as AI consulting cost much less and depend on chosen consultant’s hourly fee. Most AI companies charge anywhere between $200 to $500 per hour for AI consulting.
A few other factors that may dictate the cost are the agency’s:
- Team size
Why Hire An AI Development Company?
The advantages of hiring an artificial intelligence company are enormous and can revolutionize any professional sector across industries.
Contrary to the popular belief, AI differs massively from business intelligence tech which analyzes data but leaves decision-making to an actual person. Although shackled, AI is (for the most part) autonomous.
Put shortly, how do AI services impact your business operations?
1. Reduction in Human Errors
“Human error” is one of the main hurdles of many a company of all sizes and backgrounds. Computers, if programmed properly do not make mistakes. With the help of AI companies, the errors when making decisions are reduced to almost zero.
2. 24/7 Availability
Excluding the breaks, an average human works around six hours a day. In fact, studies have shown that our productivity increases when official work hours are reduced.
Using AI, however, can make machines work non-stop, without any breaks and they don’t ever get bored of menial tasks.
Repetitive tasks like sending invoices, emails, document verification, etc. can be frustrating. By using AI automation processes, these mundane tasks remove the “boring” aspects of our job and increase focus and creative thinking.
3. Customer Communications Improvements And Cost Efficiency
As it stands, chats will surpass all other customer service platforms by the end of 2022. More than 1.4 billion people are using chatbots regularly and 60% of all online users have engaged with chatbots in the last 12 months.
AI-driven chatbots allow companies to provide 24/7 customer support making the experience even more personalized. The latest achievements in NLP allow bots to pick up conversation nuances and subtle hints better to mimic human speech.
The better the chatbot, the better the user experience and user journey. Enhanced user journey leads to an increase in customer satisfaction and company revenue.
4. Brand Loyalty
Nowadays, more than ever, consumers expect a personalized experience. The challenge for businesses, especially the small ones is that the desired level of personalization takes time, effort and money.
To deliver custom-tailored experience, businesses need to map out individual consumer journeys, analyze them, morph them into raw data and predict what to enhance to increase engagement and drive sales.
Personalization means anticipating the needs of a singular customer and this is where AI comes in.
The job of AI is to use the data from previous purchases, subscriptions and/or social media activity to predict the type of product/service consumers are likely to buy. AI can automate this process, identify decision-making patterns and create ideal customer personas and then drive content that is most likely to succeed in attracting new prospects/customers.
5. Talent Acquisition
When implementing AI processes, companies tend to focus all their efforts on the market, customers. However, another area where artificial intelligence companies can help you increase efficiency is streamlining the hiring process.
With the right automated screening calls and analysis of candidate applications, AI can speed up the candidate review process tenfold. AI helps in eliminating human bias, conscious or otherwise from preliminary screenings which are good for workplace atmosphere and genuine diversity.
How To Choose The Best AI Development Company?
Choosing the right fit for your business needs largely depends on your goals.
What business or consumer-related problem are you hoping to solve with AI? What features do you believe it should have? Do you seek AI developer and AI deployment, AI vendor or AI consulting?
Searching for the top AI companies can be difficult, so not only did we analyze and rank each of them above, but we also suggest you look into these three aspects to streamline your options:
1. Solution-oriented company
When choosing an AI partner, consider these two cases:
- Your problem is unclear and you don’t know how to tackle it
- You got a well-defined problem and a suggested course of action
Simply put, the AI development company’s role is to find a solution. If a company expects you to provide a full specification of the problem, you should probably look for another candidate.
Even if you have an idea of your obstacles, the AI development company should do its own research. Their job is to evaluate your findings/suggestions and see whether there’s another or better path to address the issue.
2. Clear value proposition
Although the importance of AI solutions is expanding at a rapid pace, implementing AI just for the sake of it is pointless.
The best artificial intelligence companies will suggest using AI where it’s truly required. This is why it’s always good to ask for a transparent value proposition. Every reliable AI development company should be able to describe the benefits clearly so you can see how their efforts impact your business for the better.
3. Experience and knowledge
It may sound obvious but past experience and knowledge is a must. Artificial intelligence, much like engineering can be confusing to the uninitiated, so it’s easy to fall for the one-size-fits-all type of solutions that can only slightly enhance your business.
Whether you employ a company that utilizes already developed approaches or one that crafts superb AI from scratch, your future partner has to know your unique problems and be able to communicate them properly. Experience in your specific niche/industry is preferable.
Some issues can be tackled with already existing techniques while others require out-of-the-box solutions. The main difference is the price tag.
15 Questions To Ask Artificial Intelligence Companies Before You Hire One
Before choosing an AI development company, make sure to find out as much as possible about their company culture, knowledge, their resources and creativity, approach, or quality of work
- What’s the most notable case study you have worked on? Can you outline the brief, process and results?
- How will you analyze our business goals and determine a course of action?
- Which team members will be working on our AI project? Have they worked with similar companies, industries, or projects before?
- How will you create a project timeline?
- How much do your AI services cost? Do you charge per hour, per month, per results or a flat fee?
- What data does the solution need to function properly? How does it learn over time?
- Is there demonstrable ROI in implementing the AI solution?
- What does this AI do that a conventional program cannot?
- What type of machine learning algorithms does your product use?
- How many machine learning algorithms does your product have, and how are they categorized? How frequently do you update them and release new algorithms?
- Will the AI get smarter and more accurate over time?
- Does your AI product/service integrate seamlessly into the existing detection, alerting, and incident response workflow?
- What is the workload reduction your product provides for security analysts? What kind of efficiency increase can be expected?
- How will AI solution be integrated with the company’s overall strategy?
- What are the expected returns from applying this technology?
Takeaways On Top AI Development Companies
AI companies help businesses integrate the latest artificial intelligence solutions to boost revenue, streamline processes and enhance the overall experience, both for consumers and the hired talent.
AI companies’ key services include:
- Machine learning (ML)
- Natural language processing
- Deep learning
- Computer vision
- Process automation
- Customer cognitive analytics
- Operational analytics
- And more
You should partner with the best AI development companies to:
- Reduce human errors
- Boost customer communications to create brand loyalty
- Streamline recruitment process
To select the best partner for your business, selected company needs to:
- Be solution-oriented
- Have a clear value proposition
- Have relevant experience and knowledge
Best of luck with your research!