The marketing world is the hottest when it comes to employing new strategies, treading new landscapes and always incorporating innovations to stay on the same page and the pace of that of the ever-changing business sector and the consumer’s demands and expectations.
One such innovation is the utilization of Artificial Intelligence and machine learning. From analysing user data in order to better understand the needs of the customers, to automated tasks and services like virtual assistants and chatbots, AI has revamped how customer interactions, experience, and satisfaction can be improved in the bigger picture of retaining the consumers for long-term or attracting new ones.
With that said, it’s not always sunny, particularly not when it comes to incorporating AI for the first time in your IT projects outsourcing or company. There are various challenges to overcome and we’ll be discussing alternative strategies to tackle them so, at the end of the day, your company will have joined the technological revolution as well.
The budget of hiring experts and machinery
The cost of AI is by no means economical especially for rising businesses and small-scale companies looking to step into the cutting-edge-technology territory. You’ll need experts both when it comes to feeding large data sets to these AI systems for the most accurate results and those who know the ins-and-outs of the complex machine learning network. These Data Scientists and Machine Learning Engineers are rather expensive with average yearly salary lying at $120,000 in US and above $60,000 in the UK.
Then we’re talking about the expensive machinery, tools, and tech that you’ll need to house. Though you’ll not be acquiring something like Google’s DeepMind AI technology which cost them $600 million, by the way, you’re still looking at extravagant costs to build or acquire an AI system exclusively for your firm.
Both these financial issues can, however, be addressed by thinking a bit differently. Regarding employees for your AI project, freelancers are much affordable to come by. There are several platforms with the likes of Upwork and Freelancer.com that has the desired job openings and the workers will cost you up to $5000 for a project which is much feasible to work with. When it comes to the AI systems, why not make use of existing ones? Thanks to existing non-profit platforms like Google’s TensorFlow and OpenAI, and Facebook’s Fasttext, you can get access to most of the functions of AI for your project without having to go the extra mile of creating the entire system yourself.
Understanding the complexities of the tech
No one fully understands AI since it’s still in its infancy stages where it will continue to grow and expand in the years to come. However, even as it stands, it can be quite the system to grasp because of its complexities and intricacies. Though the AI experts at the helm of the project carry a sound knowledge of the workings, your business department cannot thrive without realizing what AI is capable of doing and how it will be relevant to your marketing goals.
For this purpose, there should be some general idea about the functioning of AI regardless of the nature of the departments within a company. In addition to Google’s and Facebook’s tools mentioned above, a lot of other online resources exist to educate individuals about the system. Furthermore, TechCode Accelerator is a ccounseling sservice that will businesses realize the ‘goal’ or the use they can have for an AI tech and how to successfully incorporate it within the firm.
AI is a rich and expansive network displaying the capabilities of computers and how far they’ve come to date. With many applications including segmentation of user base and focusing on the customer service, businesses can address issues more conveniently and deliver exactly the product the consumer might expect. This comes at the cost of overheads related to hiring AI analysts and machinery, not to mention an unclear understanding of the concepts of AI at this point.
However, utilization of alternative strategies like hiring freelancers or using existing AI learning platforms and resource centers, the problems are considerably minimized making it much more convenient for businesses to incorporate AI in businesses be it for marketing purposes or otherwise.