Imagine if your favorite online store could tell you exactly what you want to buy next. Or imagine if your favorite shopping app could tell you how a particular outfit will look on you. Thanks to the implementation of AI/ML development services, this is now possible.
The market size of AI in 2021 was estimated to be around 15.84 USD. This is expected to increase to more than 107.5 billion USD by 2028.
It is evident that businesses are not only recognizing the value of AI but are also starting to implement it into their workflows.
As a leading AI ML development company, TRooTech Business Solutions is among the first ones to uncover the potential of AI ML development services for various industries. Its skilled team of data scientists and AI/ML experts has been helping enterprises worldwide integrate AI/M-based solutions into their business processes by leveraging the latest technologies.
Based on our thorough research, we have created a list of the top business transformations driven by AI/ML development services for your business. Let’s explore!
8 Benefits of AI/ML Development Services for Businesses
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Automate Repetitive Tasks
The biggest benefit businesses obtain through AI/ML development services is automating repetitive tasks that are time-consuming and labor-intensive. For instance, businesses can easily manage tasks like data entry, document processing and analysis, etc.
When routine tasks are automated, businesses can streamline their workflows and reduce the chances of human error. Additionally, AI and ML-based systems can handle large data volumes.
Machine Learning can be used to process structured and unstructured data from various sources. This includes data stored across databases, documents, the internet, websites, visual and textual data, etc. This helps businesses easily validate their data, categorize it, and enable them to make data-driven decisions.
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Optimize Supply Chain
AI ML software can be used to analyze previous data on sales and market trends. This data can further be utilized to predict future market demands of targeted products. Besides this, AI-based systems can also help in optimizing inventories to prevent goods from being overstocked or understocked.
Businesses can also develop AI/ML algorithms using AL ML development services. These algorithms can monitor weather, traffic, and delivery routes to suggest the best transportation route. This helps businesses save costs and delivery time.
Finally, implementing AI/ML solutions helps businesses streamline vendor selection and management, automate warehouse workflow, establish quality control measures, delivery routes, risk management, etc.
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Conduct Predictive Analytics
Business data is stored across multiple sources. These sources may include external data sets, the internet, data stored in system databases, and IoT devices. AI and ML systems can be used to clean, process, and consolidate this data to assist businesses in making data-driven decisions and real-time predictions.
Using these predictions, businesses can make more informed decisions and recommendations to their vendors and users. This not only streamlines their operations but also helps them manage costs.
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Detect Frauds and Manage Risks
Integrating AI/ML into business processes can enhance risk management and fraud detection capabilities. Industries such as eCommerce, Insurance, Finance, Cybersecurity, etc. can greatly benefit from this. Let’s see how.
AI/ML systems can maintain a record and keep track of transactional history, customer history and behavior, user activity, and other such information. This data is constantly analyzed and updated by these systems.
If these systems detect any suspicious user activity or unusual behavior, they send out alerts or perform automated actions that block the suspicious activity. Moreover, AI/ML systems also keep track of the latest market conditions to predict risks that may arise in the future.
This way, businesses can implement necessary risk mitigation techniques and stay on top of any unexpected events.
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Offer Personalized Experiences
Customers these days prefer personalized experiences whenever they are shopping for anything online. Offering individualized experiences to your customers is key if you want your business to stand out. Integrating AI ML development services can help you deliver user-centric experiences to your customers.
Businesses can use AI/ML development services to collect user data to identify preferences, demographics, behaviors, and other such information related to users. The Machine Learning systems then classify this data which helps businesses make personalized recommendations and suggest individualized products, content, and services to their customers.
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Improve Decision Making
We have already covered that businesses collect a large amount of data daily. With the help of Machine Learning algorithms, businesses can convert this data into actionable insights. This allows businesses to gain an idea of their processes, workflows, and performance.
It also helps them identify areas for improvement, conduct strategic planning, and execute data-driven decisions.
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Boost Organizational Productivity
Integrating AI/ML into business processes helps in increasing efficiency, mitigating chances of human error, and streamlining repetitive tasks. All of this helps in boosting the productivity of the business.
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Automate Recruitment Process
Hiring employees within an organization can be a time-consuming process. With the help of AI and ML, businesses can seamlessly automate the initial stages of employee hiring and onboarding. AI/ML-powered algorithms can be used to screen and analyze candidate resumes. They can also assist the HR team in receiving applications for a particular job role.
These AI tools can also come in handy for comparing and shortlisting candidates based on their skills, qualifications, and experience. By automating this process, businesses can eliminate repetitive tasks and ensure a smooth candidate screening process.
Further, AI-powered chatbot can be deployed to schedule candidate interviews, respond to candidate queries, and provide information regarding possible job openings. These AI-based tools can also guide the candidate through the application process, which improves the candidate’s experience with your organization.
Reviewing the benefits mentioned above, it is clear that AI technology is only going to advance in the coming years. Enterprises need to partner with the best AI ML development company to stay ahead of the competition.
But, with so many software development companies offering AI/ML development services, it can be challenging to decide which one to prefer. You must evaluate criteria such as industry experience, cost, quality of service, tech stack used, client reviews, and market expertise.
Based on a thorough market analysis by TRooTech’s senior AI/ML expert of the above-mentioned criteria, we have made a list of the 5 best AI/ML development companies to collaborate with. Take a look.
1. Leeway Hertz
LeewayHertz is a leading provider of AI ML development services. They cater to the diverse needs of enterprises, scale-ups, and start-ups. Their AI/ML experts hold deep expertise in technologies like Deep Learning(DL), Natural Language Processing (NLP), computer vision, cloud computing, and more.
Moreover, they are proficient in utilizing platforms such as AWS and Azure to deliver scalable solutions for businesses.
2. TRooTech
TRooTech Business Solutions is a leading AI ML development company. The company has over a decade of expertise in offering custom AI/ML development services to enterprises on a global scale.
Their AI/ML experts, data scientists, cloud engineers, and software specialists are proficient in working with a wide range of generative AI models such as GPT-3, GPT-3.5, GPT-4, LLaMA, PaLM 2, DALL-E, etc.
This has enabled them to deploy solutions that serve a diverse range of industries including Fintech, Education, Hospitality, Healthcare, Manufacturing, and more.
3. Markovate
Markovate is a company specializing in AI development. They offer advanced custom AI solutions that assist a diverse range of industries. These include integrating ChatGPT models, Stable Diffusion, Generative AI-based solutions, and Adaptive AI-powered solutions.
Their expert team of AI specialists works collaboratively with the clients to understand their requirements and deliver solutions that align with their business objectives. Through this, they have served several clients across industries like Healthcare, Finance, Education, and Retail to name a few.
4. IntellectSoft
IntellectSoft is a digital transformation consultancy. The company has expertise in providing AI/ML development services by leveraging technologies such as Deep Learning, Cloud, Machine Learning, and Big Data. For the past many years, the company has been helping enterprises and start-ups accelerate their digital transformation process.
Their team has built a Big Data enterprise platform. The platform comprises more than 80 million clients and acts as a single point for ingesting, processing, and distributing data.
5. Sumatosoft
Since 2012, Sumatosoft has been delivering scalable mobile, Internet of Things (IoT), Web, and Big Data solutions to several clients across diverse industries. They place a focus a prime on customer requirements and provide their clients with in-house teams that follow an Agile development methodology.
Sumatosoft specializes in Big Data and offers Data Engineering, Business Intelligence, Predictive Modeling, Analytics, Data Visualization, and multi-system data integration services.
Whichever AI ML development company you decide to partner with, you must remember that implementing this technology within your organization must be done after a thorough evaluation of your business goals and requirements.
You must determine how AI and ML can help you drive revenue, productivity, and unique customer experiences within your business and accordingly choose your Custom software development partner.
