Table of Contents
- What is Artificial Intelligence Software?
- What are the benefits of Artificial Intelligence Software?
- What are the common features of Artificial Intelligence Software?
- How much does Artificial Intelligence Software cost?
- Considerations when purchasing Artificial Intelligence Software
What is Artificial Intelligence Software?
Artificial intelligence (AI) software refers to programs that use artificial intelligence, deep learning, and machine learning algorithms to perform tasks that typically require human intelligence. Some of these example tasks include perception, reasoning, learning, and problem-solving. AI software utilizes various subfields of AI, including machine learning and natural language processing, to enable machines to analyze data and make data-based decisions.
Artificial intelligence software gets used for various purposes across many industries. AI-powered chatbots and virtual assistants can respond to natural language queries, providing customer support and personalized recommendations. Additionally, an AI platform can help with tasks such as object and facial recognition and content analysis in images and videos.
What are the benefits of Artificial Intelligence Software?
- Automates routine tasks: An AI tool can automate repetitive tasks, such as data entry and processing, customer service and support, document classification and extraction, data analysis and reporting, and more. Such automation reduces manual intervention and improves productivity and resource allocation.
- Improves data accuracy: AI software can perform data analysis with high accuracy and precision. Machine learning algorithms, for instance, can analyze data patterns and make predictions or classifications with minimal errors. Such accuracy is especially beneficial in healthcare diagnostics, fraud detection, and quality control domains.
- Enhances personalization and customer experience: An AI application enables personalized experiences for users by collecting and using customer data. For instance, AI-powered recommendation systems and chatbots can tailor content and interactions based on individual preferences and behaviors. Such processes improve customer satisfaction, engagement, and loyalty.
- Increases scalability: AI systems can scale operations and handle increasing workloads without significant resource investments. Such scalability is particularly advantageous in applications such as customer support, where chatbots can handle multiple interactions simultaneously, or in data analysis tasks involving large data sets.
- Improves business decision-making: AI software can analyze large volumes of data quickly and accurately. By leveraging machine learning algorithms, it can identify patterns, correlations, and trends that may not be readily apparent to humans. This data-driven analysis gives decision-makers valuable insights and a more comprehensive understanding of complex situations.
What are the common features of Artificial Intelligence Software?
- Machine learning: Enables businesses to implement machine learning algorithms on business data, such as sales and revenue, and identify relationships and trends to draw critical insights that support business decision-making. Additionally, you can retrain machine learning models with sales and revenue data to find new sales trends and make business decisions accordingly.
- Natural language processing: Processes and analyzes human language in text or audio form to perform various tasks, such as sentiment analysis, language translation, information extraction, and text classification and categorization.
- Predictive analytics: Uses historical data and statistical modeling techniques to predict future outcomes or events. By analyzing patterns, trends, and relationships within the data, predictive analytics helps forecast likely business scenarios and their probabilities.
- Speech recognition: Speech recognition processes audio signals captured from various audio sources and segments the speech into smaller units for analysis. Speech recognition can help in multiple situations, such as transcription, customer support, and voice search.
- Virtual personal assistant: VPA provides personalized assistance and performs tasks based on user commands and queries. It utilizes natural language processing, speech recognition, and machine learning algorithms to understand and interact with users.
How much does Artificial Intelligence Software cost?
Most artificial intelligence software solutions on the market are priced on a "per month" basis, and their entry-level pricing plans range from $6 to $255+* per month. An enterprise product that’s priced higher may include additional features such as machine learning-based alerts, custom integrations, outlier detection, and anomaly detection.
*The pricing included is for the entry-level/lowest-priced offerings found on vendor websites as of July 4, 2023.
Considerations when purchasing Artificial Intelligence Software
- Identify your use case and requirements: AI applications serve various purposes, such as natural language processing, image recognition, predictive analytics, or virtual assistants. Understanding your needs will help you narrow the options and choose the most suitable solutions.
- Determine the software's accuracy and performance: Evaluate the accuracy and performance of the AI software through case studies and customer testimonials. You can also opt for a trial period and test the software to see if it meets your expectations.
- Assess its data privacy and security measures: Ensure the vendor follows strict data privacy and security protocols to protect your data from unauthorized access, breaches, or misuse. Compliance with relevant data protection regulations, such as GDPR, is vital, especially when dealing with personal or sensitive information.
- Assess its training and implementation support: Adequate training for your team members is crucial to effectively use the AI software and maximize its benefits for your business. A vendor that offers comprehensive training and support can contribute to a smoother adoption process.