AI Product Development Archives - Page 2 of 2

Yashica Chopra
January 19, 2024
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10 Proven AI-ML Strategies for Early-Stage Tech Startups

Artificial intelligence is a powerful technology offering versatile solutions to businesses from different industries. Here, we’ll discuss the best AI-ML strategies for early-stage tech startups and the importance of hiring machine learning development services. Startups are popular these days, with more people willing to take the risk and become entrepreneurs. However, not many startups survive to see the light. After all, the markets are highly competitive, and a startup just doesn’t have the kind of support and brand image an established business has. Does it mean you should not take the risk? Of course not! It only means you should do better research and get the right guidance to overcome the challenges and strengthen your startup’s position in the market. Statistics show that 26% of people who start their own business say it is because they are ready to be their boss instead of working for another. In such instances, it is even more important to make the right decisions and investments when establishing a startup. So, what should be your primary focus in today’s world? The answer is artificial intelligence. With the global AI market estimated to reach $407 billion by 2027, you cannot afford to ignore the benefits of using artificial intelligence in your startup. Nevertheless, choosing a random AI tool will lead to adverse results. As an upcoming entrepreneur, you should leverage robust and comprehensive AI or ML strategies for your early-stage startup, especially if it belongs to the IT industry. You will need to work with a reliable Artificial Intelligence Development Company to understand the intricacies of using AI/ ML in your business. But… you have more questions, don’t you? Worry not. We will answer the major ones in this post. Shall we get started? What is AI/ML Strategy? An AI/ML strategy is a blueprint that guides you in choosing and implementing various AI applications in the business. It aligns the business strategy with the company’s mission, vision, and goals. The AI strategy has to be in sync with the overarching business strategy so that you have the right tools for the right job. Before you consider AI implementation for startups, you need to have a viable core business strategy. This allows the AI strategy to be the necessary fuel that powers your business. It also helps in bringing the various business processes together to create a cohesive and streamlined system that runs smoothly. Startup AI consulting companies focus on these aspects when offering strategies to implement AI and ML applications in your business. They use their expertise to understand your requirements and find the best solution. How AI is Used in Startups? Proven Tips for AI-ML Strategies for Early-Stage Tech Startups Innovative Product Design and Development AI-driven software development promotes innovation, creativity, and greater customer satisfaction. That’s because artificial intelligence is used to analyze customer preferences and market trends to derive insights, which help in designing the final product. AI also accelerates product development through automation and reduces the time-to-market. You can quickly launch your startup before competitors take advantage of the opportunities. Artificial Intelligence for Customer Service AI chatbots and virtual assistants with natural language processing (NLP) for startups can streamline customer service from the initial days to ensure the end users are happy with your business. AI can handle general queries, share user guides, generate tickets, and track the chat even when a human takes over. Additionally, a chatbot doesn’t get tired and can interact with several customers at once. Predictive Analytics for Decision-Making Predictive analytics is a part of advanced analytics that uses statistics and ML algorithms to determine the likelihood of a future outcome. Custom machine learning application development services allow you to use predictive analytics for various purposes, such as sales forecasting, machinery maintenance, predicting customer behavior, identifying new markets, etc. It helps make data-based decisions to effectively manage your startup. Streamline Sales and Marketing Startups need to constantly work on their marketing campaigns to gain visibility and attract target audiences. Cloud-based AI/ML solutions for startups help identify prospective customers and make it easy to create category-specific ads and promotions. You can create highly personalized campaigns for each section of your audience to increase sales. AI tools also help with sales forecasting. Machine Learning for Fraud Detection Online and offline frauds are a big concern for every business. As a startup, you cannot afford to have fake and fraudulent transactions in high volume. Luckily, artificial intelligence and deep learning for startups can analyze your business/ transactional data to detect signs of credit card fraud, money laundering, identity theft, etc. You can protect your startup from severe financial losses caused by such activities and avoid legal complications. Operations Management and Automation AI-driven product enhancement is highly effective in streamlining operations, reducing costs, shortening production cycles, improving quality, optimizing the supply chain, and managing inventory. By automating repetitive tasks, your employees can focus their energies on the core business processes and come up with innovative ideas to expand the offerings. Artificial intelligence can be implemented at all stages and levels of a business. AI-Powered Cybersecurity You cannot compromise on cybersecurity in today’s scenario. Hackers will target any business or individual. Statistics estimate that the global cost of online crimes will reach $23.84 trillion by 2027. According to the ISACA’s 2023 State of Cybersecurity report, 48% of businesses reported an increase in cyber threats in a year. AI-powered digital transformation for startups includes robust data governance and compliance protocols. You will get detailed documentation about how to set up a multi-layered security system to protect your startup from cybercriminals. Moreover, AI-based antivirus software is effective in detecting cyberattacks. Smart Resource Allocation Can we compare the resources of a startup to an established brand? No, right? Startups usually have to work with limited resources and set strict budget limitations. How well you use the existing resources can determine how soon you break even and start earning profits. Emerging technology solutions based on AI help you prioritize your processes to allocate resources accordingly. That way, you won’t spend excess money on unimportant tasks. Personalization for Enhanced User Experience Businesses are turning from a product-centric to a customer-centric approach

Kavika Roy
January 03, 2024
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Behind the Scenes: A Look into Our AI Product Development Process

Discover how AI provides a seamless roadmap to overcomes the challenges in AI product development process, paving the way for innovation and exceptional possibilities? Well, let’s talk about that today!! The usage of AI in the product development process catalyzes innovation and enhances operational efficiency. It makes it easy to design, develop, and customize products to fulfill the customer’s needs. From transforming product development methodologies and outputs through personalized product recommendations and quality control, the scope of AI in product development is vast. In this blog, we’ll uncover the secrets behind our successful AI product development process. Let’s jump right in. Sneak-peak in the tools used for AI product development: AI Development: Tensor Flow, Amazon Sage Maker, Tableau, Keras, Microsoft Cognitive Toolkit, Cloud AutoML Vision, Apache MXNet Deployment: Azure, AWS, Google Cloud Platform, Nvidia Data Storage: Amazon Redshift, Amazon Athena, SAP, Azure Synapse Analytics, Azure Data Lake Storage, MongoDB, Microsoft SQL Server, Google Big Query, MySQL, Hadoop, Azure Integration Services Data Processing: Microsoft SQL Server, Talend, Azure Data Factory, Python, Spark, Kafka, Airflow, AWS Glue, and Databricks. Steps in AI Product Development Our AI product development team follows a six-step plan to create AI products. Our experts ensure a smooth transition as the output of one pipeline depends on the output of the other. Now, I’ll explain the steps in detail: Kicking-off the Project: The first phase of the AI product development roadmap involves defining the project scope and specifying what our experts will work on. Further, they choose the tools and technology stack and delve deep into user stories and use cases to find out how users will interact with the product. Next, the AI development experts create the system architecture blueprint along with the UI/UX design. Minimum Viable Product (MVP): Minimum viable product refers to a product version with sufficient features to attract early adopters and validate the product idea in the early stages. The AI developers prioritize the most important features and create a basic version of the product. Next, they build and improve the product in small steps known as iterative development, and ask the audience to use the product and share their feedback. Data Acquisition and Preparation: This third stage of the AI product development process includes gathering data and planning how this data will be used to build the product. The developers verify the accuracy and reliability of the data by cleaning and organizing it. Further, they add tags (if necessary) to categorize information and protect it from unauthorized access. Model Development and Training: Choose the right model and build the AI product that fulfills the specified needs. Transfer learning considerations, train the AI product, and test it to assess whether it meets the purpose it is designed for. Integration and Development: Integration and development is the fourth stage of AI product development. It includes API development, mobile apps, and web apps with a scalable architecture. It is important to ensure that the AI product works smoothly on various operating systems and devices. Quality assurance is also essential to verify that the product works efficiently and is free of bugs. Deployment and Maintenance: Deployment and maintenance are the best practices for AI product development to launch your AI product into the market. Once the product is launched, find out how the AI product is performing and take note of how you can make your product better. After you have made changes, provide the new versions of the AI product and maintain it to ensure smooth functioning. Benefits of AI Product Development Process Rich Computation AI enables the development teams to analyze huge amounts of data, detect patterns, and make predictions with machine learning techniques and algorithms. This makes it easy to build efficient AI products. Demographic Analysis With AI, developers can analyze data quickly and find new ideas. For example, you can use AI to understand customer preferences and recommend new features for a smartphone that people may like. Psychometric Analysis AI makes it easy to track and analyze data from different sources such as social media, search history, and physiological metrics. With a focus on ethical considerations, AI can be used to analyze data patterns and predict the probability of adoption of new products. Less Time AI significantly reduces the time needed for processes such as prototyping, testing, and development. The developers can create quick simulations, test them, and make improvements if needed. Informed Decision-making AI can quickly analyze large datasets and create multiple probabilities, thereby facilitating businesses to explore all aspects during decision-making. High Security: AI-powered authentication systems such as biometric scanning and CAPTCHA track security breaches, virus attacks, and malware. Also, the developers can use advanced tools to carry out investigative processes to trace vulnerabilities and prevent risks. Conclusion: Deploying AI into product development is the key strategy to optimize development processes and enhance productivity. AI product development companies help you to innovate, design, and launch AI products that remain competitive in the market. It is mandatory to abide by ethical considerations to ensure the sustainable growth of AI and implement effective strategies to redefine the future of AI product development. Originally Published on Medium

Kavika Roy
January 03, 2024
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How AI Can Help You Build Your Dream App!

We see artificial intelligence everywhere! It has a key role in app development too, be it speeding up the process or enhancing user experience. AI can indeed help you build your dream app or other AI/ML-based products and release it into the market. Let’s discuss how AI app development can be done. Artificial intelligence is no longer a distant technology. It is a part of our everyday lives and used by many people in one way or another. The advent of generative AI has led to major developments where almost anyone can create art, music, and apps without making heavy investments. While the results and ethical issues are debatable, we cannot ignore how AI has been integrated into our lives. According to Grand View Research, the global artificial intelligence market is estimated to grow by a CAGR (compound annual growth rate) of 37.3% and reach $1,811.8 billion by 2030. ChatGPT is the fastest-growing AI application, with over 180.5 million global users, of which 100 million are active weekly. This includes 92% of the Forbes 500 companies. Many individuals, entrepreneurs, and business organizations want to build an app with AI to suit their specific requirements. While this was expensive a few years ago, AI app development is now a cost-effective solution for building and deploying a customized application. In this blog, we’ll understand the role of artificial intelligence in building apps and see how you can build your dream app using AI. Role of AI in Apps Development AI app development is versatile and user-friendly. It helps streamline the ideation to implementation journey by reducing the risk of errors and speeding up lengthy processes. From automating code generation to debugging and reasoning, AI can be used in many ways. Machine learning and natural language processing are used to train the app to read and understand user input and provide relevant output. We live in a competitive world where businesses cannot afford to wait for months and years to release an application. AI for app development is a quick and effective solution to overcome this problem and take new apps to customers in less time. It’s no surprise that the demand for AI product/ app development companies have increased in recent times. Though you can use generative AI or ChatGPT to build your app, partnering with an experienced company will give long-lasting results. You can also hire their maintenance and support services to ensure customer satisfaction and higher ROI. Here are a few ways to use AI product development tools: How to Use AI for App Development Developing an application requires a lot of groundwork, coding, testing, documentation, etc., which leaves the teams on a tight schedule to get everything done in time. However, an AI product development team can streamline the tasks effectively and stay one step ahead. How, you ask? Find out below. Project Management Building and launching an app is a project, isn’t it? The success of your app also depends on how well you manage and organize the entire process. Artificial intelligence can help with planning, monitoring, measuring, collaborating, testing, and a lot more. It speeds up the process and increases the efficiency, accuracy, and performance of the app development team. For example, AI can automate recurring tasks, send alerts and reminders, schedule meetings, manage milestones, and support strategic data-based decision-making. AI also promotes innovation while reducing the risk of error. It makes collaboration easier, thus minimizing communication issues between team members. Automated Code Generation An app requires several pages of code. While all of it doesn’t have to be manually created from scratch (sections of code are taken from open-source and edited), the rest of the work falls on the programmer. With AI app development, most of the code can now be generated automatically. The programmer provides the input parameters for the system to write the code on its own. AI-generated code already adheres to the coding practices and brings more consistency to the project. While AI may not be 100% accurate with intricate logic commands, that part can be handled by the programmer. The boring sections can be auto-generated. It saves time and ensures human expertise. A win-win situation for everyone, isn’t it? Github Copilot is an example of an AI-powered code generation tool. Predictive Analytics Predictive analytics combines statistics and modeling techniques to predict an outcome for the given input. App developers run analytics on historical and present data to get insights about potential bugs and glitches that may arise during the project. From predicting how many lines of code will be written to calculating the resources required, predictive analytics helps app developers in many ways. Predictive analytics is a part of advanced analytics run using AI and ML models. Large datasets are analyzed to make data-driven decisions about project timelines, expenses, risks, opportunities, marketing, etc. Enhance User Experience How can you forget user experience? Keeping the end user happy with the app is the primary goal. While many want to create the best app for users, the execution is far from easy. AI can help here. AI product development companies use machine learning algorithms to analyze data and generate reports about user preferences. This gives them the metrics or indicators that help in adding features to the app. They are also useful for measuring the app’s performance during testing and debugging. Building apps backed by proper research will increase user experience, bring higher engagement, and establish the brand image. Natural Language Processing NLP is used to make a machine under human language in the proper context. It plays a vital role in bridging the gap between human and machine communication. NLP makes apps more intuitive and user-friendly. In fact, it is considered a reliable tool to create user-centric applications. Moreover, NLP-powered tools convert descriptions and feedback into actionable insights for the app-development team. It also automatically translates user requirements into an understandable format, making it easy for developers to customize the application for a wide range of audiences. An example of NLP in app development is a chatbot that responds

Yashica Chopra
January 01, 2024
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5 Real-World Examples of AI Products in Action- From Start to Finish

AI products generate a lot of discussion. Despite the concerns, artificial intelligence is growing by leaps and bounds. Here, we’ll discuss some well-known real-world examples of AI products and their workings. Artificial intelligence covers a variety of concepts like machine learning, deep learning, natural language processing, computer vision, etc. AI has become integral to our lives in recent times. AI is versatile and can be used in a plethora of activities, operations, and industries. The global artificial intelligence market is over $136.6 billion, while the AI industry is expected to grow by 13x in the next seven years with a CAGR (compound annual growth rate) of 38.1%. Another report shows that 87% of global companies think AI gives them a competitive edge in the market. Be it in our personal or professional life, we cannot avoid using AI products in some form. It’s no surprise that SMBs, MSMEs, emerging businesses, and large enterprises are partnering with AI product development companies to build and deploy custom applications powered by artificial intelligence. This blog details real-world examples of AI products used by several people from around the globe. What is an Example of Artificial Intelligence in Action? Almost half the businesses (48%) use some form of artificial intelligence, machine learning, and data analytics in their establishments. AI is meant for personal (individual), team, organizational, and global use. A few common examples of artificial intelligence in our day-to-day lives are listed below. Text Editors Chatting, commenting, emailing, etc., are a part of our lives. The keypad apps in smartphones have built-in AI to auto-predict the sentences and emojis. Gmail also has an auto-predictor that suggests the next part of the sentence as you type. Bloggers, content writers, and authors rely on AI text editors like Grammarly, ProWritingAid, etc., to streamline content. From identifying typos and punctuation mistakes to making suggestions about better sentence structures, the software improves the quality of writing. Artificial intelligence algorithms are trained on high-quality language data to identify errors in the input content and rectify them. The AI product development team also trains to understand the grammar rules and differences between different types of English. Navigation and Maps Maps and GPS are some of the best real-world examples of AI products in action. Instead of using printed maps, we access the map and route through Google or Apple Maps. By connecting the phone to the car’s software, The GPS system will give directions in real-time. While GPS has been here for a while, the system has been enhanced by integrating it with artificial intelligence. Machine learning algorithms are now taught to understand traffic flow, remember and recognize house numbers, and identify the best route to your destination. Taking things a step further, AI and ML are essential in self-driven cars, where two or more cars constantly communicate with each other. Facial Recognition Facial recognition is another real-world AI product. The face lock security feature on smartphones is a perfect example of this. Many places, like airports, etc., use facial recognition to confirm your identity. It is a part of security and surveillance systems. The police use facial recognition software when checking leads and suspects to find the criminal. Smart cameras come with this software to enhance the quality of selfies. Many apps like Snapchat, TikTok, etc., use it to add filters and customize images/ videos. Facial recognition is combined with AR technology for users to get a real-time experience in trying makeup products, eyewear, jewelry, etc. Recommendation Algorithms Search algorithms are not limited to SEO. They are backed by artificial intelligence to provide personalized results based on your search history and preferences. For example, if you search for a handbag, you will notice relevant ads on your social media platforms and other websites. Platforms like Facebook, Instagram, X, etc., train their algorithms to provide content based on the posts you like, comment, and share. Over time, the algorithms learn the behavior and tailor the feed accordingly. This is useful as you can avoid seeing content you don’t like. However, it can also feed you misinformation and half-truths. Healthcare Real-world AI products are rampant in the healthcare industry, with many hospitals and pharma companies investing in advanced technology. Data shows that 38% of medical and healthcare providers use computer-aided diagnosis when treating patients. Be it better diagnosis, personalized treatment plans, early detection of diseases, remote patient care, or faster drug discovery, artificial intelligence has a prominent role in the healthcare sector. Doctors are using robotic arms for complex surgeries. Mixed reality (MR) devices are also used to access patient information and get remote assistance during operations. Chatbots and virtual therapists are more examples of AI in healthcare. Customer Service The customer service industry is quickly using chatbots to interact with customers. While the earlier chatbots had limited features, the ones powered by AI are more efficient in handling customer queries and complaints. Moreover, chatbots can interact with multiple users simultaneously and work 24*7 without tiring. This reduces the pressure on the representatives. Businesses from every industry use chatbots in today’s world to enhance customer service. From tracking information, taking orders, answering queries, and generating tickets, the chatbots can handle several tasks with ease. Electronic Payments Payment apps are well-known AI products in everyday life. Google Pay, PhonePe, Paytm, etc., are commonly used payment apps in India to make instant electronic payments by scanning a QR code. Many banks now use artificial intelligence algorithms for fraud detection to prevent scams and dubious transactions. AI is also used for identity management, account management, and security management in banks, insurance companies, and financial institutions. The credit card spending patterns can be analyzed using artificial intelligence to understand the customer’s LTV and increase limits or offer loans. What are the Real-World Examples of AI Products? Home Assistants Home assistants are the easiest example of AI products used in our day-to-day lives. Many of us have a home assistant device like Alexa, Siri, Cortana, or Google Assistant to play music, place an order, read out webpages, or provide answers to our questions by searching on the internet. They

Manpreet Kaur
December 20, 2023
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Building AI Products From Scratch: A Go-to Guide to C-level Executives

This blog talks about the steps to help you in building AI products from scratch. With AI, you can create great products to optimize your processes, save extra bucks, and deliver exceptional customer experience. AI has become imperative for growth-driven businesses as it offers great ways to streamline business operations, boost efficiency, and fulfill market demands. It has made it easy to gather, analyze, and identify patterns in datasets, improving analytical functions. Further, organizations can take advantage of its benefits to automate processes, ensure optimal resource usage, and protect systems against fraudulent activities. According to Grand View Research, the global AI market reached a valuation of $62 billion in 2020 and is anticipated to have an annual growth rate of 40.2% from 2021 to 2028. Before building AI products, it is essential to understand the main components of AI. They include: Learning Procedures Collecting and processing data to convert it into meaningful information is the first and foremost step. Process datasets such as images and customer interactions to arrange them into meaningful formats to train AI algorithms to accomplish designated tasks. Reasoning Procedures Assess algorithms and find the most suitable one for a specific task. For instance, a decision-making AI system evaluates different algorithms and selects the most optimal results depending on analyzed data. Self-adjustment Procedures The AI product development team monitors and adjusts algorithms to deliver precise results. This helps to enhance the performance of AI systems over time and addresses emerging issues. How to begin building AI products? The important steps for the AI product development process are: Identify the problem Focus on the pain points and find out the value proposition that your AI solution will offer. Figure out the problem that your product will solve. Review your data Once pinpointing the issue, the next step involves selecting relevant data sources essential for AI model training. Ensure you have high-quality data to streamline the AI product development process. This is achieved through data cleaning and processing before using it to train the model. Select a viable platform This is one of the most important phases of AI product development. You can choose between cloud-based and in-house frameworks. Choosing the right platform is crucial for AI solutions to obtain great results. The decision between these two frameworks is one of the biggest AI product development challenges. Here’s help: Cloud frameworks AI cloud frameworks allow developers and data scientists to build, deploy, and control machine learning models in the cloud. They offer access to data processing, storage, training models, and deployments within a unified computing environment, making it easier to develop ML solutions. Cloud frameworks offer accessibility, and can be scaled horizontally and vertically to handle varying demands. They also offer inherent flexibility and can be integrated easily with other services. Some AI product development tools include Amazon Web Services, Google Cloud AI, IBM Cloud, and Microsoft Azure AI. In-house frameworks In-house AI frameworks refer to personalized platforms created by internal teams to cater to development and deployment needs. They fulfill unique business needs, data sets, and technology stacks to create value. Developing an in-house AI framework offers customization, data ownership, control, and privacy advantages. Some of the in-house frameworks include TensorFlow, Keras, Microsoft Cognitive Toolkit, and Tableau. Evaluate your needs and requirements when choosing an appropriate framework for your AI solution. Select a programming language You can choose from different programming languages such as R, Python, Java, and C++. Python and R offer extensive ML libraries. Create algorithms An algorithm is a set of instructions given to computers. To enable the AI model to learn from data, machine learning algorithms are necessary. The next step includes training the algorithm with the collected data. Optimize the algorithm to create AI products with high accuracy. Implement, Monitor, and Optimize This is the final step of the AI product development roadmap. Check if your AI product is feasible and self-sufficient. Assess the performance of the deployed AI models and ML algorithms. Observe and optimize them to AI product development benefits. Some of the important considerations include: What are the Challenges of Building AI products? Building and implementing AI products brings with it a few challenges. It is necessary to plan the implementation process meticulously and ensure the existing technology infrastructure is prepared for the challenges ahead. The effectiveness of AI algorithms depends on the quality and quantity of data provided. Therefore, businesses must ensure the quality of their datasets and should have sufficient information to train AI models. Inaccurate and insufficient information may lead to bad results, causing significant threats to business success. AI algorithms duplicate and augment prejudices present in the training data, resulting in discrimination against specific groups with serious consequences. Therefore, businesses must advocate ethical and legal standards to deploy AI products. Building and implementing AI products need a high level of technical expertise, organizations may need to train the workforce to improve technical skills internally or hire external staff. Though AI systems have improved data collection and analysis, there is potential scope for theft or misuse of information. Implementing security techniques is essential to protect the AI system against intrusions. Also, it is important to maintain trust in AI products, specifically for regulated industries such as healthcare and finance. The company must guarantee that the outcomes are transparent and reliable. Managing the hassles of AI product development is quite cumbersome. An AI Product development agency helps you to bring your AI product idea to life. The industry experts guide you through the step-by-step plan for your custom AI product design and development. They will help you at all stages of the AI product development lifecycle, ensuring the product vision aligns with your objectives. Fact checked by –Akansha Rani ~ Content Creator & Copy WriterSunaina Meena ~ Digital Marketing Specialist