Artificial Intelligence has already found its way into real life applications with Self-driving cars, Image recognition software doing the rounds.
Applications of artificial intelligence is spread across all dimensions from aviation to agriculture and healthcare to wellness.
An "AI Index" created by researchers at Stanford University, the Massachusetts Institute of Technology and other organizations, released on Thursday, tracks developments in artificial intelligence by measuring aspects like technical progress, investment, artificial intelligence research citations and university enrollments. The goal of the project is to collect, curate and continually update data to better inform scientists, businesspeople, policymakers and the public.
Today, investment in artificial intelligence and machine learning is at its peak. There are many AI startups and small to medium sized AI companies that have caught the eyes of the biggies, who are either acquiring or investing in this new age technology. Though writing an ai code is not a walk in the park but attempts have been made to meet the rising demands of the new AI cult.
But how much will Artificial Intelligence programming cost you?
According to Gartner’s report, 85% of user communications will be managed without human involvement by 2020.
Before answering the question on how much an AI programme will cost you, it is important to answer the question,
Who will build your AI programme(for eg. a chatbot)?
How to choose someone who will develop a bot?
How will be able to make it?
Besides choosing a platform or provider, there are two major choices in front of you:
Building custom solution
In a custom solution, you are completely liable for its maintenance, functionality and environment. It can be built as per your requirements and need and planned according to your scale. The advantage you have is that you are not limited to any platform abilities. Saying that it will make deep cuts in your pocket if you plan to start everything from scratch.
Building on top of platform
The most cost-efficient way is to create a chatbot on the available platforms that allow you to define the features. This model works on a subscription basis where a monthly amount is up fixed. However, if you require customization tools to gauge the bot as per your need, you will have to buy it additionally equaling the cost of building a custom solution. But though the cost difference would not be much, you will still get support and maintenance, save some time on basic algorithms, and still get customized chatbot.
Platforms that allow you to build your own chatbot include:
(Wait for our next article on the best platforms to build your own chatbot.)
There is no right choice here. Depending on complexity of the bot you need any of the options above might be suitable for your case.
So how much will it actually cost you?
It is a general dogma that building an Artificial Intelligence programme like chatbot will cost you a fortune. This might be true depending on the complexity of the bot, but in general, building a cost-efficient bot in today’s time is very much possible.
Prices are calculated for each case in particular. Usually, development companies charge from $15,000 to $30,000 for a custom bot.
Companies located in a Silicon Valley set a minimum price of $30,000 for a pretty simple bot which will be able to understand different users’ questions and even provide them with the relevant answer.
AI customer support and very sophisticated chatbots for customer support are starting from $40,000 – $100,000. These bots are built on NLP and ML. They are based on the human capability of learning and absorbing information, but imbued with more efficiency. Marketing campaigns, lead generation and conversions, personalized media and news content distribution can be personalized and delivered to targeted customers. AI-based chatbots can provide a quick interface to resolve your customers’ queries. When combined with payment services, chatbots serve as a complete business-enabling solution. They are based on the human capability of learning and absorbing information, but imbued with more efficiency. This type of chatbot always just a part of a bigger system, with custom dashboards, webviews, etc.
The good news here – you may start with a simple chatbot automating most frequent flows in your company and add AI-based bot later on as soon as the first one shows it’s efficiency.