As time goes on, more and more businesses are incorporating artificial intelligence into their processes.
AI not only allows for the automation and speeding up of some repetitive tasks, but it also provides efficiency and productivity gains.
In today’s world, refusing to apply it might mean falling behind rivals and losing market share.
This is why in many are implementing AI as a service, which include multiple types referred to different areas of a business.
If that’s something that interests you, then keep reading. In this blog post, we’re going to list the typed of AI as a service and seven problems they can solve.
So, let’s dive right in.
What does AI as a service mean?
AI as a service (AIaaS) enables people and businesses to experiment with AI for a range of reasons without making a significant initial investment and with a lower risk.
The term “service” in AIaaS refers not just to the delivery model–cloud-based software–but also to the level to which the vendor is involved in the process.
If you want to learn more, check out Levity’s guide about artificial intelligence as a service.
Types of AI as a service
There are several types of AI as a service available right now. Some of the most important are listed here.
Virtual assistants and chatbots
Clients and users are becoming increasingly demanding as technology advances, and tolerance levels are dwindling. This implies that if consumers don’t get prompt answers or solutions, they will become annoyed and will most likely submit a negative review, which, if shared with other people, might harm your company’s image.
When it comes to a small business with a few users, handling customer service shouldn’t be a problem. However, things alter when you’re dealing with a large organization that receives a huge volume on a daily basis.
Virtual assistants and chatbots were needed to solve this challenge. These, give consumers with immediate automatic responses drawn from a knowledge base based on frequently asked queries and difficulties previously faced by users. Instead of having a person manually respond to every user, AI virtual assistants and chatbots will handle all the job, allowing people to focus on more complex matters.
Machine learning (ML) frameworks
Machine learning (ML) is a subset of artificial intelligence. Automation would be impossible to achieve without it.
AIaaS Ml models are pre-trained and provided with particular tools for improving business operations over time by learning from historical data.
Here are some types of applications of machine learning in business:
- Real-time chatbot systems
- Decision support
- Customer recommendation engines
- Customer churn modeling
- Dynamic or demand pricing strategies
- Customer segmentation and market research
- Fraud detection
- Operational efficiencies
- Data extraction
Application Programming Interfaces (API)
APIs, or application programming interfaces, allow services to connect with one another. APIs enable developers to include a certain technology or service into their application without having to start from scratch. APIs come in many different varieties, including:
- Computer speech and computer vision
- Knowledge mapping
- Emotion detection
7 Problems AI as a service can solve
AI as a service may tackle a range of issues that are common in businesses that do not leverage the power of such technology.
Below we’re going to take a look at seven of the most relevant problems AIaaS can solve.
- Having a high churn rate
It is critical to structure your company such that it can comprehend your clients and their potential economic worth.
In reality, being able to identify consumers who are likely to buy again or who are interested in your products or services allows you to minimize churn while enhancing retention and customer loyalty.
Without the use of artificial intelligence, this becomes nearly impossible, since analyzing large amounts of data and tracking client behavior becomes nearly impossible.
Instead, by using AI as a service, your organization will be able to monitor your consumer behavior, predict the customer’s demands, and begin laying the groundwork for the extra product or service.
This will allow you to create marketing plans that are exactly tailored to your customers and will compel them to make another purchase for you.
- Adopting of standard solutions
When using products and services that are not driven by AI and ML, they seldom provide personalized possibilities. This means that they propose typical solutions that do not cater to the unique needs or preferences of each organization.
In this sense, you may be paying for services that you do not require or for data that you do not even use.
In this instance, AIaaS automatically adjusts to your company’s activity and demands as time passes, offering you with a customized solution that will benefit your business in the best and most effective way possible.
- Hiring experts and develop a complicated infrastructure
Taking your business’s development and growing user demands as an example, you may need to recruit more and more workers to keep up with such expansion. Furthermore, you will require additional devices to install inside your business as well as the development of your infrastructure in order to create room for this.
As you can see, all of this may be rather pricey for your company, and if this is only a transient increase that fades away after a few months, you will find yourself with higher costs than profit.
In this sense, AI as a service assists you in resolving such a challenge. You won’t have to spend a lot of money on it because it can handle expansion without extra or little cost.
- Spending too much time
As you can expect, doing manual duties such as data analysis for the customer support service can take a long time, slowing down the productivity of the business and the entire system.
AI-powered technologies can accomplish tasks much faster than humans, instead of taking hours or days.
In this way, AIaaS may help you overcome the time problem by relieving you and your team of repetitive and analytical activities, allowing you to focus on more critical and difficult work.
Furthermore, the availability of more free time will also allow you to explore innovative solutions and spend more time developing strategies to guarantee the improvement of your business.
- Committing frequent and big errors
When activities and procedures are performed manually, there is a greater risk of making mistakes that might jeopardize the overall or divisional continuity of the your organization.
Such mistakes, in certain situations, may have irreparable consequences.
Instead, AI-powered systems are capable of analyzing massive amounts of data in seconds and completing the analysis and desired tasks at the maximum degree of efficiency and accuracy.
This will significantly limit the occurrence of errors and the possibility of severe repercussions for your company that could determine financial and reputational damages.
- Not being available 24/7
If you execute every single operation and process in your business manually, you will almost certainly not be accessible to your clients or with data processing as well as other activities 24 hours a day, seven days a week.
When you are not active, you may lose valuable information that might help you enhance the experience you deliver to your clients and prospects. Furthermore, you lose vital data that might help your business grow.
Furthermore, you lose vital data that might help your business growth.
Instead, AIaaS can solve this problem since, as previously said, there are technologies such as chatbots that automatically answer and solve consumers’ questions.
This may assist you in providing an effective service at all times of the day, allowing your company’s reputation to flourish and attracting even more leads.
- Not being able to process large amounts of data
Handling massive volumes of data becomes visibly difficult, if not impossible, when every process is performed manually. Although it may not appear to be an essential activity, data is what allows you to deliver better solutions to your clients and reshape your marketing strategies to enhance it.
As you might expect, AI and ML can address this concern by automating the processing and elaboration of data, which in certain situations may even automate the process of repurposing particular offers or developing tailored experiences based on the analyzed data.
Artificial Intelligent has improved various areas within a business, regardless of the industry in which it operates.
In particular, AI as a service may assist your company in resolving numerous typical issues that commonly create slowdowns in production and growth, so impeding your business’s full potential.
As a result, employing them will undoubtedly help you realize quick benefits in terms of efficiency and time and money savings.
Thank you for taking the time to read this article. Hopefully, it was informative and helpful for you.
If you want to read more on the topic, please check out this article on 7 ways of bootstrapping your SaaS startup in 2022