AI empowers clients to make meaningful business decisions by learning from large volumes of data. It has the ability to look and identify trends, patterns and responses by gathering valuable insights from data collected from different sources. For businesses, this means taking care of potential risks, optimizing workflows, and identifying newer opportunities.
The coffee giant Starbucks leveraged AI to identify the best locations to start their new stores. They analyzed data to look for competitors, traffic patterns and income levels of people to make data-driven decisions for the same.
If we look across different industries, a major chunk of their tasks is time-consuming and repetitive. With the implementation of artificial intelligence in business, it becomes possible to automate monotonous and tedious tasks. This helps them free up valuable time for their resources and lets them focus on key business areas. In short, AI helps businesses to streamline their processes, speed up workflows and reduce human errors.
Energy giant ExxonMobil leveraged AI to boost their business outcome. They used machine learning algorithms to automate certain tasks and boost efficiency of their business.
For the success of any business, it is important to focus on delivering top-notch customer experience and AI is said to play a key role in that. Businesses will be able to learn more about customer behaviours and their preferences by leveraging machine learning and advanced analytics. Based on the collected insights, it becomes possible for them to produce curated product recommendations and target their audience with personalized experiences.
OTT giant Netflix uses AI algorithms in its recommendation engine to suggest TV shows and movies that are tailored to individual tastes. Here the AI algorithms analyzes user profiles, ratings and history to learn more about their users. This helps them to boost user engagement and deliver user satisfaction.
To stay competitive, businesses need to work on improving different areas of their operations and that includes supply chain management. AI can help them with a lot of things including managing the inventory levels, identifying different bottlenecks and predicting demands. It can help businesses avoid situations of overstock or stockouts and anticipate changes in product/service demands.
eCommerce giant Amazon uses AI to increase the efficiency of its supply chain. AI integration has helped the company optimize their inventory levels, forecast product demands and efficiently route orders.
One of the key reasons for the rise of artificial intelligence usage across businesses is to enhance team collaboration and employee productivity by streamlining internal and external processes. Even remote teams can seamlessly manage projects and exchange information by using its advanced communication and collaboration tools. Additionally, it helps in improving business efficiency by automating certain tasks and allowing employees to focus on core areas.
Zoom’s generative AI called Zoom AI lets business streamline processes, turn human-to-human interactions better and make communication with coworkers more effective.
Cybersecurity has turned out to be indispensable for digital businesses today. With cyber threats and data breaches becoming common, businesses need to invest in the right cybersecurity tactics using advanced technologies like AI. AI algorithms can save businesses from significant financial losses and data breaches by identifying and responding to threats.
Will millions on board, American Express is relying on machine learning algorithms to analyze large chunks of data and prevent fraud. This helps them save on labor costs and automate tasks by simplifying things.
The impact of artificial intelligence on businesses has been significant in terms of offering a competitive advantage in the market. AI helps businesses with process automation, streamlined supply chains, data-driven decision-making, and enhanced productivity. Again, businesses get to build trust and customer loyalty by integrating key cybersecurity practices. Overall, the role of artificial intelligence in business transformation is great and it helps them stay profitable, efficient and robust with the changing market demands.
Why Different Software Development Methods Affect CostsSoftware development doesn’t come cheap. But precisely what you’ll pay depends on various factors. There are obvious ones, like the number of features in your software and their complexity. And slightly less obvious ones, such as the experience and expertise of the software development team and where in the world it’s located. However, the final tab also depends on the software development company’s approach and techniques. This blog post will explain more about software development companies’ different approaches and techniques, the pros and cons of using them, and how they affect costs. Is Test-Driven Development always more expensive? If your software developer uses a Test-Driven Development (TDD) approach, your costs will likely be higher. In TDD, instead of launching straight into writing the code, developers create a ‘test case’ for every piece of code, no matter how small. This means they decide how each code should work before writing it and then check it against the test case. The TDD approach could stretch development time by at least a third, possibly two-thirds. So, a project that might otherwise take 6 weeks to complete might take 8 to 10 weeks and cost considerably more. However, although TDD requires more time and effort upfront, it usually results in higher-quality software with cleaner code, which could save you money in the long run. This is because every code is tested automatically during the development stages. In turn, this means that developers address any problems immediately, so you won’t have to pay to fix them later. Deciding whether or not to use TDD depends to a large extent on what you’re doing. Writing all the test cases might seem excessive for smaller and simpler projects. However, the approach can help produce reliable, top-notch software with low maintenance costs for more complex projects. Can different architectures influence cost? Over the years, development companies have used a range of architectures – or methodologies – to help manage the software development process. Over the years, better technology and servers have led to more sophisticated architectures. First, there was MVC, which stands for Model (the software data), View (what you see on the screen), and Controller (how the software responds to your actions). This enabled developers to work on different parts of code separately. MVC then evolved into MVVM, with ViewModel (VM) emphasising the interaction between the data and its appearance on the screen. This made it easier to develop more intricate user interfaces. Later came Microservices Architecture, which breaks complex software into individual components so developers can work on one piece at a time. How you build software can affect how long it takes to finish a project and how much it costs. While it’s vital to improve methodologies, it can be challenging. It involves learning new things and extra costs for implementation and training. Some companies embrace the change, completing projects faster with the more recent processes. In contrast, others stick to their old ways, which might take longer and be more costly. Different software development architectures can indeed influence project cost and duration. However, it can also significantly impact software development outcomes. How important are human resources? In software development, having the right individuals in the right roles plays a crucial part in producing a top-quality product on time and within budget. The importance of this is impossible to overstate. However, the dynamic nature of technology and the diversity of skills required means this is easier said than done. Identifying the ideal candidate for a specific job involves assessing their skills, experience, and adaptability – while also considering the evolving demands of the project. Team dynamics and the availability of suitable candidates make the job harder still. Consequently, achieving a precise fit between individuals and roles requires meticulous planning, ongoing evaluation, and adaptability. Achieving a perfect match between team members and their roles in software development is critical for project success. Do prototypes add to costs? In the case of some software projects, the development process starts with a brief that outlines the project requirements. The work is then divided into smaller phases called sprints, each with its own set of tasks and goals. At the end of each sprint, the development team reports on their progress, and the project manager provides feedback to guide the next sprint, ensuring the project stays on course. The other method is to design a clickable prototype of the finished project using a prototyping tool like Figma or Photoshop. The prototype will include a user journey, mapping out all the steps involved in using the final product. Once developed, the prototypes are presented to the stakeholders to show them how the final software will function. After gathering feedback from the stakeholders, the prototypes are adjusted before the development phase begins. While prototyping can help minimise errors and costly revisions, it does require an initial investment of effort and time which can add to costs. Weigh the benefits of reduced revisions against the upfront prototype development efforts. Is it cheaper to have a Continuous Integration and Continuous Delivery Pipeline? A Continuous Integration, Continuous Delivery (CI/CD) pipeline is a set of automated software development processes and tools to ensure that code changes are tested, integrated, and delivered smoothly and consistently. Implementing a CI/CD pipeline into software development projects can drastically reduce the time it takes to get products to market, significantly reducing costs. A CI/CD pipeline can also increase collaboration between the different teams involved in the project and make the whole development process more streamlined. However, building and managing a CI/CD pipeline takes time, and there are associated costs. Consider the long-term benefits against the upfront costs for your specific project needs. Documentation Software documentation plays a considerable but often overlooked part in the cost of software development. Keeping documents up to date is an important task, and you will usually need to pay an experienced and qualified person to do this on an ongoing basis. In a Nutshell Software development costs are
