5 Low-Cost AI Strategies for Your Businesses

Nitika Sharma 23 Mar, 2024
4 min read

The global AI market is expected to hit a valuation of $267 billion by 2028. As for its contribution to the global economy, that is far more widespread. It’s expected to reach $15.7 trillion by 2030! 

This widespread adoption is a sign that AI can revolutionize not just entire industries, but also individual workflows. 

This article dives into 5 low cost AI strategies you can implement at minimal cost to significantly improve your work efficiency. These cost effective AI strategies can transform time-consuming tasks that once took days or weeks into actions you can complete quickly:

  • Implementing AI Chatbots for Customer Service
  • Utilising Language Models for Business Intelligence
  • Enhancing Data Analysis with AI
  • Automated Data Entry and Processing
  • Virtual Assistants for Administrative Tasks
5 Low-Cost AI Strategies for Your Businesses

Implementing AI Chatbots for Customer Service

Our first recommendation for low cost AI strategy is chatbots!

Chatbots are a proven, cost-effective way to enhance customer service. They provide quick responses to customer queries and are available 24/7. 58% of B2B companies and 42% of B2C companies have already adopted chatbots for their customer service.

If you’re not sure whether AI chatbots can actually have an impact on your bottom line, look no further than the example of Amtrak. 

The company’s chatbot Julie has all but transformed their customer service approach, handling over 5 million questions annually! Not only did Amtrak manage to increase bookings by 25%, Julie’s bookings were about 30% higher in value than bookings from other sources.

Amtrak saved $1 million in customer service email costs and observed a 50% growth in user engagement since Julie’s implementation. Moreover, the chatbot contributed to an 8x return on investment for Amtrak, with a 50% year-over-year growth in Julie’s usage.

To explore AI chatbot options for your business, you can consider tools like Zendesk Chat or Drift and improve overall operational efficiency.

Wondering how AI chatbots can transform your customer service? We’ve got you covered! Fill out our form to learn more on how to create your own AI Chatbot. 

Utilising Language Models for Business Intelligence

Language Models are AI programs designed to understand, generate, and interpret human language. They do this by analysing vast amounts of text data, learning patterns, and predicting the most likely next word in a sequence of words. 

Here are a few ways how you can leverage these models for Business Intelligence:

  • Enhance Communication: Implement LLMs to generate reports, summarise research findings, or even draft emails.
  • Improve Efficiency: Automate the analysis of customer feedback, market research and internal reports, freeing up your team’s time for more strategic tasks.
  • Increase Innovation: Uncover insights that can lead to new product ideas and ways to improve customer satisfaction.

Enhancing Data Analysis with AI

Our next cost effective AI strategy is integrating AI into data analysis processes is an innovative approach to extract insights. Here are a few examples where companies have successfully utilised AI to solve critical business challenges using Data Analysis:

Supply Chain Optimisation in Fashion

The fashion industry known for its unpredictability, has seen a transformative shift with the introduction of AI. Retailers like H&M and Zara have utilised AI for predictive analytics. H&M, in fact uses AI algorithms and a team of over 200 data scientists to predict and analyse fashion trends. This can help forecast future sales with higher accuracy based on historical data and sales performance. 

By capturing information from search engines and blogs, these algorithms help H&M decide on purchasing volumes, timing, and store placements. This data-driven approach to trend forecasting allows H&M to rapidly respond to changing fashion trends and consumer demands.

Healthcare Diagnostics

In healthcare, AI’s potential to speed up and increase the accuracy of diagnoses has been groundbreaking. Hardin Memorial Health utilised AI to assist doctors in evaluating patient medical histories alongside imaging, thus providing more comprehensive care. 

The system has been trained by radiologists. It integrates with existing platforms to compile information into a comprehensive single-page summary. You can even organise it into 12 categories within seconds!

Web Development for MVPs

If you’re looking to quickly launch a minimum viable product (MVP), AI offers solutions like Uizard. This tool allows users to generate functional web and app designs without coding skills, expediting the development process and enabling rapid testing of business concepts.

Automated Data Entry and Processing

Automated data entry, using tools like Nanonets, is transforming the way businesses manage and process their data. These are repetitive tasks that can significantly impact operational efficiencies and cost savings in sales organisations. One of the main advantages of outsourcing these tasks is that you can free up your thinking capacity for more strategy-related decisions.

According to McKinsey‘s research, approximately a third of sales tasks are automatable with current technology. The highest potential for automation is in order management, with up to 50% of the tasks being suitable. On the whole, it can boost your organisation’s efficiency by 10-15% and revenue by up to 10%. 

Virtual Assistants for Administrative Tasks

As a business owner, it can often get challenging to juggle your various roles and responsibilities. After all, you have to be everywhere and stay on top of things to ensure operations run smoothly.

IBM’s Watsonx Orchestrate can help you create custom AI assistants. It allows you to design and deploy AI assistants that can perform a variety of tasks, offering personalised assistance and seamless integration across different platforms and devices​​.

Chatbots are also being utilised across various sectors including customer service, e-commerce, healthcare, and enterprise operations. They incorporate machine learning to adapt responses over time. Plus, many of these chatbots can also be integrated with third-party services and multi-channel support.

Final Thoughts 

Feel free to share your thoughts on these low cost AI strategies in the comment section below!

Efficiency is doing better than what is already being done.

– Peter Drucker

As AI technologies become more advanced and accessible, their adoption among businesses is set to increase. This trend will empower these businesses to stay competitive and grow in the digital age. 

Ready to unlock the power of AI for your business? 

Fill out our short form to set up a discussion with  Analytics Vidhya and explore how we can help you implement low-cost AI solutions to streamline your workflows and boost your bottom line.  

Nitika Sharma 23 Mar, 2024

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