As business leaders return to work and the start of a new year, many are looking to new technology to generate a healthy ROI, an improved productivity level and a competitive advantage for their businesses. For many companies, these benefits come in the form of a Digital Transformation involving multimodal machine learning-driven artificial intelligence (AI) technology. So why is AI development gaining popularity amongst SMBS and how and why is that technology gaining favor amongst organizations within this group?
“In the past, you needed an exorbitant volume of data to train the machine learning models that are used for AI,” explained 7T, VP of Enterprise Services Steve Parta. He added, “Many of today’s models require much less in terms of training data, which opens the door for smaller companies who do not have the massive volume of data that you typically see with larger enterprises. The pricing is also within reach of SMBs now, so we’re now seeing an increased number of SMB clients seeking to pursue AI development projects.”
In fact, 7T’s leadership predicts that approximately 80% of their 2024 Digital Transformations will include AI in some capacity. And this goes beyond the projects where AI is used in the actual development process. Worldwide, $125 billion was invested in AI and by 2025, it’s predicted that as many as 97 million will work in the AI industry.
Challenges for SMBs and AI Development Services
Until recently, artificial development development services were out of reach for small- and medium-sized businesses due to two factors:
- Cost of development – The cost of development has decreased in recent years due to competition in the field of artificial intelligence, but there is still an AI development cost that the organization must cover, ranging from around $5,000 to tens of thousands or more.
- Cost of deployment – An organization must provide training to its users prior to the official deployment of a new AI software solution. This includes the cost of the actual training staff and there is the money that is lost for on-the-job time for each worker since an organization needs to pay for another employee to cover the user while they’re participating in the AI training sessions.
The Rise of AI Development Services and the COVID-19 Pandemic
Multimodal AI technology involves the use of multiple data streams — instead of just one — to train the machine learning algorithms that are used for AI. Up until recently, artificial intelligence algorithms required a single and very sizable data stream which was architected as part of a single-modal machine learning-powered AI development project.
An untold number of developers are using AI to improve their development processes. But beyond this, the ability to leverage multimodal machine learning not only opens the door for SMBs that are in need of an AI solution, but it also ups the use of machine learning with multiple data streams, making AI increasingly more efficient and more accurate since you have mpre than one data stream coming into the AI platform.
As Parta explained, the number of companies offering AI software development services has increased significantly over the past year, driven in large part by the technology surge that was triggered by the COVID-19 pandemic. The pandemic saw a dramatic rise in the number of organizations using cloud solutions and with that, came the need to make the most of their data.
Companies rapidly realized that they would need the help of machine learning and artificial intelligence to make use of the data streams and other technologies, ultimately leading to the rise of AI.
Below, you’ll find a list of resources exploring a few of 7T’s recent AI development projects in industries such as finance, healthcare, construction and beyond.
Hiring a Dallas AI Development Services Company
At 7T, we specialize in Digital Transformations such as AI development for a variety of industries and business spaces. The Digital Transformation development team is guided by the approach of “Digital Transformation Driven by Business Strategy.” As such, the 7T development team works with company leaders who are seeking to solve problems and drive ROI through Digital Transformation with innovative business solutions such as multimodal machine learning-powered AI implementations. 7T has offices in Dallas, Houston, and Austin, but our clientele spans the globe. If you’re ready to learn more about Digital Transformation development solutions, contact 7T today.