AI-powered software refers to programs and applications that function with the help of artificial intelligence. Artificial intelligence (AI) is the ability of machines to mimic creative and cognitive operations similar to those performed by the human brain.
AI has been quickly gaining traction as a widely-used technology across industries and businesses. Today, AI is a stepping stone for innovative solutions, especially in the financial software development. The AI software market, according to а Grand View Research is expected to grow to $1.81 trillion by 2030.
AI software development, is the process of building new applications or improving existing ones with the powerful tools of AI. The process would aim to extract and analyze data volumes, or trigger specific actions as a result of these data volumes.
AI-powered software would easily handle large databases and use them to automate business processes, personalize customer experience, or drive specific actions from the end user.
This said, solving complex technological issues with artificial intelligence is challenging, Therefore, it’s crucial for any company to have the right software development partner that could create, maintain, and scale AI software.
Developing and implementing AI software could solve a number of business problems such as financial crimes, payment frauds, manual and repetitive tasks, and more.
To elaborate, AI-based systems can be helpful in:
- Reducing the number of financial crimes;
- Increasing cybersecurity;
- Improving business decision-making;
- Removing manual and repetitive workloads;
- Eliminating human error through automation;
- Solving specific issues like filtering email spam.
Intelligent automation and the overarching practical application of AI is constantly expanding. As the technology progresses, more business operations could be transformed by the capabilities of artificial intelligence.
In that context, the need for AI-powered applications is becoming more pronounced as companies look for ways to remain competitive and stay ahead of the curve. A company that uses the tools provided by AI, can reach its goals and tackle rising challenges at a quick pace due to the high-level of automation. In addition, AI is likely to bring costs down in the long-term, save resources, and improve user experience because of its customer-centric solutions.
As AI is becoming invaluable to an increasing number of businesses, the use cases for AI software also move higher. It is highly likely that every modern company you know about is already relying on AI for hundreds, if not thousands, of operations.
With this in mind, the most popular use cases for AI software are:
- Business process automation: this includes chatbots, search engines, automated document generation etc.
- Product management: predictive maintenance, process quality prediction, demand forecasting.
- Customer analytics: sentiment analysis, sales forecasting, customer behavior prediction.
- Risk management: fraud detection, potential damage prediction, risk analytics.
- Supply chain management: inventory optimization, demand forecasting, lead time forecasting.
Define the AI software goal
Developing AI software requires you to identify problem-solving ideas, pain points of the end user, and the value proposition the software will provide. Then, you can move towards development steps, what techniques to use, and the AI metrics you would want to be following. All of this is important for the precise development of AI software.
Against this backdrop, you need a dataset, or simply data that would be implemented. If you do not have a ready-made one, you can transfer your project to a third-party software developer that would ideally provide you with it. At Scalefocus, our team of expert software engineers will leverage both artificial intelligence and machine learning to accelerate efficiency and improve your workflow and operations.
Going further, the development of AI-powered software requires a model. It would depend on the choice of algorithm, type of learning, data structuring, chronological order, etc.
Platform and language selection
Then you would need to decide on a platform and what programming languages to use. On the one hand, the platform you would use will bring certain tools available to build your product. These tools might be a combination between intelligent decision-making processes and data types. The platform itself could be Google Cloud Platform (GCP), Microsoft Azure, Amazon Machine Learning, or another.
On the other hand, the programming language will determine how your product would be developed and what functionalities it will have. The most common programming languages used for AI programs are Python, Java, and C++.
In short, to successfully build a software with AI, you would have to do initial research and planning, followed by modeling and moving onto the launch and support phase.
Artificial intelligence is presently transforming the way software works. Developers around the globe are taking applications and programs to a whole new level as AI-powered functions continuously elevate technological operations.
The benefits of AI are not limited only to the development process. More importantly, AI plays a major role in improving customer experience, reducing time in performing processes, and eliminating human error while contributing to smooth workflows.
If you’re looking to take advantage of AI and enjoy the many benefits on offer, contact us today. We’ll be happy to discuss your specific project andhow we can help you integrate AI into your daily operations to boost your business results.