How Expensive Is It to Implement Artificial Intelligence Solutions for Your Business? Hiruy Amanuel Explains

Artificial intelligence (AI) has become a standard aspect of business that companies rely on for marketing, customer service, and other functions. AI can save businesses exponential work hours, but it usually comes at a price, making it vital to know what types of AI would work best for your business and how much you should expect to pay for them. Hiruy Amanuel explains which AI solutions work well for startups and gives a general estimate of their costs.

Marketing Analysis Systems

For any business with a data-driven approach, having a reliable analysis system to collect and interpret large quantities of data is essential. For example, these systems can advance your sales and marketing techniques to help increase returns. For such a system, you can expect to pay around $500-$700 per web page, or for a fully customized system, upwards of $35,000.

Chatbots

This form of AI is something you’ve probably experienced firsthand as a consumer. Chatbots improve customer service and relations by creating a simple-to-use platform for consumers to interact with your company virtually. They can ask questions, gather more information, or provide quick feedback without taking up an actual human’s time.

Some chatbot services are pre-designed, while others can be custom-built for your business’s needs. Pre-set systems can range in price from as little as $100 per month to $1,500 per month if you want all the bells and whistles. On the other hand, custom-designed chatbots can cost anywhere from $6,000 to $15,000, making them a more significant investment for most entrepreneurs.

Virtual Assistants

Everyday assistants like Siri, Google Assistant, and Cortana can help keep you and your business organized, on schedule, and in the loop. The benefits of these virtual assistants frequently outweigh the costs as they are usually already included in other software or platforms your company uses. However, if you’re considering something more unique to your company, you can expect to pay at least a few thousand dollars.

Management Expenses

Another financial aspect of AI solutions is how much it will cost to manage them, with two simple choices — in-house management or outsourced management.

With in-house management, your AI will get a lot of personal attention and have a team ensuring it’s operating at peak performance. They can also make adjustments at any moment and create greater returns for your company. This bespoke attention, though, comes at a price. For instance, an AI developer’s average salary is $80,000 per year, while a data scientist earns around $94,000.

When you outsource your AI management to a contractor, freelancer, or agency, you won’t have some of the additional costs of in-house positions, and you can still find quality developers or data scientists. At the same time, you’ll have the flexibility to utilize these individuals on an as-needed basis, and if a collaboration works out well, you still have the option to bring them onto your team full-time.

Is AI Worth It?

According to Hiruy Amanuel, yes, AI is worth it — as long as you do it right. And doing it right for your business may look or feel very different from another enterprise, whether it’s using more cookie-cutter designs or coming up with your platforms. With AI, the sky’s the limit — even if your budget says otherwise!

About Hiruy Amanuel

Hiruy Amanuel is an expert on technology and a devoted philanthropist. He has invested in numerous educational and technological initiatives in East Africa. Amanuel believes that groundbreaking technologies will rapidly develop throughout the Horn of Africa as access to quality education and technology increases.