Artificial Intelligence or AI is the fastest growing industry in the world. People have started making a living with it. Yes, you read it right. Almost every sector (healthcare, finance, Ecommerce) is utilizing its potential to the fullest.
Before delving deep into the topic, let’s first understand what is Artificial Intelligence?
Ever since the rise of modern computer technology, innovators have tried hard to build a computer that can think like a human. With the objective of making human thought and decision making an automated process, algorithms and networks have become the basis of artificial intelligence.
“Artificial Intelligence is software that is designed to perform tasks similar to human brains. It is done by sensing and responding to the feature of their environment”.
AI is an effective tool and a large number of startup companies have laid on the foundation of this technology. These are making the most out of this technology. If you haven’t unleashed its potential yet, then now is the time to do so. Your business will be benefitted in the long haul. Here are effective ways of making money with Artificial Intelligence:
1. Build an AI Startup
There are some ways with which you can use artificial intelligence while starting a startup. Let’s take a look:
- This type of AI Company is related to scholastic organizations. The advantages of such companies rely on the ability of passage obstruction into advanced AI tools.
- Such AI companies are centric towards a product-based process and innovation. You can acknowledge in the form of testing as you want to explore the future of present products rather than opting for something innovative.
- Look for a good market niche and proceed ahead with new ideas. You have to register your business and have to assess for funding, so you can launch your product. The integration of AI will prove to be a big help in the entire process.
2. ML implementation in Ecommerce
There is nothing more pleasant than shopping without going outside. With enhanced algorithms, it is now possible. Machine learning is extremely helpful for Ecommerce. It can create a recommendation engine, make service personalized, dynamically adjusts the price, predicting supply and demand, and safeguard service against fraud.
Machine learning in Ecommerce is useful in making the customer journey simpler. You can utilize them for creating conversational interfaces and automate the entire customer support process.
3. Participate in Online ML Competition
If you don’t have your own business but have a competitive spirit, consider participating in machine learning contests. This makes programmers practice and earn money and gain important insights into the engineering industry. You can look for a popular ML challenge platform that provides big prize money to the winners. Some AI and ML contest sites where you have a good chance to win cash are Driven Data, Innocentive, CrowdANALYTIX, etc.
4. Chatbots as Virtual Assistants
Since AI mimics the way the human brain works, why not train it how to communicate. The use of Natural Language Processing (NLP) is expected to rise in the engineering world. To build a chatbot, you will require two key technologies: semantic analysis and speech recognition. It enables speech to text conversion, database search, and entity recognition.
You may have earlier used platforms like Microsoft Bot framework, Botkit, or Dialogflow. Such a form of the digital assistant is useful for both mobile apps and web interfaces as well.
5. Create an App
Build an intuitive free app with a premium subscription. It can perform things you like. From connecting travelers with locals to looking for discounts on a particular category of goods, you can do almost everything. Premium subscription provides users with additional features that they have to pay for. This helps is earning more money than other types of in-app purchases. Another method to monetize your app is by adding ads to it or you can provide users a fixed usage time, after which they have to pay.
If you are thinking of how your business can benefit from artificial intelligence, then these are some ways by which you can earn money using this technology. All you will require is the assistance of developers to help you in setting up everything as per your business needs. One can deploy artificial intelligence in any business domain which is prone to creativity.
So, these are some ways that are considered effective to earn money using AI technology. AI is quite a trend these days and for all the right reasons. It has great potential to maximize your business revenue if used smartly. In fact, there are many examples that are proof that how it has changed the fortune of businesses. If you are a startup, you should consider finding an artificial intelligence development company that can help you to a great extent.
We hope that you find this post informative and enjoyed reading it!