AI projects don’t have to be extensive, complex, expensive, or risky. You can easily develop low-risk, high-value AI products in a short timeline. Here, we’ll discuss ten low-risk AI experiments that innovation officers in enterprises can launch in just ninety days!
Artificial intelligence is no longer optional for a business, irrespective of its size, industry, and location. It is a must-have if you want to revamp your operations and enhance efficiency. A report by KPMG indicates that 68% of CEOs view AI as a top investment priority. According to Fortune Business Insights, the global AI market size is expected to reach $294.16 billion by 2025 and is projected to reach $1,771.62 billion by 2032, growing at a compound annual growth rate (CAGR) of 29.20%.
This shows how the artificial intelligence market is set to grow in the coming years. However, adopting AI is expensive for many enterprises. That’s because the initial investment can be large, especially if you want to implement complex solutions or integrate AI into your existing systems enterprise-wide on a large scale. Moreover, there will be additional costs to bridge the talent gap, access the required tools, modernize legacy systems or replace them with new ones, maintain the AI tools, and so on. A report by Gartner shows that 90% of CIOs feel the prohibitive costs of AI are a crucial limiting factor in their success.
So, how can you balance between AI adoption and costs? What low-risk AI experiments can your innovation officers take up to implement AI in your processes? Do AI consulting services from reputed companies increase the success rate? Let’s find out in this blog.
10 Low-Risk AI Experiments for Enterprises to Try
AI pilot projects can be of low risk and offer high value, quick to develop, and easy to use.
Take the following use cases as examples: AI for Writing Assistance Generative AI and LLMs have made it easier to handle large-scale and quick writing requirements with ease. From creating emails to fine-tuning updates/ reports, simplifying queries, detecting clichés, removing ambiguity, etc., AI tools can enhance your written content in many ways. For this, hire large language model consulting services to build, customize, and deploy writing assistants that support your employees in various ways. Grammatical errors, etc., can be reduced when employees use AI assistants to enhance their emails, notes, etc. Additionally, the AI-powered writing tools can have extra functionalities, such as a read-aloud feature, summarization of large input text, predictive sentence completion, one-click sharing, and much more.
Customer Assistant AI Chatbots
A customer support AI chatbot is among the top use cases in most industries, be it eCommerce, healthcare, banking, or the public sector. It’s no surprise that the customer service department is often overloaded and overworked due to countless tickets, calls, emails, etc. Low-risk AI chatbot solutions offer high-value returns if the tool is customized as per the industry requirements and trained on your business data. Moreover, there are many open-source software solutions available to accelerate the process and implement the AI chatbot in your enterprise. The chatbot can be as simple or complex as you want it to be and can offer an array of extra features as well. This can further enhance customer experience.
AI-Powered Forecasting Tools
Forecasting is an important part of business decision-making. The sales and marketing teams often use it to predict future demands. An AI product development company can help in deploying an effective forecasting/ predicting tool powered by artificial intelligence. This can be used for various needs, like managing inventory, tracking sales, planning new launches, etc. It results in proactive decisions based on data-driven insights rather than guesswork. While the market has many such forecasting tools, you can build and deploy an AI-powered solution that is trained on your proprietary data and gives more reliable results.
AI Predictive Maintenance Optimization
Manufacturing units, factories, etc., have a lot of heavy machinery and equipment that run for several hours continuously to ensure production. However, these machines also require maintenance to prevent breakdowns. An expected breakdown could result in extensive downtime and cause losses. This can be avoided through preventive maintenance optimization, where maintenance sessions are scheduled during non-working hours to identify and eliminate glitches, repair or replace spare parts, and detect issues before they become major concerns. With enterprise AI innovation solutions, you can set up an artificial intelligence system with IoT (Internet of Things) devices to collect data from machines and plan predictive maintenance.
AI-Powered Question Generators
The education industry is also actively adopting AI tools. There’s an easy solution that can be used in various educational institutions as well as in businesses. It is an AI-powered question generator that also conducts online tests in real-time and shares instant results. By hiring an AI development company, you can quickly build and implement a powerful test generator and integrate it with existing third-party systems like student/ employee database, LMS, HRMS, ERP, etc. It automates repetitive and time-consuming manual tasks like creating question papers and conducting tests to save time and resources for the establishment.
AI for Medical Report Generation
The healthcare industry has to deal with extensive paperwork in the form of patient records, medical reports, prescriptions, bills, insurance submissions, and so on. One of the popular and low-risk AI adoption strategies in the industry is to use technology to automate the generation of medical reports. This is done by building a tool on NLP (natural language processing) and machine learning algorithms. The tool is trained on large datasets to ensure accuracy and consistency in the outcome. This saves time for medical professionals, allowing them to pay more attention to patient care than on paperwork.
AI-Driven Targeted Marketing
Marketing no longer follows a one-size-fits-all process. It has become highly personalized in the last few years. Starting with customer segmentation allows you to know who your audiences are and how to approach them. Then, with assistance from AI consulting services, you can deploy low-risk and high-value tools to create personalized content for each segment based on their purchase behaviour and preferences. With AI-driven targeted marketing, you can approach the right audiences through the correct channel at the right time and convert them into customers. This increases conversation rate, sales, and revenue.
AI for Fraud Detection
Artificial intelligence and machine learning algorithms are used to develop tools for detecting fraud in industries like banking, finance, insurance, retail, eCommerce, etc. This is done by training the models on large datasets to identify patterns, detect suspicious behaviour, highlight anomalies, etc. AI in business innovation can help mitigate risk without compromising quality, performance, or speed. Additionally, the tools can quickly detect doubtful transactions or activity compared to manual processing. Businesses in the BSFI industry also use these AI tools to analyse customer behaviour before accepting loan applications, offering insurance, etc.
AI to Automate Administrative Tasks
The best and easiest of low-risk AI experiments are automation tools used to speed up the admin processes. You can subscribe to existing solutions or use open-source software to customize a tool that meets your specifications and can help your employees complete recurring tasks quickly. Intelligent automation using artificial intelligence is a high-value experiment that can generate ROI in less time. Virtual assistants, document automation, scheduling bots, communication tools, collaborative platforms, etc., are some examples of AI admin tools. Creating a unified interface with access to the entire system makes it easier for employees to be more effective at work.
AI Content Creation
Businesses in the media and entertainment industry or from the marketing, education, etc., niches have to regularly create multimedia content like images, videos, audios, voiceovers, and more. Converting content from one form to another is also a standard requirement in these fields. Working on such low-risk AI projects will not only be rewarding to the tech team but also help your employees become more efficient at work and increase their productivity. Furthermore, you can rely on your internal resources and talent to create innovative and creative content in less time. That said, it is vital to use AI responsibly and ethically to prevent infringing on others’ IP rights or attracting lawsuits.
Conclusion
The right low-risk AI experiment for your organization should be aligned with your industry and business objectives. Even for generic projects like AI chatbots, it is important to customize the solution and train the algorithms on relevant, high-quality data to get the expected results.
The easiest way to bridge the talent gap in your enterprise when working on AI experiments is to partner with an AI product development company. Share your specifications in detail and create a robust strategy for successful low-risk AI experiments that can give quick returns and be scaled for the future.
FAQs
What makes an AI experiment “low-risk” for large enterprises?
The following factors make an AI experiment low-risk for large enterprises:
- Simplicity of the AI application (how it works, etc.)
- Regulatory compliance (has basic transparency to adhere to data security and privacy laws)
- Project duration (takes less time and fewer resources)
- Ease of use (can be used by most employees/ stakeholders without extensive training)
- Scalability (can be scaled up and down seamlessly)
- Budget-friendly (costs less and can be developed using open-source)
If you are unsure about your idea for an AI experiment, contact our certified developers at DataToBiz.
Which AI use cases deliver quick wins without heavy investment?
There are some AI experiments or use cases that can deliver quick wins without heavy investments. These are as follows:
- Smart document processing tool
- Generative AI for content creation and summarization
- Faster analytical processing to generate user-friendly reports
- AI-driven target marketing and personalizing promotions
- Automating various recurring tasks in a workflow
At DataToBiz, we understand your existing systems, business vision, and future objectives when recommending low-risk AI experiments that guarantee success.
How do I measure success for short AI experiments?
You can measure the success of your short AI experiments based on the following metrics:
- Operational efficiency (did it make existing processes easier?)
- User experience (are users happy with the AI product?)
- Cost and ROI (are you getting a return on the investment?)
- Time to market (how quickly did you develop the AI product?)
Consult with experts at DataToBiz for a comprehensive understanding of the metrics to track when developing low-risk AI projects.
What risks should I anticipate even in low-risk AI pilots?
Even for low-risk AI projects, there are some risks or concerns that you should keep in mind. They are as follows:
- Data quality, storage, and management issues
- Data security, privacy, and compliance concerns
- Integration and future scalability challenges
- Model limitations (what it can and cannot do), etc.
With DataToBiz as your AI development partner, you can be assured that the above challenges can be easily overcome for your low-risk AI projects.
How can I align AI experiments with my company’s broader innovation goals?
You can align your AI experiments with your business’s broader innovation goals by prioritizing a value-based strategic framework, defining the objectives and metrics clearly, discussing the ideas with internal experts, and hiring experienced AI consulting services from certified firms like DataToBiz.
What resources or teams do I need to run a 90-day AI experiment?
You will need the following resources to run a 90-day low-risk AI experiment:
- Access to the right talent (skills, knowledge, domain expertise, etc.)
- Access to the right technology (AI frameworks, open-source software, cloud solutions, data collection and analytics tools, etc.)
- Proper documentation of the process for future requirements
Typically, the exact requirements for an AI pilot project will depend on your specifications, budget, industry standards, existing systems, etc.
More in AI Product Development Services Providers…
AI product development services are end-to-end, tailored solutions offered by third-party offshore companies to help enterprises embrace artificial intelligence and implement various AI systems in their business. This is done to automate workflows, reduce load on employees, optimize resources, limit overhead costs, increase customer satisfaction, and generate greater revenue. A successful AI product can give your business a new lease of life and accelerate growth.
Read the links below to learn how AI product development services are crucial for your organization’s success.
LLMs in AI Development- Key to AI’s Next Breakthrough?
10 Proven AI-ML Strategies for Early-Stage Tech Startups
5 Real-World Examples of AI Products in Action- From Start to Finish
Fact checked by –
Akansha Rani ~ Content Management Executive
