How to price an AI project?

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To answer the question concerning the cost of a custom artificial intelligence system is not that easy. The most honest reply would be “how much you can invest in it”. And there is a logical explanation for the uncertainty. It really depends on the price of the development itself, implementation, and maintenance of artificial intelligence systems. You should consider numerous factors that may cause an increase in the price of the final product. The key in the estimation of the AI project cost is that it can be clarified on a case-by-case basis.

How to price an AI project?

But to take a closer look at what is important to consider beforehand, here are some of the crucial aspects behind the costs of a custom AI system you should keep in mind:

Establish the basis

Voice assistants that play any song or order pizza on request, security cameras that distinguish license plate numbers and people who walk nearby are vivid representatives of artificial intelligence that is globally used. This range of computer science is connected to some device or application that determines the choice according to the information received, so you don’t need to decide anything. There are a lot of AI projects that failed because the risk of a long-term period of trial-and-error was not considered at the beginning of the development stage. This is even more tricky when you work with new technological applications such as AI, there might be a persistent lack of funds after the initial technical goals are achieved. Therefore, it is preferable to have additional resources to transform various AI algorithms when it is really necessary to receive a lucrative product afterward. That is why this point is crucial for the evaluation of the price of your project.

Set the level of AI product

Concerning smart machines and products with AI, people are misled by the image of almighty robots and holographic creatures they saw in sci-fi movies. In fact, most of those clever solutions can be described as weak artificial intelligence that implements a limited part of mind or simply focuses on one narrow task, for example, recognizing numbers in the table and providing the sum of all the figures. To be classified as truly intelligent, smart algorithms should always reveal patterns in the provided data without human assistance, evaluate the probability or improbability of action, rationalize suggestions, and continuously analyze new data. So, the process of identifying the level of your future product also clarifies the amount of money you will need to invest in it.

Data is core

Artificial intelligence can indeed function only with the help of the data it processes. And the more data algorithms are analyzed, the better the product will become. Fortunately, AI can accept both structured data and unstructured data like a variety of images, texts, and videos, that are usually uploaded in abundance. If you want to lower the price of an AI project, you can achieve that by working with structured data. Particularly if there is a significant amount of information to improve the accuracy of your algorithms. Moreover, by analyzing unstructured data, AI specialists need to put extra effort to organize and label them. In some cases, miscellaneous data is hard to access because of security reasons. To avoid such an obstacle, there must be an increase in the size of incoming data or the classification of algorithms tested beforehand. Such operations will inevitably add to the cost of creating a custom AI product.

Application of requirements

When it comes to the accuracy of the algorithms you hope to achieve, your AI solution and predictions are immediately related to the implemented requirements. For instance, the help desk chatbot is expected to handle only up to 55% of straightforward requests in the condition that there is a specialist on the opposite side who can tackle complexities the bot couldn’t help with. Thus, it is worth mentioning that artificial intelligence algorithms will partially continue to ingest data in collaboration with human specialists. That is where an extra price formation element lies when you anticipate the future AI project cost.

To sum it all up

There is no doubt that the estimation of the AI project cost is complex. It needs special attention to all the important elements such as development, further execution, also taking into account the upkeep of the product. Ask for help from reliable AI tech companies like InData Labs, for example.You should also contemplate the requirements you are aiming for, what kind of data will you use for the project, and which algorithms could determine the level of your product. Invest wisely and make a budget for any experiments that may happen during the development of your genius idea. Keep in mind all the valuable factors to have a better understanding of your AI project cost so you can start the development without fail.

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Lucy Bennett

Lucy Bennett is a Contributing Editor at iLounge. She has been writing about Apple and technology for over six years. Prior to joining iLounge, Lucy worked as a writer for several online publications.