There are a number of factors that will influence the cost of your AI program. These include your company’s size, its business goals, and the level of intelligence you’re hoping for.
For example, if you’re using a machine learning software platform to create synthetic data, you can expect higher costs. This is because AI programs need to process and interpret data.
Cost of Training
The cost of training artificial intelligence depends on a number of factors. The type of AI system you want to deploy, how much data it will need to learn, and whether or not your company maintains its own development team all influence how much it costs.
The cost for training a machine learning model is often driven by the amount of processing power needed. That has led to skyrocketing prices for Nvidia’s specialized GPUs and Google’s TPUs.
That’s a problem for startups and businesses looking to adopt AI. As more data becomes available, the need for more processing power is also increasing.
That means it’s more important than ever for companies to invest in AI technology that can train its systems on a large data set. Dr Manning gives the example of BERT, a language model used by Google that was trained on 3.3bn words of text from Wikipedia.
Cost of Data
When implementing AI technologies into your business, you’ll need to consider how much data you want to use. This includes both historical data and future predictions.
As a result, the cost of training your AI model will vary. The more complex your AI system is, the more data it will require to train and operate.
The accuracy of the artificial intelligence predictions it makes also affects its cost. For example, a customer support chatbot should handle up to 60% of routine user queries; for more complicated issues, you’ll need a human specialist on hand.
How your company develops, launches, and manages its AI solution is also a factor. For example, if you hire an in-house team of data scientists and developers to launch and maintain your AI, that costs more than outsourced management.
Cost of Hardware
AI applications can be a costly investment, so you need to have a clear understanding of the cost before committing to a project. It’s important to know the costs of training, data storage, hardware, software, implementation and ongoing maintenance.
The type of application you’re looking to build is also a major factor. If your solution requires complex machine learning models, then it will be more expensive to develop.
Another key part of a successful AI system is the quality of its data. Poor data can result in disappointing results, and this will be reflected in the overall cost of the project.
The amount of money your business spends on data storage and computing power depends on the types of data you have and the complexity of the problem that needs solving. This will be the biggest factor in determining your final cost.
Cost of Software
When building an AI solution, there are many different factors to consider. From the type of AI required to the number of people involved in the project, there are dozens of decisions that will influence the cost of your AI system.
The cost of software is a complex issue, and it can range anywhere from $0 to hundreds of thousands of dollars. Some of these costs include implementing the AI solution, training employees to use it, integrating the solution into your business processes, and maintaining the system once it’s in place.
The cost of AI solutions is often a major barrier to getting them implemented by companies. Luckily, there are options to save on the cost of AI development and implementation.