From futuristic technology well beyond comprehension to one of the foundational components of several modern businesses, Artificial Intelligence has come a long way. And now, AI Development services demand has grown by 270% in just four years. More companies are now prioritizing the inclusion of AI in their business operations. However, the entry point is still a massive barrier for several enterprises.
AI adoption has become unavailable to several companies due to expensive services. The cost can reach millions of dollars depending on how thorough you want your model to be. The considerable cost makes it a non-starter for every decision maker who is on a budget.
However, AI is becoming more of a necessity for businesses to survive and less of luxury that big corporations enjoy today. As small and mid-sized companies will need AI to survive in the market, the cost needs to be reduced. To lower the price barrier for entry, hybrid AI is becoming the norm today.
Why is AI Development Cost So High?
Before we move to hybrid AI, there is a need to consider why AI development costs so much.
Model Training Processes
Training a large language model can cost significant money. OpenAI and Microsoft are creating these models at a very high cost. The training cost has been reduced, but the problem still stands. The price for training models will rise if the dataset increases, and bigger companies also have to consider billions of parameters while training a model. As the company grows, its data sets also increase, which makes training the model more expensive. It is a catch22 situation.
As data increases, the compute budget will be less than the training cost for most companies, apart from multi-million and billion-dollar corporations and world superpowers. If only the leading companies can keep up with the demands of the latest technologies, it will lead to an inequitable market.
Complex Tech Stack
Several businesses are also trying to build their own AI models from scratch to cut costs, but the approach can lead to higher prices. To create a brand-new model, you need to integrate several technologies, and while you are not paying for one expensive technology, you are paying for several others that are less costly, but the prices add up.
Moreover, building a model from scratch may lead to siloing of data. As the conclusions depend on datasets from multiple technologies, the employees must spend more time gathering only the data required from all the sources.
Slow to Market
Open-source AI tools are not easy to learn. It takes time. Moreover, replicating them at scale is even more challenging. So, companies need to hire talented staff for the job. The talent recruitment cost is high and retaining them costs even more. Hence, it becomes challenging for organizations to adopt AI in their operations.
The Role of Hybrid AI Development Services in Reducing Cost
Generally, the idea of “bigger is better” is prevalent in enterprises. However, when it comes to AI model training, a larger dataset, increased training parameters, and higher complexity makes it much more expensive.
The Hybrid AI model offers better performance where companies have limited training data or expertise. It helps remove the need to collect vast data and use costly model training procedures. The platform allows enterprises to create specific approaches for individual use cases.
Moreover, Hybrid AI Development services accelerate specific processes, including feature engineering. Feature engineering aims to determine the data that needs to be collected for training the model. It helps make feature engineering efficient and accurate by using the combination of rule-based logic and the automated capabilities that machine learning possesses.
Hybrid AI Development Services Simplify Tech Stack
Implementing AI to your business operations is a highly complex task that requires various skills. Companies find it challenging to execute an AI model from scratch, even with the right talent and resources for the job, as problems are likely to arise. Using multiple technologies to create a more inexpensive solution causes issues for the company.
The use of hybrid AI can help manage the workflow by bringing all of it to one platform. It uses intuitive tools and a unified workspace to house all the data, removing the risk of isolating or misplacing it during the model training process. Moreover, companies do not need to create several models for the various parts of their company.
Hybrid AI also reduces technical debt by assisting the non-experts in building and deploying a comprehensive model that the company can replicate. It allows the companies to only spend on single technology and platform.
It helps Bridge the Skill-gap.
One of the primary barriers to AI entry is the skill gap that affects the overall cost of developing AI models. And this skill gap is not going anywhere, anytime soon. But now, there is the option of low-code/no-code solutions that companies can utilize to mitigate the investment it takes to develop the product.
Hiring a skilled Hybrid AI development services company can help enterprises build bespoke AI models. This method allows enterprises to reduce the cost of acquiring expertise while getting a more established knowledge base.
AI entry barriers are enormous, but now AI is becoming more of a necessity than a luxury. Hence, companies must consider more cost-effective solutions to ensure growth.
Hybrid AI development services offer lower costs while offering easy-to-use solutions that are easily explainable and highly flexible. The various benefits of using hybrid AI models can make entry to AI more accessible for enterprises. The use of hybrid solutions helps make the process more affordable and mitigates skill gaps. Moreover, companies can use the existing talent, which helps create more intuitive tools lowering the maintenance cost in the long run. Hence, businesses can scale your business with Artificial Intelligence without paying the hefty cost.
Avail The Expertise of MoogleLabs for Hybrid AI Development Services
Do you want to leverage the power of AI to improve business operations and overall performance? Get your foot inside the door with MoogleLabs, an AI ML Development company that has already worked on several AI-based models. They will help you find the appropriate solutions to best meet your needs and create an affordable system with a lower maintenance cost.
Invest in AI Development Services to take your business to new heights today!