You can view artificial intelligence as an umbrella term encompassing different types of algorithms that can autonomously perform complex tasks that normally require human intelligence. For instance, AI models can analyze historical data to make predictions for the future. They can detect anomalies in a machine’s functioning before it breaks down. AI can even drive vehicles. And depending on which AI subtype you are looking at, it can compose music and generate artwork.

The JustSiftLab team estimates that you would spend at least $60,000 on a minimum viable product (MVP) version of an AI solution. The cost of integrating AI into your technology systems and business processes will rise proportionally to the solution’s type, complexity, and supported use cases. It should be noted that the above-mentioned price only covers your system’s artificial intelligence components; efforts to develop web, mobile, cloud.

Everyone wants AI, but few know where to start. Enterprises face analysis paralysis with implementing AI effectively when massive, expensive models feel like overkill for routine tasks. Why deploy a $10 million solution just to answer FAQs or process documents? The truth is, most businesses don’t need boundless AI creativity; they need focused, reliable, and cost-efficient automation.

Artificial intelligence is capable of many things—from taking your customers’ calls to figuring out why your equipment is consuming way more energy than it used to.