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.

According to the recent McKinsey survey, 78% of organizations use AI in at least one business function, with most survey respondents reporting the use of AI in an average of three business functions. This marks a significant jump from 55% in 2023 but still suggests covering only a fraction of where it could deliver value.