Product Information Management (PIM) Services

With Artificial Intelligence (AI), companies do more with less by automating extraordinary, but manual and time-consuming tasks. AI is frequently used to extract new insights, transform decision-making, and drive improved business outcomes.

Machine Learning (ML) is the study of statistical models and algorithms which is helpful to perform specific tasks. ML is a subset of AI that helps systems to learn and improve from experience without being programmed.

AI and ML work together to enable machines to think and act like humans. AI stands for Artificial Intelligence, which is a broad concept that involves teaching machines to perform tasks such as problem-solving, reasoning, and decision-making in order to solve complex problems. ML stands for Machine Learning, which is a more specific type of AI that focuses on teaching machines how to learn and adapt through experience. Together, AI and ML are used in precision analytics to recognize objects and draw conclusions from data sets, as well as to automate analytical model building from huge data sets to gain insights.

The following are the primary advantages of AI:

• AI drives down the time taken to perform a task
• AI enables multi-tasking and eases the workload for existing resources
• AI enables the execution of hitherto complex tasks without significant cost outlays
• AI operates 24×7 without interruption or breaks and has no downtime
• AI augments the capabilities of differently abled individuals
• AI has mass market potential, it can be deployed across industries
• AI facilitates decision-making by making the process faster and smarter

Computer vision is a field of Artificial Intelligence (AI) that enables computers to derive information from images, videos, and other inputs. Computer Vision mimics the human brain’s capability of recognizing visual information. Its algorithms detect facial features in images and compare them with databases of face profiles. It uses pattern recognition algorithms to train computers on a massive amount of visual data, and most computer vision algorithms were developed on general-purpose computer systems with software written in a high-level language.

Natural language processing (NLP) is a branch of Artificial Intelligence that is used to process and understand human language. It combines the studies of data science, computer science, and linguistics to understand language much as humans do. The main benefit of NLP is that it improves the way humans and computers communicate with each other. It also allows for large-scale analysis, provides a more objective and accurate analysis, streamlines daily processes, improves customer satisfaction, better understands markets, empowers employees, and gives real, actionable insights.

As an AI Development Company, ELASTECH delivers a wide range of applications to organizations across industries, leveraging Artificial intelligence and Machine Learning technology. Here are some common applications we have built:

• Used Natural language processing (NLP) technology to process and analyze human languages, such as chatbots, sentiment analysis tools, and language translation services.
• Processing applications that use AI and ML to analyze and interpret images and videos, such as facial recognition software, object detection and tracking tools, and video analytics platforms.
• Predictive analytics systems that utilize AI and ML to analyze historical data and predict future outcomes. Examples are predictive maintenance tools for manufacturers, fraud detection systems for banks, and recommendation engines for online merchants.
• AI/ML-based speech recognition and synthesis applications, such as speech-to-text tools, virtual assistants, and voice-activated devices
• We used Intelligent Robotic Process Automation (RPA) technology to automate repetitive tasks, such as data entry and processing, email filtering, and customer service responses
• FinTech applications that use AI and ML to analyze financial data and make investment decisions, such as algorithmic trading systems and risk management tools.
• Healthcare applications that leverage AI/ML to improve healthcare results, such as medical image analysis, personalized medicine, and patient monitoring systems.

ELASTECH has varied offerings regarding AI Development. The cost of a planning workshop to confirm project requirements and validate a technical design starts at $5k. If you already have your project plan, we offer a “Phase 0” validation for $3k. “Phase 0” validation serves as a planning phase to get your requirements approved by a recognized and trusted AI Development Company. Both, a planning workshop and a “Phase 0” validation, are stand-alone offers that will provide you with guidance and a complete roadmap to deliver (whether or not you choose ELASTECH as your implementation partner). We can also build a Prototype (PoC or MVP) to confirm the technical feasibility and business value of your AI/ML project. Prototypes start at $10k. AI/ML development starts at $15k for a small-scale project. For enterprise AI/ML solutions, end costs typically range from $50k to $1+m.

ELASTECH provides Planning Workshops as well as “Phase 0” Validations that can be completed within 2 weeks. PoCs and MVPs are delivered within 30 to 60 days. Moreover, we are an AI development company recognized for delivering final products faster and with all required features. Therefore, small-scale AI development projects are completed within 90 days. For enterprise solutions, we typically deliver each phase within 90 days so that we are always demonstrating progress.