How No-Code AI Is Changing Business
What is the main problem with spreading AI all over the industries?
As businesses search for ways to implement Artificial Intelligence, in some cases they get discourages by considerably high expenses and the need for specialized knowledge. A few years ago, Deloitte researched the AI integrations into digital systems, and the hypothesis got the proof. Almost half of the respondents (47%) reported difficulties associated with AI software adoption. Around 40% mentioned costs as the main factor preventing them from introducing AI-based processes at their company. As for the expertise, 37% of business respondents included lack of knowledge on the list.
However, that was in 2017, and since then a lot of things changed. For example, no-code and low-code AI systems appeared on the market and gained popularity. The in-depth coding knowledge is no more a must-have for businesses to receive all of the benefits AI brings. In addition, it helped to substantially reduce costs due to moving away from AI software development from scratch. The No-code AI trend is doing a great job across many industries, and exactly this idea became the cornerstone of GiniMachine development.
What is no-code AI software?
No-code AI is a code-free complex system that allows businesses to implement AI for a number of tasks and activities without the need to hire developers, data scientists, and highly qualified engineering staff.
No-code AI can be used for data classification and analysis, the development of AI scoring models, and serving very narrow business purposes as well.
Often no-code AI software is a custom platform or model that can be seamlessly integrated with the existing system or used separately to automate certain business processes or deal with specific tasks. The key difference of no-code AI is that it can be used right away and requires no learning curve. The interface and the workflow are simplified and straightforward, just like in GiniMachine AI-based predictive analytics software.
No-code AI key advantages
The main goal of low-code and no-code AI was to democratize the implementation of AI and ML and reduce costs making it way more accessible and affordable for SMEs, not only for large corporations. The technology expansion reached 270% in the past 4 years, but the surveys show that less than 40% of large companies adopted AI, and the figures are even less impressive for smaller companies. It means, even with no-code AI it’s still a way to go.
What are the main benefits of no-code AI software for businesses:
- Easy integration. Platforms and integrable modules offered with no-code AI have created the most convenient way to match the legacy software and mitigate the drawbacks of its not being custom. In most cases, no-code AI software developers attain this goal and create a product able to meet specific requirements of businesses.
- Automation and speed. AI can easily automate repetitive tasks, like contact validation, form filling, document sorting, invoicing, and more. According to a PwC survey among executives, more than half of respondents said the introduction of AI boosted productivity.
- Decreased costs. Custom AI-based solutions cost a few times more, usually require hiring in-house engineers, and provide time-consuming onboarding for the team. No-code AI reduces costs and solves the accompanying issues.
- Helps to introduce BI (Business Intelligence) platforms. No-code AI can be a bridge between businesses and BI dashboards. AI gathers and structures data faster and more efficiently than it can be done manually, so it can be a great connection between business processes and their measurable results.
What Are the Examples of No-Code AI?
Depending on the industry and the particular business, no-code AI can be used for the automation of business processes, decision-making, data analysis, marketing initiatives, customer service, communications, and a lot more.
For example, GiniMachine AI is used for application scoring, credit scoring, churn prediction, and predictive analytics in financial services or in almost any other industry.
Here are other examples of AI in financial services and marketing.
No-Code AI for Better Financial Services
The data-driven nature of the financial area makes it the number one candidate for AI-based analysis and decision-making. Every single decision, from personalized products to searching for target markets and audiences, or loan decisions are based on data. No-code AI solutions for banks and financial services providers can be used for a number of purposes, such as improving the loan portfolio, reducing risks for lenders, rightsizing, automating the registration process, and a lot more. It makes the key processes faster and more cost-efficient.
No-Code AI for Tailored Marketing Efforts
Marketing requires a lot of creativity and a lot of involvement and personalization at the same time. Connectivity with the target audience can be reached with the help of AI modules to properly prepare, target, and measure marketing campaigns according to customers’ expectations and needs. For example, by analyzing data about customer activities, customer lifetime value, and churn, businesses can make decisions about segmented offerings that help retain customers and improve customer service.
GiniMachine is created to process vast amounts of historical data, both prepared and raw to suggest data-based binary decisions with high predictive power.
What to Consider Before Implementing No-Code AI?
Like other business decisions, it is important to consult your teams about the opportunities and application cases. Although being a more affordable solution when compared to custom AI, no-code AI software is a significant investment.
You need to consider how the AI solution can fit your business systems, whether it can integrate with the legacy system or will be used as a stand-alone solution with convenient data uploading and automated model building.
You can consult the GiniMachine team for a profound analysis of your business needs and the product capabilities to boost its metrics. Sign up for a free live demo to learn more about the platform and its use cases.