Will ai take over the world? the idea of making money with artificial intelligence and a practical application of artificial intelligence in business. AI has in recent days gained very much traction and its obvious with the huge potential inside it and how it will optimise business strategies as well as create immense opportunities in business and most of them can be blue ocean business opportunities which simply means that the numerous applications it can be used in one can create a completely new business vertical/segment/industry. Here we will describe about artificial intelligence business examples and ones that are already in use have less competition or even if in future good competition rise out then also one can develop a new customer base.
Will ai take over the world? How can one rationally say?
The short answer to this is there is no way AI can take over the world. After all its just a few thousands of lines of codes that a human has written and even if someone builds world’s largest coded computer program there is no way it can match the capabilities of human brain. How will you code make judgement and have decision taking capabilities? How will a machine analyse the emotional states of a human? A machine knows only to deal with situations the programmer have seen yet and there always are new situations that one has not dealt with before. So now you probably know the answer to how will ai take over the world.
Let’s take a certain scenario if you want to replace a human judge in the courts what will happen? The machine is only trained on how to view various evidences and analyse the good and bad in it and give a decision! Really its that Simple? How will the machine judge that a certain person testifying in the courtroom is telling a lie or truth and make a decision based on that? It’s just the number of known cases and number of possible outcomes one can code into a machine but as a judge every single day they have to face an entirely new situation, a certain situation which has never been dealt before. So the machine knows only to deal with situations the programmer have seen yet. This is where machines can not outsmart humans like dealing with unknown situations and this is synonymous in every work field every job every position a certain person is in and the idea to replace a considerable amount of workforce with robots is very much questionable in its own. How in any particular job a machine can come to a certain judgement by analysing those situations it’s not coded with, a machine which doesn’t has any emotional abilities cannot analyse what’s going on in a person’s mind. This is the main reasons why a self driving car always has a 2-3% chances to land into a situation. This is why there is a certain confidence level and the author of the program cannot go beyond 97-99% confidence levels aka accuracy levels. That’s why there are a certain kind of tasks only for which AI will be best at, in other words a certain work where all the possible outcomes and situations are already known by the programmer.
Application of artificial intelligence in business
Here we write about one of the application of artificial intelligence in business and that is a Content Moderation API. This is among the most popular business opportunities in this industry.
The content moderation market size in 2022 stands at around USD 9.5 Billion and its expected to grow at a compounded rate of 11% every year means around 1 Billion Dollar market opportunity will rise. Social media is increasingly becoming more and more vulnerable to a numerous of platform abuses and community guideline violations. A content moderation API is a certain program powered by numerous AI algorithms which can detect variety of inappropriate content and infer to the customer that whether this particular image/text/video needs to be blocked or not. As more and more people are getting engaged in social media, putting literally millions of new content every single second the need for moderating such content is increasing every single day. Every single second big social media companies are continuously flagging user’s posts based on hatred, hurting sentiments of society, posting illegal images videos, hatred and violence related speech and videos and even though many governments try to curb certain inappropriate contents there is still very much opportunities in this industry and as we know these just increase day by day. There are many employees and contractors of Social media companies who are assigned to moderate a certain piece of content on their own be it they do manually or thorugh AI so these employee/contractors always search for a new low cost content moderation API.
But what are the costs?
There is a considerable amount of startup and running costs incurred in this domain but we will try to find out the most optimised budget project. We need a web server with a graphics card and a certain processing power along with large amounts of bandwidth. First we need to hire a programmer and give them a single contract meaning you don’t need to hire them permanently for a job. You may go to freelancer.com, fiverr.com, upwork.com. From there you can post jobs into any of those platform. The average costs of getting the whole source code, guidelines on how to deploy to the server and daily operational and maintenance guidelines would range from 150$ -500$ of one time fees depending on how much ease you want. You have to also learn about how to operate, manage and secure a web server if you don’t want to hire an employee for the same. This work is not very difficult and you can learn about the whole server management for free by watching YouTube videos and searching in google which may take around 30-40 days if you are a tech savvy person.
Then there comes the backend server costs and you can manage it easily with your decided budget. What you need to take care is you need a good graphics card and you only need a server segment graphic card and not a desktop graphic card. The processor is also needed to be of server segment and you should avoid intel Core generation processors as they are for personal computer usage. You need to manually go and check the nVidia and Intel website and verify that the hardware is of server segment. You may also need a 1Gbps to 10 Gbps network bandwidth along with an unmetered bandwidth plan. You can start with 64GB RAM, minimum 16core 32 thread CPU, and atleast 16GB of graphics card. Typically this kind of machine you can expect to pay at least 250-400$ in monthly contracts, a bit reduced in yearly one.
Then after getting the web server hosting we need the content moderation API deployed into the backend and then you need to perform marketing in various platforms. You should launch campaigns in Google, Youtube, Facebook, Yahoo, Bing and also create a LinkedIn profile and try to create as many networks possible. The success rate can initially be low but based on how efficiently you market your product you should expect considerable returns from 2nd or 3rd month. There are many companies looking for content moderation services. In your marketing campaign you should target keywords like “outsource content moderation”, “content moderation services”, “user generated content moderation”, “content moderation jobs”, “cheap content moderation services” and you can find much better suggestions with these platforms. You also need to perform a good SEO for your website.
Making money with artificial intelligence
So far we have discussed the whole setup process now it’s time to figure out the process of making money with artificial intelligence application that you have just deployed. At first you need to place a price which is a bit less than the established players. From above estimates we can find that a one time setup cost will be around 350$, web server hosting ranging about 300$ recurring per month, marketing expenses at 150$ a month so in monthly recurring you need to have 450-550$ but don’t worry if you hire a paid SEO services and optimise your advertising you will be soon able to breakeven. Usually content moderators in the market charge around 2 cents to moderate a single image and around 8 to 12 cents per minute of video and around 3$ to 150$ to filter text language where you charge for processing bulk requests of language moderation. If you are able to land in 3-4 clients you will be able to recover startup costs in a desired time limit. A single client can provide you at least 1000 – 10000 submissions of image/video and take atleast 50$ package for language filtering. If you charge 1.5cents per image if there are 5000 images in a month you get 75$, if there is 2000-3000 videos you can get 250$ and 50-100$ for language processing. This is at bare minimum a single client will provide you a business. If you are able to convince 3 clients with average income of 300$ per client so considering a 600$ monthly expense you can start making 300$ profits a month at bare minimum. And if there are 4 clients you can have 600$ and your startup capitals will be covered. Soon if you can scale to 8-9 clients there will be good profits but then your workload will also increase so you have to take another server in that case you can earn upto 1700$ a month after considering the monthly expenses.
Fitting it all together…
This process as easy it seems to be written over here but in actual implementation there are a lots of uncertainties, ifs buts, and risks involved, as usual in any type of business. This should be implemented correctly by identifying your service providers in most optimal way, there are a lot of hosting companies that provide a 100$ backend for 300 or 400$, if one is unable to find out their exact vendors this can go pretty much opposite, also is the same for hiring a programmer unless someone knows what amount of work costs how much. Here at Logic Latest you can consult to us and we will provide you an exact setup with all the necessary resources and cost optimised strategies, get you the perfect vendor, get you the perfect software developer, deploy and run your machine live in 30 days along with marketing strategies. After that it will be upto you if you want the operations to perform on your own. We have written this specific disclaimer that the above content is for knowledge and educational purposes only due to the uncertain risks involved here as usual with any business.
In our upcoming posts we will write more about latest business opportunities in the Tech, AI and related industries. If you have any questions or suggestions related to any of the topics mentioned here please leave a comment.