Artificial Intelligence allows the development of machines that can think and simulate human intelligence. Just like human beings, such machines and systems are designed to perform simple and complicated tasks accurately but at a much faster pace.
AI machines are fully capable of learning and working on their own, making them indispensable for a number of industries like banking, automobiles, IT, Healthcare, Education etc.
AI has penetrated almost every aspect of our daily lives. If you are an AI expert and have good knowledge about AI, then there are myriad ways to make money with it.
In this article, you will learn 10 ways to make money with AI. However, you must have some prior experience working in the AI industry and also a passion for AI technologies.
You can use your expertise and knowledge to make money with AI in 10 different ways. Following are 10 such ways …
How to Make Money with AI?
1. Become an Artificial Intelligence (AI) Entrepreneur
Although this is not for everyone, if you can dare to dream big, you can become a successful AI entrepreneur.
You can launch an AI startup and offer solutions to problems in almost every sector of the modern economy.
From automating the workforce to improving healthcare, from solving supply chain issues to reducing carbon footprint, from online education to HR Management, as an AI entrepreneur, you can offer services to your clients in any given industry.
You just have to figure out a problem area you want to target, form a team to brainstorm a strategy, create a solution, pitch the idea to your clients and investors, and get started with your AI startup.
You can make a profit while making this world a better place.
2. Use Artificial Intelligence (AI) to Invest in Financial Market
AI (Artificial Intelligence) can be used to make money from financial markets. Whether it is equity (Stocks) or debt (Bonds), you can deploy AI technologies to study/analyze the market and make improved investment decisions.
Even if you are a novice and have no prior experience in financial markets, you can use AI-based software tools to study market trends and analyze charts and vast amounts of data to pick the right stocks, currencies, commodities, bonds etc.
As a newcomer, you can do all the research with the help of AI-based software, invest in the right stocks and end up on the winning side every single time. The AI-based tool will increase your winning probability by 50% – 75%. You will always be in green!
If you are serious about the financial markets, then you can also use AI for intraday trading. Most algorithmic traders around the world use some kind of AI-based software to trade.
Today fund managers of most of the top asset management companies use AI-based tools to do their research and make the most informed decisions.
You can do the same.
3. Leverage AI to Improve Your Business Efficiency
If you are a medium to small business owner, you can leverage the power of AI to improve the productivity and efficiency of your business.
Offline, brick n mortar business owners can streamline much of their business and make it more efficient with the help of AI technology. You can collect data from your customers, extract information, analyze it and streamline your business processes accordingly.
Certain AI-based applications and software can help business owners in planning & organizing, managing inventory, managing Human Resources, distribution and marketing.
4. Use AI in Ecommerce to Boost Sales
Online Businesses depend even more on AI to boost their sales numbers. Ecommerce sites are the best examples of this.
If you want to beat your competitors and make more profit selling products online, then you have to get quality leads to boost your sales number.
AI can help you develop algorithms for building better recommendation engines, personalizing the service for each individual customer, predicting customer behaviour and offering them the most appropriate products.
With all the data you collect about your customers, AI can allow you to tailor your sales pitch accordingly, converting every single lead into sales.
AI-based Chatbots are a great way to engage your customers 24X7 when you have no money to hire a team of customer support representatives.
5. Use AI Social Media Functionality to Boost Online Sales
When it comes to marketing, it is fair to say social media has almost replaced mainstream media. Now businesses are spending most of their marketing budget on social media platforms like YouTube, Facebook, Instagram, TikTok, Twitter, and LinkedIn than TV or newspaper ads.
However, competition is very tough because everyone is competing for the same audience. Smart business owners can leverage AI Social Media functionalities to beat their competitors and boost sales.
AI and machine learning can help you target viewers with customized news and ads that satiate their tastes. You can show ads depending on a social media platform that may have higher chances of conversion.
For example, the TikTok audience is different from than Twitter audience likewise, Instagram users are different from LinkedIn users.
AI application collects useful data from videos and photos of users, identifies the exact audience, analyzes their behaviour and assists you in targeting them accordingly.
6. Create Great Products using AI
You can take inspiration from a recently launched AI-based product named ChatGPT. It has dazzled the internet since its inception.
ChatGPT is a natural language AI Chatbot. You can ask any question from ChatGPT, and it will answer it.
ChatGPT is getting a lot of traction with people from different walks of life. It just tells you how much people are willing to accept an AI-based product.
Similarly, you can also create AI-based apps that can be used by common people as well as big organizations.
Some examples are text editors, digital assistants, chatbots, search engines, text-to-image converters etc.
7. Become an AI Consultant
If you have 10 – 15 years of experience in the AI industry, you can become an AI consultant and help businesses implement AI solutions.
However, as an AI consultant, you require specialized knowledge and expertise to produce tailored output for your clients.
For example, as a consultant, you will be asked to convert Text to Image, Text to Text, Text to Music, AI image generation, natural language processing etc.
AI consultancy is not for everyone.
8. Freelance AI Jobs
Where are these AI entrepreneurs and businesses going to hire talent from?
To run an AI-based business, you need to hire software engineers and developers who can code and design various AI systems.
As a Freelancer programmer or developer, you can offer your services on freelancing websites like Fiverr or Upwork.
There are many other AI-based freelancing jobs available online. Go to these freelancing websites and offer your AI services to clients all over the world.
9. Become AI Educational Content Creator
If you can’t become a consultant, you can become an AI teacher or a tutor. There is a huge gap between the demand and supply of AI experts.
As an AI tutor, you can teach students and business professionals and groom them to enter the marketplace.
You can leverage online teaching platforms like Coursera and Udemy to create and sell AI courses to students all over the world.
10. Start a Blog on AI and Machine Learning
If you are a young AI student or working in AI Industry then you can make money by starting a blog on AI and Machine Learning.
You can write about the latest innovations and updates in AI technology, share industry news, interviews with industry experts etc., on your blog.
Once you start getting traffic, you can monetize your blog with Google Adsense or any other contextual ad platform.
These were 10 ways to make money with AI and machine learning. I hope after reading this article, you can put your AI knowledge to good use and make some money out of it.
Out of ten, you can choose any one way to make money, depending upon your experience and expertise in AI.