Business Forum • 29 May, 2024 at 9:45 AM
The implementation of artificial intelligence (AI) solutions in Romanian companies has seen significant growth in the past year, driven by technological advancements and the need to optimize internal and external processes. This trend is accelerating in 2024 as companies seek solutions to reduce costs and improve operational efficiency, according to an analysis by TARA Interactive, a Romanian software development company.
Last year, AI solution implementations were present across various sectors in Romania, with notable examples in healthcare, where AI algorithms are used for medical diagnostics, and in the financial sector, where AI is utilized for fraud detection and transaction optimization. The launch of the ChatGPT prototype in November 2022 significantly accelerated interest and adoption of AI in companies. Within just a few months, ChatGPT began to be integrated into various applications, prompting companies to explore ways to use AI to enhance their operations.
"The current economic context and labour shortages are driving companies toward automation, with AI becoming a crucial catalyst for digital transformation. Estimates indicate that AI investments will represent between 1% and 10% of company revenue, depending on their size and specifics", says Vlad Lepădatu, Managing Partner at TARA Interactive, noting that AI investments are expected to grow in the near future, both for companies just beginning to explore this technology and for those that have already made significant strides toward automation. "In the coming years, AI solutions will become increasingly advanced and integrated into business processes. It is expected that, in the next five years, those who delay adopting AI will be overtaken by companies that embrace these technologies now".
How AI Solutions Are Used in Romania
AI finds applications in multiple industries in Romania. In the IT sector, artificial intelligence assists programmers in developing software solutions, and in eCommerce, it helps document products and generate images. In the financial sector, fraud detection is significantly improved by AI solutions. The dominant trends in AI usage involve process automation and chatbot utilization. Internationally, AI is also used in machine learning, healthcare, robotics, and sustainability.
So far, TARA Interactive has successfully implemented AI solutions for email sorting and chatbot development, transport route optimization, financial data analysis, forecasting, automated offer generation, and supplier interaction automation in the eCommerce industry, demonstrating the positive impact of these technologies on operational efficiency.
TARA Interactive ended 2023 with a business turnover of over €1.2 million (at the group level), up 15% from the previous year. For 2024, the company estimates a growth of approximately 30% for business conducted in Romania and about 80% for international business, given that over 70% of TARA Interactive's business occurs outside Romania.
TARA Interactive is an innovative Romanian company contributing to its clients' digital transformation by providing software development and consultancy services that drive competitiveness and innovation. Founded in 1991 as an IT company focused on implementing new technologies, TARA Interactive now has over 50 employees in its Bucharest and Chișinău offices and carries out international projects in the USA, UK, Europe, Romania, and other regions, in fields such as fintech, sports, consulting, transport, logistics, eCommerce, and retail.