How to Choose the Right AI Solutions & AI Vendors?
4 min read | By Postpublisher P | 22 September 2023 | Technology
A solid strategy for businesses to get better in the upcoming era is the fast-paced adoption of AI solutions. Artificial intelligence capabilities like improved efficiency, data-driven decisions, and enhanced customer experiences are necessary for companies to stay competitive and bring innovation.
As of today, implementing AI projects is quite expensive. Selecting the wrong solution will result in wasted resources, loss of time, and disrupt workflows. The worst? You might even doubt the true power of Artificial Intelligence.
To avoid the potential risks and to help you with the careful consideration of choosing the right artificial intelligence solutions that benefit your business, keep reading this in-depth guide. It will cover all the critical factors you need to consider when choosing an AI platform for your unique needs.
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Understanding the Business Challenges
Imagine that you have an apparel store, and you are looking for ways to boost sales. You come across many artificial intelligence products like Virtual Try-On, Inventory Management, Chatbots, Predictive Analytics, Personalised Recommendations, and more.
How do you know which AI solution will boost your sales? Only by understanding your business challenge.
If you want to improve customer satisfaction, then investing in inventory management AI products will be of little help. You should invest in a personalised customer recommendation tool that uses AI algorithms to suggest clothing based on customer purchases & browsing history.
What is the lesson here? The first component to consider while choosing an artificial intelligence platform is to have a clear idea about the issue, obstacle, or problem your company faces. By doing so, you will be able to choose a solution that directly targets your problem and results in a successful implementation.
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7 Factors to Consider When Evaluating AI Solutions
Let’s say you have identified your business challenge. Now, you are ready to find the most advanced AI that can help you within your budget. You find some cool AI applications. How do you know if they are the right ones to invest in? These factors will help you to make an informed decision so that you won’t regret later.
1. Effectiveness:
The AI capabilities to solve the specific business problem (that you’ve defined in the above step) are the effectiveness of the tool. The solution’s result should be able to meet the predefined KPIs.
πππ² ππ§ππ’ππππ¨π«π¬: Increased efficiency, reduced error rates, and positive impact on the business’s bottom line.
2. Security:
The AI tool you choose for your business must have proper security measures like data encryption, access controls, and must obey the data protection regulations like GDPR or HIPAA.
πππ² ππ§ππ’ππππ¨π«π¬: SSL/TLS encryption, encryption at rest, role-based access controls, and regular security audits.
3. Adaptability:
The AI solution that you are investing in is not for the short term. It has to evolve with the changing business demands to handle increased workloads and usage patterns.
πππ² ππ§ππ’ππππ¨π«π¬: Auto-scaling capabilities, the ability to add more resources, support for managing increasing volumes of data, and zero to minimal performance degradation.
4. Interoperability:
How good is it to have an AI tool that doesn’t demand to reconstruct your systems but can be simply integrated with the existing systems? Yes, that’s possible. Look for solutions that are compatible with existing data sources, APIs, and databases.
πππ² ππ§ππ’ππππ¨π«π¬: Successful integration with minimal disruption, support for common data exchange standards, and the availability of APIs.
5. Total Cost of Ownership (TCO):
At the end of the day, it’s the budget that matters. You have to consider the total cost of ownership over the expected lifespan of the AI solution, including implementation costs, ongoing maintenance, and licensing fees.
πππ² ππ§ππ’ππππ¨π«π¬: A clear and transparent breakdown of all costs associated with the solution. Transparent pricing with no hidden charges.
6. Usability and User Experience:
Buying an expensive AI tool will never make the cut if your team members hate using it. Explore the user-friendliness of the artificial intelligence platform. Check if it is intuitive and easy to learn for the layman.
πππ² ππ§ππ’ππππ¨π«π¬: A well-designed, user-friendly interface, low learning curve, and positive feedback from users.
7. Ethical and Regulatory Compliance:
This factor is very important for businesses involving sensitive data. You must ensure that the AI services adhere to ethical guidelines and comply with relevant regulations. Don’t be vulnerable to getting sued.
πππ² ππ§ππ’ππππ¨π«π¬: Documentation of ethical considerations and transparency in decision-making processes.
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Evaluating The Best AI Companies
Once the above factors are checked, it’s essential to evaluate the AI vendors with their expertise in your industry. Search for proven track records of similar AI implementations across various domains and business verticals. Request case studies and testimonials to validate their potential.
The next important thing that distinguishes the best AI companies from the ordinary is the support and training programs available to get the maximum out of the AI solution. The level of the technical support offered, along with their response time, shows the quality of the AI service provider.
Always remember that choosing an AI vendor is a long-term decision. Ensure that the partnership will be beneficial for years to come. Since the technology is about to get bigger in the upcoming years, the vendor you choose must be a pioneer in the field with active research and constantly develop innovative solutions.
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To Wrap Up
The whole process of incorporating AI solutions into your business might feel overwhelming, especially when huge investments and process disruption are considered. The best advice we could give you is to start small.
With the new AI platform, start small by integrating them to automate the small manual tasks instead of totally revamping the complete system. This will give your team the time to understand the tool better, become familiar and eventually master it.
Still in doubt? Talk to our AI expert with a free one-on-one consultation.
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One reply on “How to Choose the Right AI Solutions & AI Vendors?”
It’s interesting to know that we’d evaluate AI vendors and their industry experience before hiring one. My dad and uncle work together, and they’ve been talking about adding AI solutions to their operations. I think your intake on AI vendors will help them find a company that offers excellent technical support.