5 Factors to Consider When Hiring a Transactional AI Company
The Artificial Intelligence (AI) market is growing at a tremendous pace. Its global market value stood at $39.9 billion in 2019, with experts predicting a compound annual growth rate of 42.2% over the next eight years. It has revolutionized several industries such as finance, health, shipping, and logistics by eliminating repetitive tasks and human errors.
Bear in mind these five factors when introducing transactional AI (for sales) to your business for optimal results.
Vertical or cross-domain
Vertical solutions, usually offered by startups, focus on a specific problem and develop an AI product to tackle it. In contrast, cross-domain solutions deploy AI to analyze and improve an existing workflow. Usually, tech giants offer them.
Regardless of the industry, sailing on two boats is never a good idea. Choose a company that meets your requirements and persevere with it. It can otherwise lead to significant losses like with Texas-based MD Anderson, which severed its contract with IBM after the latter failed to realize its tangible benefits.
Synchronization with your business objectives
In 2020, AI solutions cost businesses anywhere between $6000 to $300,000. Therefore, you must bring on board an AI company that is in alignment with your professional objectives. You must be clear about the results you are expecting it to deliver.
Running preliminary experiments on a smaller scale to identify potential problems can help you save significant time and resources. If things go well, you can choose the AI company as a long-term partner. You should also check to see whether the AI company’s data collection and management framework have any legal implications for you.
An AI company’s job is not limited to developing an AI tool. They must also guide every step of the way during the implementation and deployment process and provide necessary training to your employees. As most organizations do not have an in-house data scientist or machine-learning (ML) professional, you also should consider whether your AI company can provide consistent hands-on technical support, especially during crises.
Tools and methods
Most AI companies rely on a specific set of tools and methods. When choosing an AI service provider, you must enquire about their standard practices to make sure that they meet your organization’s needs. Ask how their methods will benefit your business and choose a company with a track record of delivering results in a similar environment.
Although AI can help your company reduce costs significantly, the initial investment is usually high. Therefore, you must make all the necessary calculations to ensure that potential benefits outweigh the financial investment.
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