The current “AI Expansion” period we find ourselves in presents unique opportunities and challenges when choosing the right tools for your business.
AI tools can increase productivity by factors of 2 or 3, yet with this incredible gain, comes incredible reliance, as the bottom line of your company can become directly linked to the use of AI tools, eventually creating material impact should those tools fail or disappear.
This brief guide aims to provide practical advice on selecting AI tools while highlighting factors specific to these dynamic times. If the task proves too complex, seeking expert consultancy is recommended.
Standard Factors to Consider
- ROI: Evaluate the upfront and ongoing costs against your budgets and evaluate benchmarks to estimate potential efficiency and output improvements in order to create ROI projections.
- Usability & Functionality: Ensure the tools have a good fit with your team’s skills and can be readily integrated into workflows. Match the tool’s capabilities to the specific needs of your use case and goals.
- Ethical & Legal implications: Consider ethical AI principles like transparency, fairness, and accountability. Ensure that the model is not training on your data.
Key Points Unique to the Current AI Boom
- Company viability: Evaluate the reliability and financial stability of the tool provider, as the industry landscape is shifting quickly, this helps avoid over-reliance on closed tools that may become unsupported or outdated.
- Market consolidation: Be aware of mergers, acquisitions, and partnerships affecting tool availability and compatibility.
- Redundancy due to new model launches: Cutting-edge models can make existing tools obsolete rapidly. Prioritize flexible, adaptable solutions.
Conclusion
While AI tool selection is challenging amid today’s breakneck pace of innovation, weighing factors like those outlined above can help ensure a wise investment. If too uncertain, seeking AI consultancy can provide valuable guidance tailored to your unique situation.
