8 Economical Approaches to Implement AI Strategy

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Any digital transition is a complex task for businesses, but when it comes to AI projects, they need to be performed carefully. Most of the time businesses implement AI without incorporating the project into a large-scale business strategy.

They must keep in mind that only a clear, integrated, and well-communicated strategy leads to long-term success. It means that you will see a handsome return on investment if you develop an integrated digital strategy aligned with business objectives.

Incorporating artificial intelligence into your organization will be successful if your integrated strategy covers all domains of the business. The integrated strategy must consider all the business process that might boost efficiency, effectiveness, competitiveness, or market share.

So, here are the eight economical approaches to implement AI strategy without breaking the bank.

1. Set Up Your Business Objectives

Before you dive into the AI implementation process, it is essential that you get a clear idea of your business objectives. 

Research by McKinsey entails that businesses that have their AI strategy aligned with the business objectives have 3.5 times more probability to see success. So, always understand your current business processes and figure out areas where AI can make wonders.

2. Leverage Open-Source AI Tools

There are many open-source AI tools such as TensorFlow and Scikit, that are extremely efficient and cost-effective. These open-source tools help businesses in documentation and community support. Moreover, these tools have several pre-built models and algorithms. Using these resources, businesses can jumpstart their AI projects without incurring heavy licensing fees. 

For example, many startups employ TensorFlow to create and deploy machine learning models for multiple applications. The applications include natural language processing, image recognition, predictive analytics, and more. Your business can also perform these tasks without spending your hard-earned money on particular software.

3. Start with Pilot Projects

Instead of implementing AI right away, we recommend you to start with pilot projects. This is the most effective way to understand practical challenges, minimize the chances of risks and validate the efficiency of AI integration.

So, always identify a particular business problem that you want to address with AI solutions and then start with a pilot project to test that solution. This is how you can refine your AI implementation strategy and expand its scope with time.

4. Seek Expert Guidance

It is really challenging to navigate the complexities of AI implementation, which is why you must seek expert guidance. Whether you collaborate with AI consultants or hire an internal team of AI developers, getting the right guidance is essential to successfully implement AI in your business and earn handsome ROI. 

5. Invest in AI Talent

Businesses that want to get long-term success must build solid AI expertise. LinkedIn claims that demand for right AI talent has increased by 74% annually. Investing in AI talent requires initial investment, but it will significantly increase returns in terms of efficiency, innovative, and competitive advantage.

So, we recommend you to hire the best AI talent through staff augmentation services. It is a more cost-effective and less time-consuming option and can help your business acquire the top-tier AI talent. Many businesses employ this approach to boost their AI development and implementation capabilities.

Moreover, you should also invest in the training and upskilling of your existing AI workforce. Invest in AI conferences and certifications, so that your employees can upskill their AI and machine learning capabilities.

6. Implement AI in Incremental Steps

It is also essential that you adopt an incremental approach to implement AI in your business. It will enable your business to control potential risks and costs. We recommend that you start AI implementation with low-hanging fruits – areas. This will help you add value to your organization with minimum disruption.

For example, you can start with the implementation of AI chatbots for personalized marketing efforts. This is how you adopt incremental approach to demonstrate quick wins and get momentum for larger AI projects.

7. Engage with AI Startups

AI startups often hire fresh perspectives and creative mindsets in their companies. So, if you engage with them through collaboration or investment, it will help you get access of many AI technologies at a fraction of the cost of creating them in-house.

So, your it must be in your AI implementation strategy that you participate in startup incubators and attend AI-driven events and conferences. It will enable your business to rapidly deploy AI solutions according to your business requirements.

8. Focus on Data Quality and Management

Last but not least, it is a high-quality data that makes your AI strategy successful. We recommend that, for data collection and storage, you should implement data governance frameworks, employ data cleaning and preprocessing tools, and establish clear protocols. 

So, always invest in data management tools and practices. These tools ensure the accuracy and consistency of your data which will ultimately boost the performance your AI models.

Final Remarks

Implementing AI in your business strategy can be cost-effective. Using the above-mentioned 8 economical approaches can help your business build and implement AI strategy without breaking the bank.

Our AI development services have helped hundreds of businesses build and implement AI strategies and solutions successfully. We offer end-to-end solutions according to the particular needs of businesses, ensuring that you can take full advantage of AI without breaking the bank. 

Give us a call today to learn how our experts can help you innovate your business with AI.