Building Vs. Buying an AI Solution for Your Business
As the push for increased automation and AI adoption continues across the finance industry, companies are left to decide which AI solution will be the best option for them. Implementing AI into existing workflows is on the rise since this can boost productivity and improve ROI. Even still, it can be a challenging and intimidating task for business leaders, not to mention the high price tag that is often associated with these types of projects.
While many firms may jump directly into bolstering hiring efforts and building a team that can construct AI models from scratch, there are many ready-made AI solutions available for purchase today that can be just as effective without the added complexities. Covering a wide range of use cases that are industry-specific, off-the-shelf AI solutions–like Accern’s No-Code NLP platform–are viable alternatives to building out a custom AI model.
What is a ready-made AI business solution?
Given that we are still in the early stages of AI technology, there are many iterations and versions of AI solutions that have yet to emerge in the markets. Previously, it wasn’t uncommon for firms wanting to utilize AI models to build out a customized solution from scratch, which requires a lot of manpower, resources, and trial and error until the system is in working order. This isn’t to overlook the consistent upkeep, maintenance, and testing of these systems that is needed to keep them running effectively.
Nowadays, there are AI solution companies on the scene who are revolutionizing the space and making AI models more accessible for firms of all sizes. With their ready-made use cases, these platforms have built out commonly-used applications of AI that can be seamlessly integrated into existing workflows. These solutions can be quickly deployed and can accomplish comparable results to what a custom AI solution can do.
What to consider when buying an AI solution for your business
If your firm has chosen to purchase a ready-made AI solution to tackle a specific task within your business, there are some things you should keep in mind while shopping for the right solution. Some of the below aspects are the main points that business leaders should keep in mind before implementing an off-the-shelf AI solution:
- Potential lack of customization
Purchasing an off-the-shelf AI solution means you are buying a ready-made model that is pre-built to complete a specific task. There might not be an available solution to purchase for projects that are highly specific to your industry or firm. However, many pre-built AI solutions do come with customizability and specifically-trained models. Customization is something to consider as you shop for the right solution for your business/vertical. - Requires fewer resources
One benefit of purchasing an AI solution is that they are often more affordable than building a bespoke solution. Plus, firms don’t need to hire data specialists or software engineers to build out the models if there’s already a ready-made solution available for purchase. - Built-in data security
Ready-made AI solutions allow for the systems to receive constant software and security updates. This helps firms stay up-to-date with the latest protections and versions, which don’t need to be manually added in or tested.
While purchasing a ready-made AI solution is not the right course of action for every project, there are a lot of benefits to gain when implementing them into the right workflows. So, when considering the efficiency of buying an AI solution compared to building one, and ensuring that it actually takes care of the problem that the firm is trying to solve, companies can confidently pursue this option and successfully integrate AI into their firm.
What to consider when building an AI solution for your business
Financial services firms may choose to build a custom AI solution from scratch rather than purchase one. If your business decides to go down this route, there are still some aspects of this process that you’ll need to be aware of, like the following:
- Complete customization
Building an AI solution from scratch means your firm can have full control over the model and create a solution that suits your needs exactly.
- More expensive
When building an AI solution for your business, you will need a dedicated team of specialists in the field who can build the model and perform ongoing upkeep and maintenance. Hiring skilled workers is not cheap, in addition to the technology structure and storage upgrades that will also be needed.
- Longer timeline
Creating a custom AI solution from scratch does not happen overnight, especially when the firm needs to hire employees and build a dedicated team to work on it. In addition, they will likely go through a few versions and perform trial and error to build the exact solution that they desire.
Ready-made AI solutions are not the right fit for all projects, so your firm may decide that they would benefit more from building their own solution from scratch. Plus, building out a custom AI solution that is not available on the market can provide firms with a competitive edge over peers. So even though there is often a higher price tag associated with this option, firms have much more control over the solution and can tailor it to their specific needs.
Why companies benefit from the "buy" approach to AI
The use of ready-made AI solutions is on the rise today, with many firms seeing the benefits of taking this route as opposed to building their own custom models. Many AI solution companies have spent significant time observing specific industries and developing applications that are widely used and can be practically implemented into existing workflows and technology stacks.
Of course, ready-made AI solutions available for purchase can be a much more affordable option for firms and can be more quickly deployed into current operations. The seamless integration involved with these types of solutions makes them attractive to firms who want to see cost savings and greater efficiency quicker than would be possible when building a solution from scratch.
Plus, with a custom-built model, there is a regular schedule of maintenance and testing that must be performed to keep the model in working order and detect any irregularities or errors in outcomes. This adds to the workload of employees and makes the systems more prone to human error. With a ready-made AI solution, companies can enjoy real-time updates and security tests that ensure the models stay in good condition.
How a No-Code NLP Platform provides an off-the-shelf AI solution for your business
AI adoption will continue to rise across the financial services industry, with global spending on AI set to double between 2020 and 2024, reaching over $110 billion. While firms seek out the greater efficiency and cost savings that AI can offer, the decision to build out a custom AI model or purchase a ready-made AI solution is a choice that business leaders must make.
To take advantage of all the benefits of AI without the hassle of building out a specialized team or retraining current employees to code, a no-code NLP platform, like Accern, can provide you with off-the-shelf solutions that your business requires to analyze textual data. With a wide range of use cases tailored to specific industries, Accern is making AI-powered NLP accessible to all firms. To see how Accern can help your firm seamlessly implement NLP into your business, start your free trial today.