The views expressed by the business participants are their own.
Specializing in everything from legal research to marketing automation, AI has the potential to save you money, improve your efficiency and ultimately help your business produce better results – but that’s far from a guarantee.
How can your business decide if a particular AI tool is the right investment?
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Types of AI tools
There are tools that are more focused on using AI for a specific task, and tools that incorporate AI features into their broader functionality. Generative AI tools can create written, visual and audio content from scratch. Some AI tools focus on productivity and automation, enabling workers to do more in less time. Analytics and insight-oriented AI tools are also designed to process data and extract information faster and better than their human counterparts.
These tools have something to offer, and one tries to combine the features of these categories under one usability umbrella.
Some AI products include features of different types of AI tools for specific applications. Legal AI, for example, offers functionality similar to production AI, which can help develop business contracts from scratch; Productivity-oriented AI, which can accelerate legal research; and even data analysis, which allows lawyers and business owners with legal needs to examine and analyze large data sets without focusing on details.
On the surface, many of these tools seem like perfect additions that can improve a business. But there are many nuances to consider.
Businesses often build their reputation on accuracy, integrity and consistency. Many business owners can understandably appreciate the idea of achieving greater productivity or completing their work in less time with AI, but even a small mistake in the legal situation can have disastrous consequences, so many lawyers and business owners with legal needs are reluctant to adopt AI tools.
Many experts in other fields share their concerns.
The AI hype bubble
Logically, experts have suggested that the recent hype surrounding AI shares similarities with the economic bubble. Over the past few years, we’ve seen an explosion of public interest in AI, and for understandable reasons. Major breakthroughs in generative AI capabilities and natural language processing have made AI do more than it has ever been able to do.
However, this has led to a large potential cost increase. People believe that AI is capable of doing more than it is, and sometimes they hope that it will do more than it can. In addition, companies pursuing AI research and development are overbought and overvalued, as people expect a complete AI revolution that is unlikely to happen.
That doesn’t mean the long-term potential of AI is limited or that we won’t see significant advances. Rather, it is simply an acknowledgment that there is a gap between public perception of AI and actual AI.
Related: I Tested AI Tools for They Shouldn’t. Here’s What Worked
Questions to help you test AI tools
So, how do you know if an AI tool is the right fit for your business?
The two most important categories you need to consider are fit and ROI.
On the right side of the equation, you need to consider whether a particular tool will work for your organization in the right, practical way. On the ROI side of the equation, you need to consider whether the cost of this tool will pay off with measurable benefits.
Related: Check out AI Tools so you don’t have to. Here’s What Worked – And What Didn’t.
To help you decide both sides of this equation, ask yourself the following:
- What problem does this solve? First, find out if this tool solves a particular problem and what problem it solves. If you can’t identify what this tool actually does, take a pass.
- Can this tool really do what it says? Many AI tools are marketed as groundbreaking, game-changing, game-changing applications – but not all deliver on those promises. Don’t just believe the marketing hype; Try the tool and see if it meets your expectations.
- How much time will this save? Instead of guessing, try to crunch the numbers and decide how much time this tool will save you. Also, do the math for yourself; don’t just believe what the website tells you.
- How much value will this add? Including time savings, how much value will this add to your organization? Will you be able to offer new products and services to your customers? Do you have a new way to generate income?
- How much will that cost? Obviously, you will also need to consider the cost of the tool. Many AI tools have the potential to help you achieve better results, but if they are too expensive, they may not be worth the investment.
- How long will this cost? It’s easy to calculate how much a tool will cost you, but how long will it cost you? Will you need to educate and train people on how to use it? Will you need to practice troubleshooting and retraining from time to time? Do you have to practice engineering quickly to get the results you want? How big will the pain be if this service goes down?
- How many other tools do we use? Many businesses are now struggling with an overload of AI tools. Having multiple competing technology tools in the same environment can be overwhelming for users and expensive. Most organizations are better off using a small number of the most important tools, keeping things small and organized while simultaneously enabling more productivity and better results.
Related: 10 AI Tools You Should be Using in Your Business This Year
With critical analysis, it should be very easy to decide whether a particular AI tool is worth buying for your business. Whether you believe AI is overhyped, undersold, or something in between, it’s important to treat every technology acquisition in your business with due diligence and consideration.
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