Introduction

Artificial intelligence (AI) is undeniably and quickly reshaping life and businesses as we know it. Prominent technology corporations are making significant investments, and Sundar Pichai, the CEO of Google, has compared the effects of artificial intelligence to those of electricity and fire.

Organizations that have implemented AI to improve their products and services are experiencing big financial returns on their investments.   

According to PwC, the use of AI in businesses is changing quickly, and by 2030, it may boost the world economy by up to USD 15.7 trillion. But with constantly evolving tools and dispersed use cases throughout the organization, selecting the ideal one is far from simple. 

Business requirements are ever-changing, and there are numerous tools available – so choosing the right AI platform as per your business requirements, with the right features as per your industry and niche, and whether that can easily adapt to the changes.  

Well, we’ve created this ultimate guide to choose the best AI platform for your business needs.  

The Simple Guide to Choose the Best AI Platform for Your Business!

1. Determine What Your Business Wants! 

Setting clear objectives is the first step towards selecting the ideal AI platform for your business. A thorough grasp of your organization’s requirements and objectives is the cornerstone of every successful AI application.

Take some time to identify specific problems you hope to address or possibilities you hope to explore before you dive headfirst into the vast array of AI tools and platforms.

Work closely with stakeholders from all departments to understand their goals and areas of pain. You can focus on tools that complement your strategic vision and reduce your possibilities by clearly defining your objectives.

For instance, if you want to boost operational efficiency for your business, be very clear about the results you want to see in terms of streamlined procedures, faster turnaround times, and fewer errors.

Thus, you can select the appropriate platform depending on your business and objectives. I mean it cannot be as descriptive, but still even a broad idea can help you make the right decision.

2. Check out the Industry Compatibility 

Compatibility with your industry is crucial when selecting an AI platform because it ensures the technology can address the specific challenges and requirements unique to your sector.

An AI platform tailored to your industry will have pre-built models, tools, and features designed to handle industry-specific data, workflows, and regulatory constraints. 

This alignment enhances the efficiency and accuracy of AI solutions for your business. Moreover, an industry-compatible AI platform is more likely to have a track record of successful implementations in similar environments, providing assurance and confidence in its capabilities. 

Let’s Understand with an example: Consider a retail business looking for an AI platform. The retail industry has unique requirements, such as demand forecasting, personalized customer recommendations, inventory management, and dynamic pricing strategies.

A general-purpose AI platform might require significant customization to meet these needs, potentially leading to increased costs and longer deployment times.

But, an AI platform that is compatible for retail business, might come with built-in features that is needed for retail businesses and proven solutions already tested for retail settings. Plus, it also stays updated with the retail trends, to make updates as needed. 

3. Consider the Ease-of-use & Accessibility 

Selecting an AI platform that is easy to use is vital for maximizing the benefits of AI technology within your business. This ease of use ensures that your employees, regardless of their technical expertise, can leverage the platform to its full potential, leading to higher productivity and better decision-making. 

Additionally, an intuitive platform minimizes the need for extensive training and reduces the risk of errors, which can save time and resources.

On top of it, with an easy-to-use AI platform you can ensure its smoother integration into your existing workflows to get the most out of it within no time.

Here are some things that you should look out for while considering the ease-of-use: 

• Look for platforms with intuitive dashboards and clear navigation.
• Ensure that the platform provides detailed and accessible documentation.
• Check for interactive tutorials and guides to help users get started.
• Consider platforms that offer robust customer support and training programs.
• Look for features that automate routine tasks to simplify workflows.
• Choose platforms with straightforward, visual data analytics and reporting tools.

4. Features & Functionality of the AI platform 

When selecting the best AI platform for your business, you need evaluate its features and functionality to ensure it meets your business needs and long-term business objectives ti ensure smooth business operations and maximum ROI. With the right platform, you can address your specific challenges with ease, drive innovation and growth for your business. 

Two tips that will help you: 

• Every industry and business have different needs, so analyze what yours needs and choose your industry compatible platform. 
• Don’t go overboard with feature, to add up costs and complicate the architect. Stick to what you need and make a choice. 

Here are the must-have features and functionality you should consider: 

• Core AI Capabilities: Ensure the platform supports essential AI functions such as machine learning, natural language processing, and business intelligence.
• Pre-Built Models: Look for platforms offering pre-trained models that can be quickly deployed and customized.
• Customization Options: Evaluate that whether you can customize models and algorithms to fit your specific business needs.
• Data Handling: Assess the platform’s ability to process, clean, and transform various types of data.
• Real-Time Processing: Look for features that support real-time data processing and analytics.
• Visualization Tools: Choose a platform with robust data visualization tools to help interpret AI-generated insights easily.
• Industry-Specific Features: Consider whether the platform includes features tailored to your industry, such as specialized algorithms, compliance tools, and data models to enhance the relevance and effectiveness of AI solutions in your specific business context.

5. Integrations are Very Important 

Let’s say it again – integrations are quite important. Like, when you get the AI data platform for your business, you want to integrate it with your POS system, booking system, accounting system, social media, and whatnot? 

So, make sure to choose an AI platform – that offers seamless integrations, as compatibility issues might hinder adoption and lead to inefficiencies. 

• Take a thorough look at AI solutions, focusing on how effectively they integrate. Does the tool provide APIs or connectors to make data transfer between systems easy?
• How well does it fit the architecture and technological stack of your company?
• Don’t forget to take implementation simplicity into account. To speed up implementation, several AI platforms offer pre-built models and templates. 
• Others might need to be heavily customized in order to meet your specific needs.

Assess the trade-offs between time-to-value and customization to guarantee a smooth integration procedure.

6. Safety & Security 

Security controls are essential for detecting and preventing attacks that are changing quickly. 

Did you know that data breaches climbed by 72% in 2023, breaking the previous record? And, the average cost of a data breach is a whopping $4.45 million.

Therefore, it’s imperative that you choose an AI platform that complies with data protection laws and the highest security requirements when it comes to data security! The finest AI systems usually have a number of safeguards in place to protect your identity, application endpoints, and data.

Here are a few of the most important ones you should search for:

• Data Encryption: It is crucial to safeguard sensitive information in transit and at rest. In-transit encryption ensures that data transmitted between your systems and the AI platform is protected from interception and tampering using protocols like TLS/SSL.
• Collaborator security: By granting collaborators role-based access controls, collaborator security safeguards your workspaces.
• Data Privacy Compliance: Compliance with data privacy regulations is non-negotiable for businesses handling sensitive information. It is critical to verify that the AI platform adheres to relevant regulations such as GDPR, CCPA, or HIPAA.
• Vulnerability Management: Proactive vulnerability management is essential to maintain a secure AI platform. It involves regular security updates to patch known vulnerabilities and mitigate potential threats.

7. Scalability & Adapdality 

The market is always changing, and with it, so are consumer tastes, corporate requirements, objectives, etc. Scalability is an important feature to consider when selecting an AI platform to ensure that it can adapt to changing needs. 

Will the AI solution be able to handle increased data volumes and user loads while maintaining performance? Scalability guarantees that your investment will stay relevant and successful as your firm grows.

Along with satisfying current needs, scalability refers to the AI platform’s ability to expand and adapt in tandem with the business, all while maintaining effectiveness and avoiding unnecessary costs. You can also ask the seller if they upgrade the AI platform to meet changing needs.

The platform you select should adapt and evolve with your firm and should be compatible for the next 3-7 years.

Here’s the key tip: Examine the architecture and underlying technology of the tool to determine its scalability. Search for characteristics like distributed computing, parallel processing, and auto-scaling.

Investigate real-world examples and case studies from companies that have effectively scaled their AI solutions with the selected technology or platform.

8. Pricing & ROI 

While you are choosing the AI platform for your business, you can’t forget the pricing and TCO(Total cost of ownership). You can set your monthly budget for the AI platform based on your industry, employee size, complexity of your business, features needed, users who will be using the platform, etc. Also, apart from monthly subscription costs, you can consider the initial set-up costs along with maintenance and support expenses.   

Here’s the tip: Don’t just select the most affordable platform available and also don’t go over board while spending. Instead decide what you expect from the AI data platform and the features you need to make the right decision.  

And, this is not an expense, but the investment in your business – so you need to evaluate the possible return on investment (ROI). 

• How will the AI technology affect your organization’s bottom line? 
• Will it result in cost reductions, revenue increases, or improved operational efficiency? 

By doing a thorough cost-benefit analysis, you can make an informed decision that is consistent with your financial goals.

Consider the specific outcomes and improvements you want to see in terms of efficiency, productivity, or customer satisfaction, and determine whether the platform supports these goals cost-effectively.

Make sure the AI platform you’ve chosen not only fits your budget but also provides actual, long-term value. 

9. Reputation of the Vendor & Customer Support 

When you’re in the process of choosing an AI platform for your business, it’s vital to to know about the reputation of the vendor in the market and the quality of their customer support.

Because the last thing you want is investing in a new AI tool for your business, but in case of any problems or queries – there is no support available and you will be left stranded.   

Here are some crucial things to consider: 

Vendor Reputation:

• Look for vendors with a strong reputation in the AI industry. Consider factors such as how long they’ve been in business, their track record of successful implementations, and their presence in the market.
• Research their client base and see if they have worked with companies similar to yours or in your industry. Positive testimonials and case studies from satisfied clients can help you make a decision.

Customer Support:

• Evaluate the level of customer support offered by the vendor. It includes factors such as response time, availability of support channels (such as phone, email, or chat), and the expertise of their support team.
• Assess whether the vendor provides comprehensive onboarding and training resources to help your team get started. This can include documentation, tutorials, and training sessions.
• Look into the vendor’s support policies, such as their service level agreements (SLAs) and escalation procedures for resolving issues or technical challenges. 

With all these considerations, you can make the right decision. 

10. Get a Free Trial of the AI platform 

Almost every AI platform currently offers a free trial for a limited period of time. During this phase, a controlled trial with a limited scope is typically done to validate the AI platform’s functionality and applicability for your company’s needs.

A trial or proof of concept is useful if it can bridge the gap between theoretical expectations and practical performance, and, more significantly, if it is compatible with your company goals. 

Choose a subset of your business’s operations or use cases that illustrate the broader objectives to begin the process. Choosing a controllable scope allows for targeted assessment and provides information about the platform’s potential impact on larger-scale deployments. 

This is your opportunity to evaluate how well the platform integrates with the systems you already have, how well it manages odd data, and how well it suits the unique dynamics of your business.

Assess your team’s learning curve and ease of implementation during the trial. Consider how well the AI platform can handle your fundamental challenges, how efficient it is, and whether it is worth the investment or not.

Here’s the Wrap! 

Choosing the best AI platform for your business can make or break your business. To make the right choice, think about what your business needs, evaluate the core AI capabilities, prioritize ease of use, and make sure it’s a good fit for your industry. 

You want an AI platform that not only offers advanced features but also integrates smoothly with your existing systems and is easy for your team to use. Plus, having industry-specific features can really help tackle your unique challenges and opportunities.

To simplify your search, you can try out Livelytics. It is an AI data platform curated for restaurant, salon, hospitality, and retail businesses. If you are in this industry and would like to simplify your operations andmake data work for you, Livelytics has got you covered. 
Ready to see how Livelytics can transform your business? Book a free demo with us today and get started right away!

Frequently Asked Questions(FAQs)