Applied AI Business Consulting Landscape and AI Strategy
Artificial intelligence solutions to implement within your organization require some level of understanding of the AI consulting landscape.
What is the difference between applied research and basic research in AI development? What is the difference between AI strategy and AI execution within a business context? These are questions that many businesses are asking themselves as they begin to invest in artificial intelligence. It can be difficult to understand the return on investment when you are spending money on something as complex as applied AI research. That's why it's important to consult with experts who can help you shape the future of automation in your industry. In this blog post, we will list some of the tops AI consulting firms in Europe and USA. We'll also discuss how you can benefit from applied AI research in your business.
What are the typical AI consulting activities?
In general, AI consultants help businesses achieve AI transformation. However, consulting can be divided into 4 major categories, AI consulting is not quite different:
How should the client use AI? It’s necessary to understand the client’s strategy, challenges, and opportunities faced by the company, client’s data & analytics capabilities. Combining these with an understanding of state-of-the-art AI, a consultant can identify the most important AI initiatives for the company.
In light of these initiatives, companies’ overall strategy also needs to be revised. For example, Business Process Outsourcing (BPO) companies generate significant revenues by processing invoices for other companies. These services revenues are at risk since invoice automation can be handled by AI technology.
Another example is a translation services company. Those companies need to make dramatic changes to their business to ensure that it survives in 5-10 years when Google translate reaches human-level translation capabilities. It is helpful to have strategy sessions envisioning 5-10 years into the future, helping executives understand the future of AI so they can identify how their business needs to start changing today.
Artificial intelligence consulting services formulate strategy in these steps:
- Understanding your company’s current status: Using solutions like process mining and analyzing the company’s strategy to understand the company’s current status.
- Creating a portfolio of potential AI initiatives: This step involves identifying pain points and understanding how AI can contribute to the business.
- Predicting the value of a project: Most AI projects fail to generate the intended value. AI consulting firms help businesses predict the value of the project so that businesses don’t invest more than the expected outcome.
Commercial due diligence
Though due diligence can be considered a strategy project, it is a special one. A good understanding of the AI market is necessary to conduct effective due diligence because success factors in AI are different than those of other fields. Consulting firms with a significant due diligence track record such as Accenture are investing to establish themselves in this emerging market.
The strategy will result in a number of initiatives. Implementation should also be considered as multiple activities such as planning, vendor selection if needed, project management, development, improvement of business processes impacted by the project, change management, and so on.
As with any consulting service, some or all services can be completed by consultants. Or implementation can be in-house and in most cases it is in-house. However, for example, if the client lacks the tech know-how to implement urgent initiatives, starting with consultants can help the client progress faster. However, please bear in mind that, in the long run, relying on consultants completely for implementation will likely be more expensive than completing those activities in-house.
Ideally, consulting projects should improve the culture and skills of the client. This is especially relevant in the field of AI where talent is scarce. AI consulting projects need to ensure that client teams are capable and knowledgeable about the technologies they will be working on. There need to be well-documented and organized training materials and an established knowledge transfer process.
Applied AI research is a process of using artificial intelligence to solve real-world problems. This can be done in a number of ways, such as creating new algorithms, developing new applications, or improving existing ones. Basic research, on the other hand, is more theoretical in nature and often focuses on understanding how AI works rather than solving specific problems.
There are many benefits to applied AI research. It can help you automate tasks, improve efficiency, and make better decisions. Applied AI research can also help you stay ahead of the competition by developing new products and services that they haven't even thought of yet. However, applied AI research is not without its challenges. It can be expensive and time-consuming, and there is always the risk that the results may not be applicable to your specific industry or business.
That's where AI strategy consulting comes in. AI strategy consultants can help you develop a clear plan for how you want to use AI in your business. They can also help you understand the return on investment for applied AI research and make sure that you are spending your money wisely. If you're ready to get started with applied AI research in your business, then consider working with one of the tops AI consulting firms listed below.
Top AI Consulting Firms:
6. McKinsey & Company
7. Bain & Company
8. Boston Consulting Group
9. Nokia Bell Labs
These are just a few of the top AI consulting firms that can help you with your applied AI research. When you work with one of these firms, you can be sure that you are getting the best possible advice for your business. Applied AI research is an important investment, and you want to make sure that you are spending your money wisely. With the help of a reputable AI consulting firm, you can be sure that you are getting the most out of your investment.
However, working with the above-mentioned list of top AI companies could be an expensive investment for SMEs. In this case, is better to turn to a smaller AI Consulting firm like Lexunit to understand how you can benefit from AI development in your business.
At Lexunit, we offer a number of services that can help you with your applied AI research. We can help you develop new algorithms, improve existing ones, or even create new applications. We also offer a number of other services, such as data mining and analysis, which can help you make better decisions about how to use AI in your business. If you're interested in learning more about how we can help you with your applied AI research, then contact us today. We'll be happy to discuss your specific needs and provide you with a customized solution that will help you get the most out of your investment. Until then read about How can a business gets prepare to use AI optimally.