AI projects can be tricky. Common reasons why most of the AI projects fail are mainly because of poor data management, selecting appropriate use case where AI is a right fit to solve the business problem, or because businesses choose the wrong AI / ML tools.
With too many boutique firms claiming to have AI expertise coupled with the recent hype around AI, how can businesses select the right supplier and navigate this complex landscape strategically? Tata Elxsi has worked on 60+ AI PoCs of varied size over the last 5 years. Some of them have not seen the light of the day due to varied reasons. Based on our learnings and experiences, here’s your quick checklist to navigate your AI strategic partner selection process with ease.
Define your AI Project Goals and Requirements
Before you start looking for a strategic partner, you need to:
- Clearly outline your project’s objectives, scope, and expected outcomes of AI projects.
It can help in providing direction, accountability, successful planning, execution, measuring progress leading to impactful initiatives.
AI Expertise
AI is an ever-changing field. New tools and models keep popping up every week. Each one promising unique problem-solving capability, delivering better KPIs etc. Check if your strategic partner possesses expertise in:
- Handling different AI technologies that cover different types of data for your project
- Frameworks, open-source software, API support from Hyperscalers, Low-Code No-Code platforms and Generative AI solutions.
- A big data approach to handle large data at scale.
- The complex problems that predictive analytics brings.
Ability to Innovate
A good strategic partner should not only be able to use existing AI technologies, but they should also be able to create new ones. Check if your strategic partner has:
- A well-established innovation process that helps them identify problems early based on the data gathered.
- An ability to solve unique problems and issues using latest technologies like AI and Machine Learning.
- A reasonable number of patents accepted globally.
Consider Technical Domain and Industry Knowledge
A strategic partner with deep technical expertise but little domain knowledge may struggle to create solutions that are truly aligned with your industry’s needs. Conversely, a strategic partner with strong domain knowledge but weak technical skills may not be able to deliver technically sound AI solutions.
The strategic partner should possess:
- Both domain and technical knowledge.
- A well-established skill development program that allows team members to upskill themselves regularly with the necessary AI skills required to perform tasks.
Ability to Scale
Choosing an AI strategic partner who can scale is essential for future-proofing your AI initiatives, adapting to changing demands, and maintaining a competitive edge.
Scalability helps businesses in efficient resource utilisation, improves performance and deliver KPIs to address fluctuations in demand.
Data Security and Ethical use of Data
With shift in government’s focus on strict data security for Personally Identifiable Information (PII), hire a strategic partner who has the same level of commitment and adheres to business shared values.
This is essential for legal compliance, maintaining trust, protecting privacy, and ensuring the responsible use of AI. Remember that selecting the right AI strategic partner is not just about technical capabilities, it’s also about alignment with your organisation’s values, goals, and long-term vision. Taking a thoughtful and comprehensive approach to strategic partner selection can lead to a successful, mutually beneficial, and lasting partnership.