Artificial intelligence has a long and storied history, dating back to the early 2010s, when it became noticed by IT experts. However, it was the high-profile launch of ChatGPT at the end of 2022 that really put the technology on the map and got it noticed throughout the business world.
Since it first became mainstream just a few months ago, the integration of artificial intelligence (AI) tools tailored to specific industries has emerged as a transformative strategy for organisations seeking to stay ahead of the curve. As industries become increasingly complex and data-driven, leveraging AI technology can provide unparalleled insights, efficiency gains, and competitive advantages.
However, the journey to harnessing the power of industry-specific AI tools requires careful consideration and evaluation. If you don’t take the time to select the right tools, then you could find yourself wasting a lot of time, effort and money, all of which are in short supply these days.
By understanding the key considerations listed in this article, your organisation can pave the way for successful AI adoption, driving innovation and propelling growth within your industry. So, keep reading to find out how to select the perfect AI software tool that’s tailored to your individual industry and its unique specifications.
Functionality
The first question to ask yourself is: what can this tool do for me? Just because other experts in your industry use it, doesn’t necessarily mean it will suit your needs. When you’re searching for industry-specific tools, look for ones that will meet the needs of your niche and save time on the tasks you do the most.
For example, in the insurance market, AI tools like Artificial make being an insurance broker easier by automating underwriting, creating quick contracts, reviewing vast datasets and much more. Check if tools like this will suit your needs, and how they can save you time, so that you shortlist the right options.
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Positive Reviews
When you’re buying anything, be it software for your business or new shoes for yourself, you should always read product reviews. For software tools, you want to research the AI tool provider’s reputation and experience in both the AI field and your specific industry.
Companies with a proven track record and positive reviews are more likely to deliver a reliable and effective solution. As well as the company itself, check out review for the product you’ll be using, and see how other companies are making the most of it and any issues they might be facing. This means you can get practical insight into the usefulness of the tool before you test it out yourself.
Price And Fee Structure
Cost isn’t the most important factor, but it is still important: after all, you’ve got a business to run! That means you need to evaluate the pricing structure of the AI tool in relation to the value it provides. Calculate the potential return on investment (ROI) based on anticipated efficiency improvements, cost savings, and revenue growth. You’ll then be able to work out if the solution is worth your time and money or if it might be quicker and easier to explore an alternative solution.
Future Development
Tech is a market that never stops evolving, so your tools need to be the same. Look for AI tool providers that are committed to ongoing research and development. A tool that evolves with technological advancements and industry changes will remain valuable over the long term.
Explore AI tools that are constantly being updated and made by companies that are always exploring new opportunities and adding new functions to their products. Tools made by proactive companies will be easier to use and more likely to last for many years to come.
When all’s said and done, the AI tool you choose should align with your business goals and objectives. Careful consideration of the factors listed in this article should help you select an industry-specific AI tool that maximises the benefits for your organisation.
