How can you cut the cost of deploying artificial intelligence (AI) for your business — without sacrificing quality? A skilled, full-time data scientist salary will cost your company at least $200,000 per year (factoring in base salary, payroll tax, workers’ compensation, insurance, and other expenses). And that staggering toll doesn’t even include the cost of extra staff to support deploying creative, intricate AI projects. To cut costs without cutting quality, consider outsourcing AI development.
Outsourcing can seem daunting or unappealing, but it has undeniable benefits. In-house AI development requires a costly team of data scientists and AI software developers. By contrast, outsourcing to an AI consulting firm is a much more affordable (and reliable) alternative – especially when that firm offers everything from seasoned experts (like our founder, Tim Oates, who has been deploying AI for research and businesses since the 1990s) to a front-end UI/UX team with experience designing for AI products.
Three Reasons to Outsource Instead of Hiring In-House:
- An in-house data scientist may not be capable of the diverse thinking needed to brainstorm AI-based innovations and doesn’t necessarily have the business or data-savvy to produce actionable models for business solutions. They tend to get stuck on long-term research projects that hemorrhage funds and don’t generate profits. By contrast, an AI business consultant is more likely to provide fast answers and actionable results.
- A well-developed AI model can work effectively without constant monitoring. Expert AI consulting firms can develop an AI model and train in-house employees to maintain it without chewing up a full-time payroll. Our recent work with client Vince DiMascio, CIO & CTO, Berry Appleman & Leiden (BAL) is an excellent example. Our work helped BAL to achieve exceptional results using intelligent automation, which resulted in a CIO 100 award. Click the link below to watch a great presentation by our client on this.
- These days, innovative companies are striving to balance investment in game-changing technologies with responsibly managing cash flow. To that end, integrating useful AI into your business can (and should) cost you tens – not hundreds – of thousands of dollars. Hiring a quality AI consulting firm can help you deploy AI as a discrete project without putting a strain on business expenses by hiring a costly expert and team.
What to Avoid in an AI Consulting Firm or Potential Hire
If you do decide to outsource your AI project, here’s a word of caution: beware of “AI-in-a-box” products. Until your business has proficiency around how to prepare data, train and optimize AI models, an off-the-shelf, mass-produced model is likely the wrong fit for you – and it’s expensive to find out the hard way.
Otherwise, if you are still dead-set on hiring an in-house data science team, consider this advice: if a potential hire sounds too good to be true, they probably are. Google “become a data scientist” to see how many shady sites offer quick and dirty certifications. These “certifications” provide some shallow learning for budding data scientists and AI software developers, but they don’t foster the skills need to produce business-applicable AI models.
Whichever path you choose, we are here to help unlock the potential of AI for your business. If this blog post inspired a question or idea, we hope you’ll share it and schedule a meeting with our experts.