As every enterprise is different, so are their problems and the solutions required to tackle them. A custom artificial intelligence (AI) solution is a “company and use case-specific” solution. The primary idea behind it is to provide the organization with a unique set of tools that can solve specific problems.
The choice for business leaders, like you, are to opt for one of the two types of custom AI solutions:
- Use an existing platform to build the solution or leverage an existing solution configured according to your requirements.
- A solution that is made entirely from scratch according to requirements
The choice mainly depends on the use case and the budget you can put behind to address it.
Custom Artificial Intelligence Development
Developing AI solutions for your organization means setting up an AI development environment where your data science team can construct ML models from scratch. Or you can decide to outsource it. Either way, the process will include building custom algorithms for specific business use cases and proprietary APIs.
Why Go for the Custom Artificial Intelligence Development Way?
High-quality Predictions
If your work involves processing highly specialized data sets, a bespoke AI system will be better equipped to offer actionable insights per the use case.
Competitive Advantage
An organization often employs a unique AI solution because its core processes are built around it. Think about Netflix’s intelligent recommendation system or Uber’s autonomous vehicles. AI has the potential to become your core competitive advantage depending on the custom solution you build using it. Moreover, if you build and own an industry-specific solution that also benefits other enterprises in the industry, you can make a profit through licensing.
Long-term Gains
Although ready-to-use solutions can give you immediate results, building a custom solution will benefit you in the long run. You can adjust your business processes as you traverse through the problems and tweak your solution to generate value for a longer period. Having built an AI solution, you will also have the capability and expertise to confidently start future AI projects.
Built for Purpose
All ready-to-use solutions have a pre-set configuration that can be tricky to tweak. Such solutions are designed to manage a limited scope of tasks seamlessly. However, it might not be suitable for companies with specific requirements. So, if you have unique business requirements, a custom AI solution or product would be a better pick, keeping your specific set of goals in mind.
Conclusion
Building custom AI solutions increases AI awareness within the organization and allows you to future-proof your business. You have better control over the solution and an understanding of how everything works.
Read this whitepaper to learn about custom artificial intelligence solutions for financial institutions.
