A survey conducted by Edge Delta last year revealed that 80% of global companies have adopted artificial intelligence (AI) to improve their business operations. On top of that, 83% of them have put AI at the top spot of their priorities.
With each passing day, it becomes clearly evident that businesses and enterprises that augment their workflows with AI will have a clear advantage in their respective industries.
This puts a lot of pressure on Chief Technology Officers (CTOs) of organizations to bring these AI-led transformations to their processes. It involves assessing where AI can be used, finding the right solutions, testing it, and finally putting it to use.
Of course, it’s easier said than done. As new models and tools are being developed and released on a daily basis, finding the right option is akin to looking for a needle in the haystack.
Combine that with the challenges brought by AI ethics and regulatory guidelines, CTOs have a tough task on their hands.
And that’s where AI consulting comes in.
In this article, let’s dive into the state of AI consulting in 2024 to help CTOs make the right decision to bring about this change effectively.
Let’s begin by looking at some important numbers.
AI trends in 2024: Key figures for CTOs
So, we briefly mentioned how keen organizations are to adopt AI-powered solutions to bring extra performance to their operations. That trend is not restricted to just any one industry.
The same Edge Delta report also reveals:
- 26% of legal professionals have adopted generative AI (GenAI) at work
- 40% of retails use AI to deliver a better in-person experience to shoppers
- Ai in finance is expected to grow at 16.5% YoY by 2030
- AI in healthcare will increase by a CAGR rate of 37.5% from 2023 to 2030
- AI in global telecommunications was valued at $1.45 billion in 2022
Phew, that was a lot of numbers.
Anyway, the point is, that every company, in almost every industry you can think of, is grinding tooth and nail to incorporate the latest AI technology.
What makes it all more interesting is that AI tools, particularly the proprietary models, are also becoming more affordable with time. For instance, OpenAI’s ChatGPT has decreased its API costs by ten times since it was released a couple of years ago.
This makes these novel solutions more accessible for most businesses.
Fortunately, consumers are quite open-minded when it comes to buying from companies that use AI, as long as it’s ethical and clear. To put it into numbers, 65% of consumers say they will trust organizations that use AI responsively and transparently.
However, 35% of businesses are worried they may not have the right technical skills to leverage these AI solutions effectively. This is understandable as AI tools are continuously evolving and only limited professionals have the ability and resources to invest in it.
Which brings us to the next section.
The state of AI consulting in 2024
The difficulty of finding the right personnel to make the most out of AI investments is only one of the many challenges.
Building a well-defined strategy, getting the right technical support when you run into problems, and measuring the impact of AI transformation, to name a few. CTOs also need to figure out how to manage all these changes as they occur within their company.
AI consulting firms play a key role in solving the aforementioned problems for businesses and enterprises across the board.
Teams get direct access to experienced professionals who have already built and successfully deployed custom AI solutions for organizations across industries. Moreover, AI consultants can help navigate the dynamic regulatory landscapes, especially considering how important privacy has become.
Beyond this strategic problem-solving and roadmapping, AI consulting companies are aware of the latest developments in the field. They can recommend the most cutting edge option to future-proof the AI efforts of any organization.
Additionally, AI consulting companies can also provide employee training and support, making it easier for employees to get up to speed, even if they lack technical expertise.
CTOs, by partnering with AI consulting firms, to put simply, can transform their workflows and processes quickly, while optimizing costs and remaining compliant with the evolving laws.
How CTOs should choose an AI consulting partner
To keep things simple, here are five key areas CTOs need to consider while evaluating different AI consulting companies to partner with:
- Industry experience: AI consultants who have already served brands similar to yours recognize the nuances within your niche. This speeds up the process as the firm will have an idea of what you are looking for or what’s best for you.
- Technical expertise: The professionals who will build you a custom AI solution should have deep knowledge of the latest tools, machine learning, natural language processing, and more. It’s a plus if they have an updated portfolio that reflects their past projects.
- Customization and scalability: There are many off-the-shelf AI solutions that you can adopt right now. Your AI consulting partner should deliver you a solution that is tailor-made for you and can handle all your growing needs.
- Ethical and regulatory compliance: One of the rising concerns with the adoption and usage of novel AI tools is data security and user privacy. AI consulting firms should help you check all the right boxes to help you avoid hefty legal fines and reputational damage.
- Support and training: There is no point in having the most advanced tools in your tech stack if you aren’t going to push their limits. The AI consulting company you choose should help CTOs train various teams and departments to reap the benefits.
GrowExx offers all of the above.
We have a successful track record of building custom AI solutions for companies from different industries such as manufacturing, finance, IT, retail, and healthcare. GrowExx ensures that its clients get the latest and most compliant tech and provides adequate support for quicker adoption.
Interested in learning how AI can transform your organization?
Book a free consultation call today.
Wrapping up
AI-powered tools are essential for staying competitive in any industry. CTOs have a lot on their hands, ranging from identifying areas of AI transformation to implementing the best possible solutions.
Challenges like lack of enough skilled talent, complexity in choosing the right solutions, and ensuring ethical compliance make it all difficult.
Fortunately, partnering with AI consulting agencies can mitigate them. A good rule of thumb is to collaborate with an AI consulting firm that has a proven track record within your domain and specializes in developing and deploying customized solutions.
GrowExx provides all that with personalized support and training to help organizations across the board adopt the best possible solutions quickly and truly harness the power of artificial intelligence in business processes.
Ready to take the next step toward AI transformation? Contact us today
FAQs
What is the future of AI consulting?
As the adoption of AI technologies increases, AI consulting will grow as a service. The focus will shift toward customized AI solutions, ethical considerations, and providing personalized training. There will be a higher demand for experienced professionals in this field.
What’s the state of artificial intelligence?
The state of artificial intelligence in India and worldwide is constantly expanding with the continuous release of the latest tools. The applications of these tools are also increasing in various domains including healthcare, retail, finance, and manufacturing.
What is the state of AI in business today?
AI adoption is at an all-time high, with 80% of companies actively working to bring these technologies into their workflows. Additionally, AI tools have become cheaper than they used to be. However, there are still challenges such as a lack of skilled talent and evolving regulations.
How can AI consultants help my business?
Companies and CTOs can look forward to tailored strategies, implementing AI solutions, and ongoing support. They bridge the gap in technical expertise and ensure a smooth, scalable AI transformation.
What are the main challenges of adopting AI?
High implementation costs, scarcity of skilled professionals, data quality issues, and developing customized solutions are a few of the many challenges businesses face while adopting AI. These challenges can be overcome easily by partnering with an experienced AI consultation company.
