In the post-pandemic corporate world, the scope for investment in new AI-powered technologies is huge. Companies plan to use AI to address a whole host of new requirements. Having a strong partnership with a cutting-edge AI consulting company can give businesses significant advantages.
What is an AI Consultant, and Why are They Important?
According to the latest forecasts, global spending on AI-powered services, software, and hardware could exceed $342 billion in 2021. Artificial intelligence (AI) support is at the top of every leading company’s priority. But, developing and maintaining AI systems takes time, resources, and expertise.
That’s why AI consultants have become extremely important players in this market. These experts help businesses understand their data needs and potentials. Then, they simplify the process of AI integration by offering customizable deployment solutions. Here’s how a typical AI Consulting Company operates –
- AI consultants review their client’s company’s internal operations
- They map out the company’s business processes, operations, etc.
- Identify the most crucial AI initiatives for the business.
- Set up customized AI solutions and data sets that address immediate business needs.
- Launching small-scale pilot projects to create accurate roadmaps regarding scaling goals.
- Teach workers of the company AI-related academic studies.
- Implement custom AI/ML solutions
- Dynamically schedule customer visits
- Provide trackable data in real-time to boost workforce accountability.
These are just some of the AI capabilities a consultant can bring to a firm. The key benefit of working with consultants is customization. AI tools that are customized for specific business processes yield better results. AI consultants can offer their own AI tools or help you integrate an AI solution of your choice.
How Much Does an AI Consulting Company Charge in 2021?
Many AI consultancy companies provide free services just to meet sales goals. Of course, these services are rudimentary and not suited for advanced business processes. The best AI consulting companies command higher fees. Their fees are based on the time and resources required for the project. Always negotiate consultancy fees at the start of the partnership.
Hourly fees for AI consultants range from $200 to $400 per hour, depending on the scale of the project. In 2021, businesses can expect to pay anywhere between $10,000 a month to over $300,000 a year for customized AI consultancy services. AI consulting companies may even charge hourly fees for short-term projects.
What Factors Determine the Cost of AI Consulting Services?
A variety of factors impact AI consulting service costs. Thankfully, companies can receive tailor-made service packages. For instance, AI consultants won’t charge as much for integrating a pre-built AI solution compared to creating new, customized solutions. Here are the key factors AI consultants consider while pricing their services:
Types of AI Solutions Required
What AI solutions does your company immediately need? Let’s say a firm’s current business requirement is to use a custom data analysis system to boost winter sales. The firm should invest in AI solutions like –
- Advanced data formatting
- Data optimizer tool
- AI-powered speed processing software
- Data visualization
- Live dashboards for data presentation
Before partnering with AI consultants, companies must determine their specific AI requirements. Ask data scientists about the potential value of your data. Meeting monthly ROI goals will be difficult unless you know what to demand and expect from your AI consultants.
AI Tool Integration
The types of AI tools you ask your consultant to integrate into your business system will also impact prices. Here are some common AI-based tools consultants help deploy –
- Chatbots to automate, streamline, and potentially improve customer interactions.
- Data Analysis Systems collect, segment, sort, and assess large quantities of internal and external company data. Businesses can use data-backed insights from these systems to make better resource allocation decisions.
- Custom virtual assistants to respond to employee queries. Virtual agents with company-specific capabilities can drastically improve a human operator’s capabilities.
The Type of Project
Project length, objectives, and goals all impact AI consulting fees. For instance, if your AI consultant only integrates pre-built solutions, the project won’t cost much. The consultants will implement these tools, train workers on using the tools, and offer periodic support.
Custom solutions are far more perceptive, so they’re harder to implement. That’s why companies must assess their AI budgets and long-term AI objectives before partnering with AI consultants.
How to Receive Cost-Effective AI Consulting Services in 2021?
The best way to integrate AI into your business ecosystem is by having an active in-house AI management team. A team full of software developers, data scientists, and AI experts can easily develop, launch, and update customized AI solutions. But, maintaining such AI teams is expensive.
That’s why outsourcing AI management duties is a very popular tactic in 2021. Dedicated AI consultants work on a fixed contract basis. Firms are also likelier to connect with more experienced data scientists and AI experts by outsourcing.
Consider these factors before negotiating with an AI Consulting Company. Investing in AI may seem expensive, but the returns will far outweigh the costs in the long run.
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