Artificial intelligence (AI) powered solutions offer SMEs and smaller not-for-profit organisations an opportunity to compete with their larger rivals on a more level playing field. They offer the chance for these organisations to research, plan and operate on a scale previously available only through committing large resources to these initiatives.
The number of AI-powered products and solutions is growing exponentially with each product evolving incredibly rapidly. This is, in large part, due to the product release strategy employed by almost all of these providers - something in their world called MVP (Minimum Viable Product). This follows the philosophy of developing a bare bones product, casting into the world and then rapidly building new versions to exploit the areas of most commercial value.
There are benefits to both the developers and to their clients, but mostly the developer and whilst you as the client are able to pay less for a product, you are actually paying for an immature product and have to invest your time and learning in growing with the product.
An added complexity is that with so many competing products out there, each rapidly evolving and iterating, is that what is best for you today, may not be tomorrow. Do you tie your colours to the mast of one solution and remain loyal no matter what? Do you continually re-evaulate the market and switch to the best solution available, or do you wait for the products to mature and only then commit?
The MVP approach has become particularly prevalent in the realm of AI. Developers release a scaled-down version of their product, focusing on core functionalities to gather user feedback and validate their concept. This iterative process allows for agile development and efficient resource allocation, reducing the risk of investing heavily in an unproven solution. However, clients must be aware of the limitations of an MVP and the need for ongoing commitment to drive their own use of the product alongside its evolution.
As competing product offerings leapfrog one another in the early stages, clients face the challenge of committing to a specific solution. The evolving nature of AI technology means that new iterations and advancements emerge rapidly, making it crucial for businesses to carefully consider their adoption strategy. It becomes a strategic gamble to determine the right time to commit to a specific AI solution.
Commit too early and you either have to potentially switch horses mid-race, or remain with your chosen provider even if you see the competitive advantage provided by them eroded or even reversed. If you do choose to switch providers, you are committing to a new learning curve of both the product and potentially the linguistics needed to drive the best results.
Your third option is to wait it out and look for maturity of offerings to emerge, but this is no longer likely to be the best option ever again in the world of technology driven solutions. Over the past 40 years the world of software development has headed in one direction only - that of increased use of prototyping, iterative builds and now MVP approach. This means that no product will ever reach maturity as the underlying business case for it will change before it reaches full maturity and the product will morph into a solution for the new requirements of business.
An example of this is Excel - between 1987 (V2.0 for Windows) and 2016 releases were on average every 3 years (with occasional bug fixes in between). In 2023 alone and as of today (11th July 2023), there have been 8 new features releases (plus 7 bug fixe releases). That is there have been as many releases in the first half of 2023 as there were in the preceding 24 years!
Perversely - AI is now part of the root cause of this increase in the rate of updates and so it will continue.
So there is more onus than ever on businesses who need to exploit the competitive advantage of new solutions (particularly AI-powered technology) to take a fresh approach and view on software adoption and the associated cost of investment. Licensing costs, training and learning and ongoing research and competitive analysis all need to form part of the ROI applied to the adoption of a new solution.
At Quywater, we continuously monitor the AI landscape, keeping abreast of emerging technologies, advancements, and market trends. We can help your business or charity cut through the noise and confusion and even act as a trusted intermediary for clients to source and optimise their AI solutions. We ensure your business can leverage the full potential of AI while minimising the complexities associated with its implementation.
