Choosing the Right AI Implementation Strategy: DIY, Off-the-Shelf, or Custom Solutions
In today’s rapidly evolving financial landscape, the race to implement AI is on. With more organizations recognizing the need to leverage complex data and mitigate risks, the question is not if they should use AI, but when and how they should implement it. The key decision organizations face is whether to develop in-house, buy off-the-shelf, or acquire a custom solution.
A survey of major financial organizations revealed that over half are actively implementing AI, have a strategy in place, and understand how AI can generate value for their businesses. However, only 1 in 10 of those organizations that tried developing their own AI solutions saw significant financial benefits.
Developing AI in-house can have its benefits, such as complete control over projects and ownership of the platform. Open-source solutions also provide lower-cost options for companies with the expertise to support them. However, many organizations encounter challenges with scaling beyond proof of concept and struggle with standardizing the model building and deployment process.
On the other hand, off-the-shelf market-ready models offer immediate global deployment and have been proven to deliver ROI right away. These solutions are fast, scalable, and user-friendly, making them an attractive option for organizations looking for quick results.
Customized solutions, on the other hand, are necessary for unique or specific business challenges that require outside expertise and personalized models. Working with experienced teams can help organizations navigate the complex AI development process and ensure success.
In conclusion, the right AI implementation strategy depends on the size of the organization, timeline, and the specific challenges it needs to address. While DIY solutions may seem less expensive upfront, they can lead to hidden costs and unreliable outcomes. Off-the-shelf solutions offer speed to market and proven results, while custom solutions provide tailored models for unique challenges.
Brighterion is a leader in AI technology, offering both off-the-shelf and custom AI solutions for financial institutions. Their market-ready models are enriched with global network intelligence and have been proven to deliver significant results. Whether organizations choose to go with off-the-shelf or custom AI solutions, partnering with an experienced team like Brighterion can help ensure a successful AI implementation strategy.