According to Tractica, a research firm, the global AI software market should reach $ 118.6 billion in annual worldwide revenue by 2025. It further says that more than 300 AI use cases will contribute significantly to the market growth. The AI boom is accelerating and it will encourage more and more businesses to adopt the technology. So the question is what the best strategy for businesses to quickly launch AI projects is. Outsourcing or in-house?!
Nowadays, hiring the right people to create technical solutions is riddled with risk. So, where to find and how does a company find skilled professionals to help them improve business performance using complex frameworks based on Artificial Intelligence? Also, how to have a successful outsourcing AI development? The article will give you some hints for the answer.
Why Artificial Intelligence is the “future of modern companies.”
First up, let’s consider why it’s worth investing both time and money in AI.
According to the Forbes report, “Everyday AI: Harnessing Artificial Intelligence to Empower the Knowledge Worker,” three-out-of-four executives from American companies believe that AI and related technologies will have a transformational impact on their industry. Why? Because AI and Machine Learning is the future of modern companies.
The technologies help them:
- Increase employee productivity and efficiency by automating routine tasks and processes
- Improve marketing activities by generating content that reflects client needs
- Save time and money by replacing manual systems with automated software
- Avoid human error stemming from complex mathematical equations and analysis
- Achieve the best business results thanks to insights that predict client needs, and allow companies to deliver personalized solutions
- Maximize sales opportunities and increase revenues
For more benefits of Artificial Intelligence, read the article: Top advantages of Artificial Intelligence
Why Artificial intelligence outsourcing development could be better than hiring in-house?
1. The sparse number of qualified AI engineers
The Global AI Talent Report 2019 says that, by year-end 2018, the number of qualified AI experts across the world totaled just 22,400. That’s hardly a surprise, given the AI industry is still in its infancy. So, it’s going to be a challenge for any business to find candidates who have the skills and experience they need.
Furthermore, the specialization requires in-depth mathematical skills, coupled with broad professional knowledge. In short, if an employee isn’t comfortable working with mathematical analysis, statistics, probability calculus, and linear algebra on a daily basis, they’re probably not up to the task.
2. Software outsourcing brings multiple benefits to businesses
Moreover, hiring developers is a long, challenging, and expensive process. While it’s worth emphasizing: most recruiters don’t know how to evaluate technical skills. So, you’ll likely end up hoarding the time of your most experienced developers, just to find the right candidate to hire — taking the above into account, outsourcing AI development is becoming ever more popular.
According to IT Outsourcing Statistics by Computer Economics, IT outsourcing in 2019 averaged 12.7% of the total IT budget: a sharp increase from the 9.4% figure recorded in 2018. It seems many companies are coming to realize that outsourcing AI development could be a better business solution, not only saving time and money but also helping enterprises partner with established and integrated AI teams.
And lest anyone forget, outsourcing ensures people get to work with leading domain specialists, irrespective of geography. So, there’s always a strong case for outsourcing — but how to find a skilled team?
For more insight about software outsourcing, read the article: Software Development Outsourcing: A complete guide
How to have a successful outsourcing Artificial Intelligence development
If you outsource your AI development, you must make every effort to find the best team for the task at hand. And always be sure you can trust the people you end up working with — but how can you be sure?
1. Make thorough research for the right team
First of all, check the professionalism of the team. See what information you can find online; search for details relating to past projects, and take note of how many companies the team has served.
Then, read testimonials from clients, and always check the authenticity of recommendations; only if you’re satisfied with these preliminary checks should you consider making an appointment for a consultation with a member of their AI team. And during that conversation, be sure to ask for ideas for your project; maybe even a proposal to work with your business.
Finally, think very carefully about whether the proposal sounds interesting, what risks the agency has identified, and if they have a clear strategy to mitigate the unknown: every AI project has a level of inherent risk.
AI developers who paint too green a picture likely don’t understand the landscape, which could be a red flag indicating a lack of professionalism.
2. Ask for a reference
When you have decided on the right partner, before speaking with any team you are interested in, take a look at the portfolio (you should be able to find it on the company website, but if you can’t, request the team to send you any related portfolio they have done before to refer, you may wish to picture the outcome when outsourcing the project)
Every credible outsourcing company will have a portfolio documenting past projects: it is the business card of a company and its main bargaining chip when it comes to securing new clients.
When reviewing the portfolio, pay particular attention to any projects that relate to your specific industry. And check if the developed solution delivered results — or if any other projects spark fresh ideas — as the portfolio could inspire your team to explore new opportunities.
3. Check the technical background of the team
Every team comprises a group of individuals. If you want to find the most appropriate partner for your project, you need to check the professional experience of each team member:
- Review LinkedIn profiles
- Browse professional histories
- Scour any pertinent search results
And if you need extra detail, GitHub can be a treasure trove of information. Moreover, it can help you assess if a team is made up of true tech enthusiasts who work on pet projects after-hours….
4. The core technologies of the team
It’s worth repeating this one point: AI is a hyper-specific specialism that’s difficult to master.
It takes experience, intelligence, and a particular combination of skills to create algorithms that leverage machine learning. So, if you outsource your AI development, be sure to find an agency that’s specialized in Big Data, AI, Machine Learning, ...
Only dedicated developers can help you optimize business workflows using Machine Learning. Only the right expertise can resolve business problems with advanced AI solutions (where standard software might not be fit for purpose).
When you invest significant sums in complex, AI-driven products, you’ll want to know you’re working with the right mix of professionals. If you’re wondering what that mix looks like, it should resemble an eclectic group made up of — physicists, statisticians, mathematicians, programmers, and UX designers, alike.
5. Find the connection of the team with your project whether they focus on helping your business get results
One of the simplest ways to test an agency’s professionalism is to see where their priorities lie.
- Is their only concern around when you’ll pay?
- Or are they more worried about if they can serve your specific needs?
The best agencies want you to succeed first-and-foremost, and they’ll remain by your side from conceptualization through to implementation.
They’ll work hard to exceed your expectations, and they’ll continue to refine products and algorithms to deliver an optimum return on your investment. Less professional agencies, on the other hand, will do what it takes to turn a profit; with your needs taking a backseat.
To help you identify which bracket your candidate agencies fall into, we’ve created the following checklist:
- Is the agency willing to put in the time to understand your strategy first? And can the team explain how AI supports your vision? (Beware: If a team wants to jump straight in and start developing, the chances are, its people don’t care if AI fits your needs.)
- Is the team willing to offer an upfront risk assessment of your project? (This may be free or paid, depending on the scope and scale. But every project has a risk, and every genuine AI developer will surface these risks before taking on a project.)
- Has the agency checked the available data? If yes, has the team checked your company is prepared to manage an AI-driven product? If your company isn’t ready to implement a solution, is the agency willing to give you a list of steps to prepare? (The best teams carry out each step.)
- Is the agency willing to illustrate how it can measure success? And how will the development team demonstrate progress at frequent intervals? Most importantly, how will the agency continue to support your team post-implementation? (Beware: If you don’t get an answer to each of these questions, the development team may not be the best choice.)
As ever, the more specific the response, the better.
After all, it’s crucial your partner uncovers your specific project needs and challenges if they’re to develop a high-performance, AI-driven solution.
Moreover, you need to have confidence that your outsourcing partner will invest the time to get to know you and your business, then continue to support your team — even after implementation.
6. When you’re ready to start, start small.
Before being in a hurry to invest too heavily — and rather than blowing the budget by trying to tackle your most complicated assignment first — start the team off with something smaller, cheaper, and a lot less risky.
Treat the project as a trial-run in which both sides of the partnership test out the collaboration. This way, you can each check the workflows fit expectations, and that you’re both happy to collaborate for the long haul.
Even though it’s a smaller project, you should still maintain the same high standards of communication, request progress updates with ongoing reviews, and check the team is open-minded when it comes to discussing feedback.
Once you’ve seen their creative flair coupled with the motivation to deliver results-driven increments to your business, then you can decide if the business relationship has a long-term future.
If it’s a yes, get ready for many productive years ahead.
Where to outsource Artificial Intelligence development?!
"AI’s Rapid Expansion In Emerging Asia"
According to Forbes, the landscape of artificial intelligence (AI), research and commercialization are increasingly broadening to Asia. As foreign investment in manufacturing shifts from China to Southeast Asia, companies are putting AI to work to bring automation to the industrial landscape of Indonesia, Malaysia, Thailand, and Vietnam. These countries are home to major investments from tech giants, which have opened up AI labs in the region. This trend shows no sign of slowing as venture capital funds invested over $3.4 billion in ASEAN in the first half of 2019.
Also, as mentioned above that AI technology requires in-depth mathematical skills including mathematical analysis, statistics, probability calculus, and linear algebra, it becomes an advantage for Asians in this technology since Asians are known for being good at math and science.
Asia Pacific – a new destination for software outsourcing
In the years to come, Asia Pacific would become the most promising destination for the outsourcing industry. According to GLSI 2019 by Kearney, 5 top outsourcing locations including China, India, Malaysia, Indonesia, Vietnam are all in the Asia Pacific. This movement would provide IT, service users, with more options when choosing IT outsourcing service providers. With the high-skilled developers and recognizable reasonable cost in comparison with other areas, the Asia Pacific including Vietnam software outsourcing would promisingly turn out as the destination for clients of IT outsourcing services and more specific software outsourcing services.
TPS Software is one of the top software outsourcing vendors in Vietnam, which recently has been known for great ability in Artificial Intelligence when excellently became the only representative coming from Vietnam to the FINAL PITCH of ASEAN HEALTHCARE FINTECH ALLIANCE CHALLENGE organized by Alibaba Cloud, Pritzer, and Fintech Academy with solution Joy ID - Hospital: Artificial Intelligence solution designated for patient onboarding process at hospitals. Also, the solution got into the final round of the national AI Solution contest which has been in the process of looking for the winner.
TPS software provides a variety of AI services including AI consulting, AI research and development, AI as a service.
Contact TPS Software for any concern you have on deciding to develop an AI project to have a free consultation.