Choosing the wrong AI partner can cost you millions and months. Here’s how the smartest executives avoid the pitfalls using data-driven selection.
Do you build in house and if not how do you find the right partner?
- 67% success rate: Purchasing AI tools from specialized vendors vs. 33% for internal builds
- 42% of companies: Abandon most AI initiatives due to poor partner selection
- 80% of AI project failures: Due to implementation issues, not technology limitations
If you don’t want to build then you need a partner with:
- A Proven Track Record of delivering ROI from similar implementations
- Partners with sector-specific experience as these are twice as likely to succeed
- A partner who understands your process – 70% of failures are people/process issues, not technical
- Partners who are able to support and scale for long term success
In my experience as a CIO I have seen lots of pitches with Red Flags:
- Vendors who can’t demonstrate ‘the magic’
- Vendors who can’t provide specific client references
- Vendors who can’t show you the ROI
- Vendors using a technology-first approach without business strategy alignment
Mind the AI Gap recommends starting with a pilot with Critical Success Factors and performance metrics. Plan for integration and ensure compatibility with your existing systems. And lastly, Change Management is essential for adoption success, so include it in your budget.
What’s your worst vendor selection story? Let’s avoid repeating it with AI. At Mind the AI Gap we can help with partner evaluation or broker relationships with a number of specialist AI providers specific to your needs.
Get in touch at https://mindtheaigap.com/consulting.