What Crucial Questions Should You Ask AI consulting companies Before Signing a Multi-Million Dollar Contract?

 What does a big company stand to gain from investing in AI? It's clear that we're not talking about signing a deal that could cost a few thousand pounds; it could be a deal that costs millions of pounds. If a bank invests in getting an AI financial solution or an upscale store invests in figuring out the next big customer trend, the wrong investment could end up costing a lot more than it should.

We at Thoughtswin Systems believe that openness is the most important thing that makes any partnership work. Before signing a contract with any of the AI consulting companies on the market today, you need to act like a detective. This is a list of questions that will help you make sure your future is safe and that you have a bright future ahead of you.

Creating Value: The Path to a Successful AI Investment

First of all, it's important to understand that "AI" is a very broad term. Some businesses are great at making chatbots or bots, while others are great at looking at a lot of data and making sense of it all. It's important for your partner's skills to match your needs in this area.

Here is how to interview potential partners like a pro:

1. Can you give me a ROI?

AI is cool, but it also needs to make money. Ask the consulting firm for examples of how their work, like finding new ways to make money, directly led to a past client saving money or making money. If the consulting firm can only show you "cool technology" but not their balance sheet with better dollars, they might not be the right one for you.

2. Do you take care of data security and ethics?

This is even more true when talking about AI solutions for finance. Data about money is very private. We need to ask ourselves,

• Where will we keep our data?

• How can we make sure that the AI's choices aren't biased?

• Are your tools in line with international laws like the UK GDPR?

There will always be a book called "Ethics and Security" that a professional group can show you.

3. What is your plan for "legacy" systems?

The systems that big businesses use have also been around for a long time. All of them already have computer systems that may not be able to talk to the new AI very well. You need to ask these consultants how well the new AI they are suggesting will work with the tools you already have.

You don't want to spend millions of dollars on a "brain" that might not be able to talk to the rest of your body.

Getting out of the "Hype" Trap

Most of these AI consultants are just trying to impress you with flashy answers that are full of big words and flashy graphics. You really want to find out which consulting firms have a clear plan that they can explain clearly and practically.

We at Thoughtswin Systems like to think of ourselves as "translators." "Translators" who can turn the most complicated parts of computer science into a workable plan for your business.

Final thoughts

If you buy something for your own business from Thoughtswin Systems, it will take a long time to develop, just like it does for your own business. A multi-million-pound contract with an AI Specialist is not at all like a purchase. It's more like getting ready for "marriage" between your company's data and the AI Specialist's expertise, which will help both of you move forward with your business.

Asking an AI Specialist Consultant about the system's return on investment, making sure that all of your data is safe in their system, and testing their ability to connect their system to what your company is already doing will help you figure out who is who—whether they are a true Specialist or just a "beginner."

In today's financial market, there are AI solutions that you can own if you value a Thoughtswin Systems Consultant more than a Specialist.