Specializing in everything from legal research to marketing automation, it it has the potential to save you money, improve your efficiency and ultimately help your business generate better results – but it's far from a guarantee.

How can your business decide if a particular AI tool Is it a worthwhile investment?

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Types of AI tools

There are tools that focus primarily on applying AI to a specific task, as well as tools that integrate elements of AI into their broader operation. AI generative tools can create written, visual and audio content from scratch. Other AI tools focus on productivity and automation, enabling workers to do more in less time. Insights-centric analytics and AI tools are also designed to process data and extract information faster and better than their human counterparts.

These tools have something to offer, and some try to combine elements of these categories under a single usability umbrella.

Some AI products combine elements of different types of AI tools for specific applications. Legal AUfor example, it offers functions such as generative AI, which can help develop business contracts from scratch; AI focused on productivity, which can accelerate legal research; and even data analytics, allowing lawyers and business owners with legal needs to review and analyze large data sets without getting bogged down in the details.

On the surface, many of these tools seem like perfect additions that can improve a business. But there are more nuances to consider.

Businesses often build their reputation on accuracy, integrity and consistency. Many business owners would understandably appreciate the idea of ​​achieving greater productivity or completing their work in less time through AI, but even a small mistake in the context of the law can have disastrous consequences, so many lawyers and business owners Businesses with legal needs are reluctant to embrace AI tools.

Many professionals in other fields share their concerns.

AI noise bubble

Quite reasonably, experts have suggested that the recent buzz around AI stocks similarities to an economic bubble. In recent years, we've seen an explosion in public interest in AI, and for understandable reasons. Major advances in the generative potential of AI and natural language processing have enabled AI to do more than it has ever been able to do.

However, this has led to massive potential overestimation. People believe that AI is capable of more than it is, and they sometimes trust it to do more than it actually can. Moreover, companies following AI research and the development is being bought and overhyped as people predict a total AI revolution that isn't happening.

This is not to say that the long-term potential of AI is limited or that we are not seeing massive advances. Instead, it is simply acknowledging that there is a gap between the public perception of AI and actual AI.

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Questions to help you evaluate AI tools

So how can you tell if an AI tool is right for your business?

The two most important categories to consider are fit and ROI.

On the fit side of the equation, you need to consider whether a particular tool will serve your organization in a convenient and practical way. On the ROI side of the equation, you must consider whether the costs of this tool will be paid for by measurable benefits.

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To help you determine both sides of this equation, ask yourself the following:

1. What problem is this solving? First, understand if this tool is solving a particular problem and what problem it is solving. If you can't figure out what this tool actually does, take a pass.
2. Can this tool really do what it claims? MOST AI tools are marketed as ground-breaking, game-changing, revolutionary apps – but not all deliver on these promises. Don't just believe the marketing hype; try the tool and see if it matches your expectations.
3. How much time will this save? Instead of speculating, try crunching the numbers and determining exactly how much time this tool will save you. Again, do the math yourself; don't just believe what the website tells you.
4. How much value will this add? Including time savings, how much value will this add to your organization? Will you be able to offer new products and services to your customers? Do you have a way to generate new income?
5. How much money will this cost? Of course, you will also need to consider the cost of the tool. Many AI tools have the potential to help you achieve better results, but if they are too expensive, they may not be worth the investment.
6. How long will this cost? It's easy to calculate how much money a tool will cost you, but how much time will it cost you? Will you need to educate and train people on how to use it? Will you need to practice troubleshooting and retraining periodically? Do you need to practice rapid engineering to get the results you want? How big a pain will it be if this service goes down?
7. How many other tools are we using? Many businesses are now struggling with AI tool overload. Having too many competing technology tools in the same environment can be overwhelming for users and prohibitively expensive. Most organizations are better off using a smaller number of more valuable tools, keeping things minimal and simple, while enabling more productivity and better results.

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With critical analysis, it should be much easier to determine whether a particular AI tool is worth purchasing for your business. Whether you believe AI is overhyped, elusive, or something in between, it's important to approach any technology purchase in your business with due care and serious consideration.