Unlocking AI Success: Strategy Analytics’ Insights for Vendors and Buyers
Enterprise, Research Strategy Analytics Defines Path to AI Vendor and Buyer Success
Research firm Strategy Analytics has highlighted in a recent report that both AI product vendors and their customers can find success through a deep understanding of customer journeys. The report, titled ‘Defining the AI Buyer Journey’, takes a holistic look at critical aspects such as the identities of interested parties, what is being purchased, and the motivations behind these purchases.
The aim is to reduce occurrences of ‘AI-washing’, which can happen on the vendor’s side by incorrectly labeling an offering as AI or ML, or by users not grasping the necessary business capabilities. As Strategy Analytics emphasizes, it’s essential to delve beneath the surface and understand the nature of the activities involved.
Key Questions Addressed
The report investigates three primary questions:
- Who is the interested party (e.g., specific line of business, functional group, or IT department)?
- What exactly is being purchased (a specific application or an AI platform)?
- Why is the capability or software being acquired?
While these points may seem fundamental, different organizations at various stages of the buyer journey often have conflicting priorities. Strategy Analytics’ findings suggest that around 30% of companies exploring AI solutions fall into the ‘early adopter’ category, with another similar percentage categorized as ‘committed AI prospects’. Among early adopters, two-thirds are focused on applications development platforms, while the remaining third is seeking application-specific software.
The Buyer Journey
The buyer journey typically follows a recognizable path. Initially, addressing a practical problem and identifying a justifiable business case often represents the first milestone. Initial interest often leads to introductory exposure after approximately six months. Shortly afterward, around 30% of those adopting solutions begin evaluating both potential applications and development approaches, regardless of budget considerations.
However, it’s important to note that not all companies will adhere strictly to these strategies, as the report indicates that the drivers for AI adoption and the buyer journey can differ widely among organizations.
Industry Insights
This report serves to provide valuable insights into buyer journeys and adoption paths while also covering the factors that spur AI application adoption and business development. According to Harvey Cohen, president of Strategy Analytics and author of the report, “While AI is not exactly a new market, it is now tapping into its potential like never before, contributing significantly to its growth.” Establishing clear goals and frameworks to realize them is essential for success, as supported by the extensive research and project work conducted by Strategy Analytics.
You can read an overview of the report here (free, account required).
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