Streamlining the sales process: How AI compliance accelerates deal closure

As the world speeds up, customers are becoming more savvy about the technology they use. They're not just looking for the best deal anymore, especially when speaking about business customers. They're looking for assurance that what they're buying is ready for the future and won't get them into trouble with new regulations that are coming up. 

We understand that more and more customers are asking vendors to show that their AI systems are built to last and comply with laws that will soon get into force. They want to know about the data used to teach these AI systems, making sure everything is above board.

Why is this important to them? Because choosing compliant solutions means they don't have to worry as much. They know they're on the right side of the law, and this gives them peace of mind. This is a big deal when they're deciding between different companies to buy from. 

Even if it means saying no to options that might be cheaper or offer more features, they're more likely to go with the vendor that's thinking ahead and has made sure their technology follows the regulations. 

Being ready for future AI regulations and valuing compliance can make a business stand out and be the first choice for customers.

In the next section of this blog article, we will explain how companies that adopt AI regulations early can benefit from doing so and how this can set them apart from their competitors.

We are witnessing the world of AI surge, with solutions transforming industries at an incredible pace. AI businesses recognize the potential for efficiency gains and competitive edges. It's a market brimming with incredible opportunities.

But AI companies are seeing a cloud hangs over their clear sky: AI regulations. 

The EU AI Act is already in effect, and more regulations are anticipated to emerge throughout 2024. These regulations will be complex and ever-evolving, presenting AI companies with a challenge akin to navigating a never-ending maze.

Transforming this 'burden' into a powerful advantage early on can benefit businesses in multiple ways:

• Build trust with potential customers - address their concerns about data privacy, security, and ethical considerations from first touchpoints. They'll see these companies as responsible providers, putting their minds at ease. That’s a great first impression and a strong reason to consider such AI companies.
• Reduce friction in the sales process - streamlined compliance processes mean faster approvals, less paperwork, and smoother deal flow. No more getting stuck in regulatory quicksand or manually answering questions related to AI compliance.
• Stand out from the competition - in a market where everyone offers similar solutions, their commitment to compliance becomes a differentiator. They’ll attract customers who value responsibility and trustworthiness. That’s a strong marketing message they can communicate.

These are just a few of the reasons why early adopters of AI regulations come out ahead. By embracing AI compliance, they set themselves apart. And do business customers care about that? Absolutely. According to some studies, 75-85% of customers consider compliance a key factor in selecting suppliers.

Let's move on. In the next section, we will explain how your company can leverage AI compliance to accelerate your sales cycles.

Now you have the blueprint - AI compliance is your secret weapon for faster sales and market leadership. But how do you put it into action? Your company have two powerful options: building an AI compliance solution in-house or partnering with external vendor who will handle your AI compliance.

Building an AI Compliance Solution In-House

While the feeling of complete control and customization might lead you towards building your own AI compliance solution, it's essential to understand the intricate maze of challenges that lie ahead. Be prepared to navigate not just regulations, but also the logistical and resource-intensive realities of this approach.

• Costly construction - building from scratch isn't cheap. Factor in hefty investments in infrastructure, specialized personnel salaries, and ongoing maintenance costs. This financial burden can quickly eat into your budget and potentially overshadow the benefits.
• Expertise enigma - deciphering the complexities of AI compliance demands specialized knowledge. You'll need to either build an internal team with deep regulatory expertise or rely heavily on external consultants, both options adding to your overall cost and resource allocation.
• Time is money - don't underestimate the development timeline. Building a robust solution takes time away from your core business, potentially impacting current projects and delaying your AI implementations. Be prepared to wait while competitors with compliant solutions race ahead.
• Compliance cliffhanger - keeping up with ever-changing regulations is a constant tightrope walk. Delays in implementing updates or misinterpretations of complex rules can lead to costly non-compliance penalties, turning your "control" into a risky gamble.
• Focus fizzle - building your own solution demands dedicated resources and attention. This can divert focus from your core business activities, potentially impacting innovation, development, and overall growth. Remember, compliance shouldn't become your sole mission.

While customization and control have their appeal, the path of building your own AI compliance solution is demanding and resource-intensive. Carefully weigh these cons against your company's capabilities and consider alternative solutions that might offer faster implementations and reduced risks.

Partnering with an External AI Compliance Vendor

An external AI compliance vendor can be your guiding light, offering a faster, more efficient, and potentially cost-effective path to achieving your goals.

Instead of wrestling with dedicated teams, lengthy development, and the constant risk of non-compliance, partnering with a vendor allows you to leverage their expertise and established solutions. Access the knowledge and resources of dedicated compliance professionals, ensuring you stay ahead of evolving regulations without diverting focus from your core business.

This partnership approach offers distinct advantages:

• Rapid Implementation - skip the development phase and deploy ready-to-use solutions quickly, accelerating your compliance journey and getting your AI solutions to market faster.
• Resource optimization - no need to invest in building and maintaining internal expertise. Reduce costs and free up your team's valuable time to focus on core business.
• Best practices at your fingertips - benefit from the vendor's accumulated experience and ongoing adaptation to evolving regulations, ensuring you're always compliant and secure.

Choosing a partner isn't about compromising control; it's about harnessing the power of collaboration. With TrustPath, you can unlock the full potential of AI compliance, transforming it from a burden into a powerful driver of faster sales cycles, increased customer trust, and a competitive edge in the market.

Ready to explore your options? Start our free assessment and stand out from your competitors today.