Big Data in Business: How to Select Your First AI Project
Part 3 of my “Big Data in Business Series.”
Artificial intelligence (AI) is revolutionizing nearly every industry, creating incredible amounts of economic value in the process. It is one of the greatest tools that have ever been available to businesses, as it provides valuable insights that were previously unattainable by humans alone. At the same time, it is also disrupting almost every domain and industry. And as Andrew Ng puts it, “AI is the new electricity.”
These reasons are why so many organizations embark on a data-driven transformation, which is followed up by the selection and execution of their first AI project. However, a vast majority of initial enterprise AI projects fail, and this failure can largely be attributed to selecting the wrong AI projects to begin with.
Before taking on a complex and highly rewarding AI project, your organization should prepare itself by educating the company, selecting and analyzing use cases, identifying desired outcomes, and assessing data characteristics to ensure that your first AI project has the best chance of success. If AI is indeed the new electricity, then every company needs new electricians.
Before reading on, make sure to check out the first two parts of this series:
- Part 1: “Data…
