Those companies that successfully implemented cloud-based solutions using artificial intelligence and ML programs have reported successful process optimization, faster time to profit, and increased customer satisfaction as the main benefits.
Companies spend an average of $1.06 million a year on AI and ML initiatives. These costs are distributed throughout the organization on ongoing and planned projects to increase revenue, drive innovation, increase productivity, and improve the user experience. However, the pace of implementation was rapid, and therefore success is not guaranteed. Moreover, the data of analysts on project implementation does not look impressive. Gartner predicts that by 2022, less than half of modern data analytics and ML initiatives will be successfully deployed into production. So it's no surprise that more than half of IT professionals in Australia, for example, are still learning how to implement and operate AI and ML models. When more than a third of them also report that R&D has been tested and abandoned or failed. For companies investing millions, failing to understand the complexities of creating and running AI and ML programs can be pretty costly.
A common pain point for IT teams is balancing the potential benefits of AI and ML with the challenges associated with running these programs. While some early adopters have already seen the advantages of these technologies, others are still struggling to cope with a lack of in-house knowledge, outdated technology stacks, poor data quality, or an inability to measure ROI. Given the many challenges associated with implementing AI and ML to optimize cloud technologies, many may wonder how to make this integration successful, especially if the company is beginning to transform its technological processes.
Here are three essential steps that entrepreneurs and IT decision-makers can take today.
1. Fill in all the skill gaps
Whether upgrading legacy technology infrastructures, opening up new opportunities by developing custom AI and ML algorithms for your data or creating a project module management system (pipeline) in the enterprise cloud for AI and ML operations - it all depends on the business needs.
However, not all enterprises have the required resources, technical skills, and established business processes to implement AI and ML solutions. They may not have expertise in math, algorithm design, or data science and engineering. Or the data may not be available in a unified data lake infrastructure for ready access. These circumstances create challenges for any business seeking to advance in the market and benefit fr om AI and ML.
Before starting the program, business owners need to evaluate their internal skills and determine whether it is necessary to re-skill their team or whether there is a need to enlist an experienced provider.
2. Address data quality
At the heart of any AI and ML program is the desire to act on the available data. However, data quality and data management issues have historically plagued businesses, and these same issues often stand in the way of AI and ML adoption.
These barriers are mainly related to the categories of data hygiene, governance, and processes. Enterprises that engage in AI and ML initiatives without plans to complete the necessary data cleanup and data management optimization and management work are often doomed to failure. AI and ML can help companies leverage data for innovative new use cases, but they cannot inherently clean up data or realign data collection and management policies.
The AI and ML programs require clean and integrated data. One of the first steps in a successful AI and ML implementation program is the cleaning of enterprise data and information processes.
It includes setting clear definitions, eliminating data silos, developing a management strategy, and coordinating business processes.
3. Strategy first
In most companies, IT and operations are the leading areas wh ere they plan on adding AI and ML capabilities. However, AI and ML have potential in a variety of business units.
Organizational challenges in implementing AI and ML often extend beyond the IT department, and other obstacles, such as executive involvement, can also affect the process. Strategic challenges, such as identifying use cases and defining the business case, confirm the importance of starting with a clear plan when launching AI and ML programs.
To determine the right AI strategy, prepare data, incorporate AI and ML frameworks into the development of applications and data platforms, and maintain and optimize the environment, requires dedicated planning, AI and ML engineering expertise, and automated operations. Most importantly, however, the strategy can help you succeed in areas where the AI and ML program implementation could be unsuccessful due to their complexity.
Without a solid destination and organizational buy-in, an AI and ML journey could waste a lot of money and resources and never become production-ready.
You have to start by reaching agreements with key stakeholders, presenting a compelling business case, and achieving a consensus on results, milestones, and deadlines to keep the project running.
Across industries, businesses are looking for ways to expand their product offerings, improve business performance, and predict customer behavior. What's more, successful AI and ML initiatives tie together a complex ecosystem of data, business processes, and new skill sets to drive business value.
Reference: Three tips to successfully leverage AI and machine learning for your cloud solutions