We recently held our first R2i Summit on disruptive technologies. Our goal was to show companies how to leverage Artificial Intelligence/Blockchain/Industry 4.0, to transform their business processes and gain a competitive edge.
All the experts that came to our event were unanimous; artificial intelligence is redefining business processes in all sectors: finance, retail, industry, manufacturing, health, etc.… The business leaders we interacted with were all concerned about their organization’s ability to compete in this evolving landscape.
AI is becoming more prevalent thanks to evolving deep learning models, increased computing power and the prolific amount of data.
You must have a clearly defined data strategy
AI needs a tremendous amount of labelled data to deliver on its promises. Although most businesses have mountains of data, they struggle to gain insights from it as it is not labelled nor, do they know how to access it. 80% of an AI project is spent on ‘data cleansing’ and labeling – most of which does not require a data scientist. It is very important to invest in your data strategy and to start now.
We have worked with customers that in fact, have NO data strategy at all and this does not mean they should not start an AI project. It’s a bit of a chicken and egg discussion of what comes first. The AI project will actually help you better understand the importance of the data strategy and will likely change your perception of it all together. It’s time to clean up that data swamp. In summary, whether you start with an AI project or defining your data strategy – JUST START.
In my opinion, the recipe for a successful AI project is:
1. A concisely defined:
- Data strategy (before or during)
- Business issue
- Executive sponsorship
- Expected ROI or business value
2. The ability and willingness to fail fast.
3. Just start
Think big and start small
If you don’t know what AI is about, its time to get your hands dirty and start a project. Not a big project but one that will allow you to start down the journey and learn what it is and what it is NOT. Remember success comes through failure – so don’t be afraid to fail – but be sure to fail fast. You should be starting with a project that will show results in 2-3 months – NOT in 2-3 years.
The two most common misconceptions of AI are: It’s magic’ and ‘you have access to the data’.
Sign-up to our AI Boot Camp
R2i can help you get started now with these 4 Steps:
1. Organize a meeting with senior management
- Demystify cognitive solutions (AI, Industry 4.0, Analytics)
- Discuss common use cases for your industry
2. Schedule a cognitive workshop with a designated management sponsor
3. Have the senior line of business team fill in a short questionnaire prior to the workshop
- Identify the current pain points
- Identify the available data sources
4. Hit the ground running with a one-day workshop/whiteboard session to determine the best use case to start with considering:
- Available data
- Business needs
- Quick win (3-6 months)
- Defined and measurable success criteria
Schedule your workshop Today. Sign-up by clicking HERE
Become Tomorrow’s Organization Today!