Enterprises are incorporating machine learning into their core processes for diverse strategic reasons. ML can provide benefits like the capability to discover patterns and significantly improve customer segmentation and targeting. But all these benefits are attainable only if you make the right choice.
Beyond the business results, enterprises need to consider a spectrum of factors to assess and maximize investment return. One of the biggest obstacles is that machine learning projects demand a significant investment, and even tiny projects can cost up to thousands of dollars.
At an enterprise-level, these are the project costs that touch a few million dollars and a piece of IT budget professionals spent on understanding how to assign the revenue to obtain and implement a machine learning platform.
Remember, ML is a long-term investment that begins delivering benefits only after a couple of years. For now, have a look at five things you should consider.
Recognizing the Right Problem to Solve
The main questions that you should deal with are like:
- What are the problems to solve?
- What is the type of benchmarks that should be established?
- Does the company have the correct data available?
- Who is the correct vendor?
- Does the project need sustained investment?
If you have answers to these questions, you can make a diplomatic move for your enterprise.
Measuring Business Impact
ML and AI need petabytes of data as contributions to train models. It is a significant investment. The next move involves using the right algorithms and evolving a working model that needs many iterations to manufacture efficient business outcomes.
You would measure the business impact in terms of the kind of use case you would develop, the victory of your project’s implementation, and how well you scale it.
Forming In-house Talent or Adopting A Hybrid Method
Being an enterprise, you might need to choose between:
- Forming an in-house professional team of training data scientists and expert software developers who can construct models in-house
- Outsource the model development operation
Most of the enterprises follow a hybrid approach to lessen costs and drive better business results. However, do not forget that constructing an in-house team requires massive investment because data science talent is rare, and it might take up to 12 months to get your projects off the ground.
Not Every ML Project Will Be Effective
Before you invest in an ML project, it is crucial to recognize that not all projects will be successful. Many enterprises are known to accept the: fail the first approach, which is also an expressive comment on the iterative layout of ML project development levels that encompass prototype development, testing, and analysis.
Besides the concept of model development, testing, and validation also create a chief component of the project. Machine learning models should be fine-tuned, and the outcomes are validated methodically before you put anything to use.
Before you invest in an artificial intelligence and machine learning platform, you must gather much information about the opportunities so that the management team can make the right decision about:
- Where to invest
- Which vendor software to use
- If emerging technologies will benefit your business and help your company as a leader in its niche
Though there are various examples of ML/AI projects bringing up to three times the investment price, not all projects turn out to be successful. There is a section of use instances like chatbots that can generate much more immense results down the lane.
The competition is increasing extensively, and talent is short. Hence, if you wish to stay relevant in the present-day data age, you need to act efficiently and build your AI strategy.