CHAPTER 1Balancing the AI Investment
Making a strategic decision to invest in AI is not just like any other decision. It's not only the financial aspect of the investment you must consider but the transformational power of AI for your company that needs to be understood. AI has the potential to fundamentally transform the business you are doing, and for some businesses it's even a question of survival to embrace this technology as fast as possible. Few examples in the market today have shown that businesses can achieve the expected values by just “doing some AI experimentation on the side.” However, a surprisingly large number of companies either don't know what investing in AI means or truly believe that investing in AI means hiring a bunch of data scientists to build AI models. This attitude needs to change for more companies to gain the expected return on investment (ROI) from their investments.
The reality of today is that AI is reshaping entire industries, making it possible to achieve previously impossible levels of scale through operational efficiencies and continuous learning as well as innovation. The reason for this is that AI automates the extraction of insights from data, detecting patterns in a way that would take weeks, months, or even years for humans to do—if at all.
AI can be used to automate internal business processes and make them more efficient, as well as develop new and enhanced products and services in the commercial dimension. It can be used to predict ...
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