Tuesday, June 30, 2020

Data is the new oil fueling Machine learning adoption but Businesses are discovering #AI is no silver bullet

Data is the new oil. However, unlike oil, as data scarcity is becoming less of a problem, processing costs are skyrocketing. The business world is waking up to the fact that while the cost of computing keeps getting cheaper all the time. The cost of training machine learning models is outpacing the compute cost drop.

Moreover,  business are finding challenging to adopt #ai, and the economist report numbers are showing how often #machinelearning projects in the real business world fail :
  • Seven out of ten said their #ai projects had generated little impact so far.
  • Two-fifths of those with “significant investments” in ai had yet to report any benefits at all.
Companies are finding that #machinelearning is not the promised silver bullet. The non-tech company are discovering what tech companies had to learn the hard way: that they are no Google, Facebook, ...

To successfully deploy an AI/ML/DL project you need: a vast amount of data, skilled employee, solid engineering practice, access to infrastructure and last but not least, a clear understanding of the business problem.

I have a false hope that corporation will abandon the silver bullet thinking, but I would settle for avoiding another #ai winter cycle.

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