Business leaders need to understand the potential of predictive artificial intelligence (AI) and machine learning (ML) to grow their businesses successfully. However, many current efforts in deploying these technologies have failed to realize the expected value. To address this issue, a new book titled “The AI Playbook” by Eric Siegal outlines specialized business practices like bizML to help business leaders implement AI and ML effectively.
Siegal highlights six key steps to successfully deploy AI and ML technology in businesses. The first step is to quantify a positive business value proposition by documenting targeted improvements such as revenue growth. Next, establish a machine learning prediction goal in detail and define specific model evaluation metrics to measure accuracy and effectiveness. Then, prepare data sources for learning and train the predictive model using various algorithms available.
Once the predictive model is trained, it must be deployed and evaluated in the business operation. Deployment requires buy-in and cooperation at all levels to translate predictions into actionable outcomes. Setting up a control group is advisable to monitor metrics and make necessary adjustments to data and model. However, the deployment process is just the beginning as the model requires ongoing maintenance, monitoring, and ethical vigilance to remain effective over time.
As technology and business environments evolve, business leaders must be sensitive to changes that may cause biases or lack of representation in their predictive models. It is essential to ensure that the technology benefits not only the business but also customers and society as a whole. Business leaders play a critical role in leveraging new technologies effectively to drive growth opportunities and address challenges in the ever-changing business landscape.
In conclusion, successful deployment of predictive AI and ML technologies requires careful planning, collaboration between business leaders and technologists, and ongoing maintenance to ensure continued effectiveness. By following the steps outlined by Siegal, business leaders can harness the power of AI and ML to drive growth and innovation in their organizations while prioritizing ethical considerations and societal impact. It’s time for business leaders to embrace new technologies and move forward strategically to capitalize on the opportunities they present.
