The following is a summary of the Times of India article on Codvo.ai. You can also read the complete article by clicking on the link.
Artificial intelligence (AI) is revolutionizing the technology world. According to recent research, the worldwide AI market will be valued at $190.61 billion by 2025, with an annual growth rate of roughly 33.2 percent. Apart from boosting the intelligence of existing solutions, AI and related technologies are exposing data for exploitation. Let's look at a few things organizations should do to make AI more efficient and effective.
1. Research and Understand: Familiarise with the capabilities of enterprise AI. Consultation with pure-play AI firms that can offer guidance on how to proceed. Online papers and films on AI techniques, principles and other topics are available from several universities, such as Stanford. Google's open-source TensorFlow software library, AI Resources, the Association for the Advancement of Artificial Intelligence, and MonkeyLearn's Gentle Guide to Machine Learning, among other paid and free resources, are all available to the tech team.
2. Pin-point the use case: After figuring out what AI can do, the next stage is to identify how to incorporate AI into your products or services. Make a list of particular use cases for how AI might help you solve problems and create value for the company.
3. Attribute financial value: Assess the possible commercial impact of the use cases once they're ready and analyze the financial outcome of the AI implementations. Then, prioritize the AI initiatives, which will help determine which ones to pursue initially.
4. You can assess your internal capability, uncover talent gaps, and then decide on a plan of action before launching a full-fledged AI deployment. You can recruit more workers or partner with AI-focused product engineering organizations.
5. Pilot under the guidance of SMEs: Start building and integrating AI into the business stack. Keep a project attitude, and don't lose sight of your company objectives. To guarantee that you are on the correct path, consult with subject matter experts in the field or external AI consultants.
6. Massage your data: The foundation of any AI/ML solution is high-quality data. Data must first be cleaned, massaged, and processed to improve outcomes.
7. Take baby steps: To adequately test AI, apply it to a small data collection. Then gradually increase the volume while collecting input.
8. Plan for storage: Start thinking about additional storage once the little data set is up and running, so you can develop the full-fledged solution with complete data input.
9. Manage the change: AI gives better insights and automates processes. However, it is a significant change for employees because it requires them to operate differently. A well-structured change management plan must execute the new AI solution that supplements their regular operations.
10. Build Securely and Optimality: Typically, businesses begin developing AI solutions in response to difficulties without first examining the restrictions. It will lead to sub-optimal or dysfunctional solutions and insecurity in some cases.
AI implementation isn't easy, and problems can occur at any time. AI projects evolve with data management strategies, which is a crucial feature. For best results, run them both at the same time.
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