AI News, The ROI of Machine Learning in Business: Expert Consensus

The ROI of Machine Learning in Business: Expert Consensus

While we’re far from a world where SMBs (small- and mid-sized businesses) outside of Silicon Valley integrate AI into their regular operations, we will undoubtedly see an explosion of novel uses in industry and enterprise over the next 5 to 10 years, and executives are rightly concerned with how to make the most of those technology, time, and staffing decisions.

 This idea is also paired with the (a) need to automate training of ML systems and develop ways to more seamlessly integrate data with business processes (Harvard Business Review published a solid overview of real-world use cases) and (b) having sufficient time to train and make sense of a data set.

Building an in-house team of data science talent also seems poised to disrupt the job market, particularly in larger companies, though this will likely become more important across mid-size businesses in the next 5 or 10 years as well (possibly edging out or giving machine learning consultancies a run for their money).

In summary, businesses are most likely to be successful in implementing ML when they cover the triad of starting points: Choosing the right problem, having enough existing data to produce meaningful results, and having the right minds on board to help bring the process around full circle.

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