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– Artificial intelligence Ready –
It is safe to say that artificial intelligence (AI) has undergone a significant resurgence in popularity over recent months and years. This can be attributed to a number of factors including increased investment in the sector, greater awareness of AI amongst the general population, and noticeable AI developments across the board e.g. in areas such as fraud detection and e-commerce.
Despite these impressive developments, passionate debates still rage amongst marketers as to whether AI is actually necessary? The simple answer is yes. AI and machine learning are key to unlocking our ability to comprehend large volumes of data and predict customer behaviour. Humans make decisions based on what we know or what we’ve experienced and that’s a serious limitation as our brains can only process a certain amount of information. We simply can’t comprehend data in as broad a context as a machine. Often the insights that lead to the biggest gains are not the ones that are easily found. AI gets smart about finding patterns and delivering back opportunities and insights that we either never thought of, or finds them in places we never thought to look.
Companies want to jump on the “Fourth Industrial revolution” bandwagon and prove that AI will deliver ROI for their businesses, the truth is, AI is in early stages and many companies are just now getting AI-ready. For machine learning (ML) project teams that are starting a project for the first-time, a deliberate, three-stage approach to project evolution will pave a shortcut to success.