CIOReview | | 19 SEPTEMBER 2023That data will taint the outcome; it needs to be your reality! Alright, data, check!The next challenge is with regard to talent. I currently work in the construction wholesale and retail industry, and although I have a remarkable team, realistically I will never be able to build, attract, and retain the competencies required to develop all of the AI algorithms and solutions we could need to succeed. So, if you are like me, in a traditional industry, attracting and funding a significant number of AI PhDs might be a challenge. Therefore, my recommendation is to invest in your data science team members so they increase their business knowledge and gain insight into your company, your data, and what is important to you and your customers. Then, complement your team with external partners--a multitude of them, but be selective and intentional. If diversity is a richness in itself, multiplicity of talent, views, and perspectives applies more than ever in the AI world. As for costs and business cases, the situation has evolved significantly over the last little while. If you break down the pieces, you have options like never before, pushing the costs down. You have pre-built models and proven solutions; you have various sources of external talent; and you can leverage the cloud offerings with a multitude of twists and turns. It is no longer a question of whether or not there is an opportunity that is worth it. It is rather a question of which one gives you the best strategic impact and or the most return. I am not saying this is easy, but the opportunities are real! However, make sure you architect and monitor it correctly, or the costs will quickly escalate!In the old days, I would have said and argued to take baby steps and crawl before you walk and run. Although I still believe in this to minimize risks, let me venture a question: how much time will it take you to be ready, and how much time do you still have in comparison to your competition? The gap between those who are already forging ahead with AI in a strategic way and those who are struggling to simply keep up with technologies is growing. Some are losing the race badly; some are not even realizing there is a race out there. You might not have the luxury of time anymore! So, make your time count. Prioritize and focus! Take your time learning, but also allow yourself to fail quickly so that your learning is accelerated! Focus on what will help you achieve your business strategy! The bottom line is that you need to integrate a data science and AI chapter into your strategic plan. Where this used to be for the selected few industries, it is now mainstream and a key ingredient in the survival of the fittest race. You are now in hurry-up offense mode! What is your AI attack plan? You need to integrate a data science and AI chapter into your strategic plan. Where this used to be for the selected few industries, it is now mainstream and a key ingredient in the survival of the fittest raceEric Martin
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