Business leaders today need to understand the potential of predictive artificial intelligence and machine learning in growing their businesses. Many current efforts have failed due to lack of deployment or not realizing expected value. Eric Siegal, in his book “The AI Playbook,” outlines six key steps to successful deployment of this technology. These steps include quantifying a positive business value proposition, establishing a machine learning prediction goal, defining specific model evaluation metrics, preparing data sources for learning, generating and training the predictive model, and deploying and evaluating the machine learning model.
Documenting targeted business improvements and getting approval to proceed is the first step. Collaboration between business leaders and technologists is crucial to establish what will be predicted and the response to each prediction. Accuracy measurements, cost considerations, and learning potential improvement over time should be clearly defined. The right data is essential for fueling machine learning algorithms, so data must be collected and refined for both training and deployment. Evaluation of various predictive analysis algorithms is also necessary.
Once the model has been developed and proven valuable, maintenance, monitoring, and ethical vigilance are required to ensure its continued success. Business leaders must be aware of the potential for bias, lack of representation, and privacy concerns that could arise with the deployment of predictive technology. It is essential to mitigate these risks, process metrics, and make necessary adjustments to the data and model. As the economy shifts and customer behavior patterns evolve, ongoing attention to the model’s impact on society as a whole is crucial.
Ultimately, the goal of deploying predictive AI and machine learning technology is to drive business growth while benefiting customers and society. Business leaders must take a proactive approach to deploying new technologies effectively and responsibly, rather than ignoring new opportunities for growth. By following a structured deployment process with careful planning and monitoring, businesses can unlock the potential of predictive technology and stay ahead in today’s rapidly changing business landscape.
