Every Board Needs to Know this about AI and ML
With Artificial Intelligence and Machine Learning transforming businesses everyday to stay ahead of competition and achieve required performance standards, it is important for a corporate board to understand the basics of AI and ML.
FREMONT, CA: A board typically serves to advice and counsel, and more importantly act in times of crisis. Although the board establishes policies and make the important decisions, they don't necessarily have to take part in the company's operations, especially the technical ones. Mostly because not everyone on the board is comfortable with advanced technology, and that has worked fine so far but for how long?
According to a study by Forrester, 16 percent of jobs is said to be replaced by AI(Artificial intelligence) and ML over the next decade. As technology continues to transform the workplace, board members will need to have a basic knowledge on what AI is and how it can benefit their company. This knowledge can help them identify issues in the business, ask the right questions on the technology deployed to help them arrive at the right decisions.
Here are a few points for a head start:
• Do not get intimidated by AI. Learning the basics of AI doesn't require a computers degree. Remember that deploying AI and ML(Machine Learning) will only be an extension to what the company is already doing.
• A good AI project should be easy to understand. If the team working on the project is unable to or is struggling to explain in plain English, it might not be the right fit for the company.
• Not every last bit of detail found is necessary. There will never be a need for that amount of data. Most companies already have a database enough to run AI and ML projects.
• AI is not a one-time investment. Companies need to treat it as an operational expense as it is an on-going process.
Artificial intelligence has great potential across industries. Today, companies are collecting data and are deploying AI and ML in a way that will not only influence the products and services, but possibly the entire business operations. So it stands to reason that the future of business will be AI-centric and the boards get comfortable with this soon enough.