Let’s say you’re working on an AI program where you’re implementing and scaling dozens of AI business use cases. In addition, you are also spending millions of dollars to enable these use cases by transforming the underlying data and moving it to the cloud. For years, you’ve been housing data in an expensive, on-premise data warehouse, but it’s time to get that data quality up while also reducing data/AI costs over time by shifting to cloud technology. Based on your early forecasts for this project, your ROI will be 2x the original cost, with payback that is approximately 12-18 months away.
This may seem like a comfortable position to be in, but if you’re in a similar situation, now may be a good time to revisit your roadmap. The current disruption from COVID-19 is forcing businesses to re-think their three-year plans and optimize short-term gains by exponentially increasing value while containing costs. Take a refreshed look at your AI program and ask yourself: “How can I get the ROI to be at least 5X the cost with payback in less than 6 months?” The guiding principle behind this is something we refer to as “Advantage ROI.”
We do see AI programs being accomplished within these parameters. The key is to ensure that you are pulling all cost reduction levers while implementing the key AI use cases using a sequence that starts with lowest hanging fruit first.
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