3 Strategies You Can Follow to Speed up Your ROI from Machine Learning

The data transformation; the digital world; the smart revolution; the intelligent era; whatever you call it, the world of analytics is upon us. Organizations now realize the impact of data and analytics on their operational efficiency and are thinking of ways to incorporate them into their current Standard Operating Procedures (SOP).

One of the most significant concerns for organizations looking to incorporate detailed machine learning and AI plans within their services is the return on investment (ROI) for the project. The investment that you put in your ML program can take some time coming back. All the machine learning plans and algorithms don’t deliver the goods immediately, and you have to wait for some time before you reap the rewards of your effort.

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However, it would be futile for you to sit hand in hand without implementing the right strategies. I know the motivation that organizations have towards getting the most out of their ML program. I'm also aware of the lack of concrete direction in this regard, so I’ve round up three proven strategies to speed up the analytics process and ROI cycle.

1. Use Updated Software Tools

To implement AI and Ml in their pure forms within your organization, you need a widespread change in the way you do things in your workplace. While we’re not advocates of a radical organizational cultural change, you do need to steadily pick up the pace with what you’re offering to your clients. From chatbots to design software and your HR operations, everything needs to augment in a way that it benefits the overall aim of milking the most out of your ML campaign.

This process is by far the easiest, fastest, and most convenient method to get the desired results from your AI campaign. Machine Learning and Artificial Intelligence have multiple dynamics which will only be understood by your team if they implement ML and AI strategies across the board.

Organizations that have implemented AI strategies in tandem with AI-driven applications such as Amazon’s Alexa have extracted the benefits of a thorough AI strategy. By following proven methods of success, you’re ensuring that your return of investment is sound. This practice gives you the kind of dividends that you expect from your analytics campaign.

Additionally, you need to be judicious in your selection of the right AI vendors. The vendors for your AI initiatives need to be well selected and should have the right skills up their sleeves for success.

Organizations recently starting their AI campaigns should get in touch with well-established vendors providing cloud and AI solutions. The motive behind this move is to ensure that your vendors can parallel the growing demand for AI and cloud services within your organization. Edge computing is the latest cloud solution for AI on the go, which is why you can incorporate proven methods to success here.

The key to successful ROI is to start small and then scale fast. Start your climb up the ladder steadily, but when you are sure of your steps and know the height you’re aiming for, pick up the pace and scale the whole path rapidly.

2. Use APIs

Application Program Interface, or APIs as they are popularly referred to, can be beneficial when building your ML system in the fastest time possible. Your machine learning endeavors will only be as reasonable as the techniques you use in their creation.

Interestingly, you can quickly get hundreds of APIs online, related to the kind of customized ML algorithm that you want to make.

For those who aren’t aware of them, APIs are usually a set of routing protocols and paths for getting software made. With the help of an API, you can make your software easily. An API gives you a usual protocol to what developers and data scientists before you have worked on it. Based on this information, you have a set path to follow and can enjoy the fruits of your hard work.

From software for image recognition to the algorithms for speech recognition and others of this kind, you can get assistance from APIs for any endeavor in line with ML implementation. APIs have democratized AI in our society, and you shouldn’t feel the need to reinvent the wheel and pick up something innovative.

While working with APIs, you should have multidisciplinary teams in place to assist you with achieving the ultimate goal of the enhanced customer experience through the metric. This goal gets achieved in tandem with the other purpose for efficiency in IoT-related costs. The reduction of costs involved in IoT applications is a long-term investment and a commitment that requires you to stay on track. You should periodically maintain the algorithms and improve their efficiency to extract the most out of them.

3. Develop Your Own AI Strategy

This method involves the development of your own AI strategy and all that comes along with it. As part of this method, you’re required to add innovation processes involved within the AI strategy. From the collection of data to the processing, generation of insights, prescriptions, and implementation of actions, you will be innovating new ideas under this strategy.

The route for this strategy is on trial and error, and there is no defined path to success here. The process is considered risky because of the considerable chances of failure involved with it. However, the result if all goes well will be precisely what you want if you use this setup.

Once you implement an innovative AI model, you will most definitely step above all of your competition into a league of your own. You will also be better placed to implement new and advanced AI mechanisms that make their way into the market later down the line.

The data heart of your organization should be different from others and should be consistent with what you aim to achieve through it. There is a lot an AI campaign can do for you if the methods you have implemented are the first of their kind in the whole industry and the market.

This whole process requires a lot of experimentation across the board. You have to understand the importance of testing and to grasp the concept of whatever idea that comes your way. Furthermore, you are required to improve the accuracy of the algorithms you’re working on to make sure that your algorithms are on par with the best in the industry. The acceptable level for algorithms here is one that is better than what humans can do, or at least comparable to it.

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Combine These 3 Strategies

With the mass personalization tactics in place within AI and this data transformation, there is no room for complacency or slacking off. You need to not only use previous APIs and updated software tools, but you must also make an AI path of your own. It is only when all of these three strategies get used in tandem can you extract the most out of your efforts in AI.

For a deeper understanding of how Machine Learning and Artificial Intelligence are powering today’s organizations, take a look at Simplilearn’s Artificial Intelligence Engineer Master’s Program, co-developed with IBM.

About the Author

Ronald Van LoonRonald Van Loon

Ronald is named one of the 3 most influential people in Big Data by Onalytica. He is also an author for a number of leading big data & data science websites, including Datafloq, Data Science Central, and The Guardian, and he regularly speaks at renowned events.

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