Back to Insights

AI and ML: Vast Opportunities, but Even More Pitfalls

In the last five years, Artificial Intelligence (AI) and Machine Learning (ML) has moved from being a proprietary tool of tech companies to an open-source platform available to all. Its expanded availability and recent popularity have naturally raised the question “can my business utilize this?”. A quick brainstorm can lead to numerous ideas, but as many businesses have found, successes are harder to realize. Statistics have shown that nearly four out of five AI projects stall or never realize any value, and this number is higher for non-tech companies (Robotics Business Review). Conversely, the companies that have achieved success in the last two years say they are already realizing the benefits (McKinsey). Of these companies, almost all are increasing their investments and COVID-19 has only expedited this trend. So, what makes the difference between the successful few continuing to reap the benefits, and the many who are pouring in resources without seeing any returns?

Of course, each case is different but the projects that have realized success tend to have some commonalities. They tend to: 1) focus on enhancing the capabilities of their staff, 2) are designed to improve over time, 3) have a single focused objective, and 4) are tailored to the future objectives of the business. We also find that many of the failures could have been foreseen if some steps are taken in the beginning to fully vet the ideas. With these lessons learned and principles in mind, we have developed several solutions to help our clients realize the potential of AI.

Organisation Scan


As a company looking to take the first step into the world of AI, we would perform an organisation scan. In the scan, we will evaluate the technical limitations, company culture, and business objectives and identify where there is value-added potential for the use of AI. Additionally, we’ll indicate the probable pitfalls to avoid that will greatly improve your chances of success. Next to this, we will give industry success stories for similar businesses backed by theory and research proving its viability. This will be backed by design principles and strategy to provide a good foundation to launch your AI initiative. This will reduce the start-up time for your AI program

Design Sprint


For businesses that have already started down this road and have some ideas regarding use cases but have not productionized them yet, we would recommend a design sprint. The design sprint is meant to utilize the principles of design thinking to help bring your best ideas forward in a collaborative setting. We start by collecting some information on your current initiatives and organisational capabilities. This information is used to set up a two-day design sprint workshop with the key stakeholders at the table. After the workshop, you are provided with a prioritized and vetted list of AI initiatives, alignment on key principles, and the details needed to develop a business case to jump-start your AI programs.

Prototype Accelerator


As a business that already has a vetted list of ideas, we would cut to the chase and recommend a prototype accelerator. This is intended to make your top AI initiative real by providing resources that can help your team with the actual development and management of this initiative. The assistance can be in any number of areas including coding expertise, project management, documentation, prototypes, and training. You can use our expertise to augment your team and enhance your AI capabilities.

AI and ML for your Business


While these are natural starting points for AI projects based on our experience, our projects are always bespoke to address the unique parts of your business. The goal is always to help your organisation move forward without hitting the common roadblocks. Companies indicating that AI is critically important for their strategic success has increased approximately 30% in Europe since the start of the pandemic (Deloitte). The winners will be the organisations that started early and wisely explored the opportunities with a diverse group of stakeholders. Since the winners are currently outnumbered, let our expertise and experience help tip the odds in your favour and make your organisation an AI success story. Please contact Frans Boshuizen fboshuizen@amsterdamdatacollective.com or check our contactpage to find out how.

SHARE

Let’s shape the future

Frans is Sector Lead Financial Services at Amsterdam Data Collective. Having worked for some of the Netherland’s leading financial institutions in senior management roles, he helps clients navigate through challenging times. He is a pragmatic and empathetic leader who applies his solid background in academia to generate real value from data-science initiatives.

Get in touch

We collaborate with ambitious brands and people. Are you with us?

Let's talk