The article began by describing a moon shot project (an ambitious, exploratory and ground-breaking project undertaken without any expectation of near-term profitability or benefit and without a full investigation of potential risks and benefits) launched by the MD Anderson Cancer Center in 2013 that was put on hold 4 years later after costs exceeded USD 62 million before it was deployed. This sounds quite similar to many grand ambitious showcase projects nowadays which more likely boosted someone's KPIs upfront but could not be implemented properly or ran into snags upon actual execution.
Davenport and Ronanki briefly explained the three types of AI in laymanish terms: process automation, cognitive insight and cognitive engagement. They also suggested the following four-step framework for businesses to incorporate AI into realistic projects to transform into future cognitive businesses:
- understanding the technology
- creating a portfolio of projects
- identifying the opportunities
- bottlenecks
- scaling challenges
- inadequate firepower
- determining the use case
- selecting the technology
- launching pilots
- business-process redesign
- scaling up
This article provided a useful read. In today's world where AI more often than not goes hand in hand with IoT, cybersecurity is an important consideration. Businesses ought to take this into account being rushing to implement new technologies, because any fallout from hacking or data breaches could set a business's progress back due to loss of data or intellectual property.
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