We are going full speed into the technology era, and you might say we are already in one. Everyone knows something about AI and has their opinion on it. It’s not only data scientists. Nowadays, AI is more used than ever before, and we are yet to see where it will take us. Considering 81% of people think Artificial Intelligence will completely change the world and the way we live, here’s what you need to know if you want to get involved with the AI yourself, especially if you are already in the industry. The influence of the technology market is immense, and it’s so embedded in the daily lives that we already consider it normal. It is also a part of the game you should know about, but more about that below.
The bigger picture and a goal
You wouldn’t believe this, but many people who are deeply in the business and in high positions will see some AI thing they deemed catchy and exciting for the audience. The next thing is they quickly come up with a plan and start implementing it everywhere to a point where it becomes obnoxious, and it doesn’t have the purpose it should’ve had in the first place. The project was almost always a failure because they didn’t do anything except hype the product even more, without getting to its core. It is an obvious example of acting without having an end-goal in mind, but instead thinking that people will also get caught up with it just because it’s a technology and something “new”. Without a clear purpose (a goal), the AI is useless. If you don’t show its purpose and what you can do with it clearly, it won’t work. Sounds obvious, but this is what people usually do and then wonder where it goes wrong.
This might be the most exciting part of AI since it considers the infamous algorithms. To recognize various patterns, AI uses data. It makes everything easier, from building apps to decreasing the time of googling and finding what you want.
That’s why we have three types of data: your data, publicly available one, and the purchasable data. This is where many things become blurry and questionable. People are more aware than ever. Their data is being sold to companies who want to gain customers. That is how Facebook, Instagram and many other companies and apps earn a fortune. If we consider a project you want to take on, publicly available data is tricky, because your competition can quickly figure out what you are up to, if you are not careful enough, plus it’s free. It is why you should focus on it if you plan on building a project. Find analytics and educate yourself more about the matter.
Delegate and diversify
For success, you need to get your head out of your ego and admit to yourself you need people to help you, that will also be great coworkers. You will have to learn management (both work and stress) and be able to even part with something big you worked on if you test it out and see it doesn’t work. Investment, or rather investors are also part of the game, because every AI project initially requires lots of back-ups, money-wise. Investors won’t appear that easy – this might be the hardest part. It would be best if you came up with a solid strategy that won’t scare them away, but instead pull them in by design or its use. Try to build trust, since it will be one of the most important things along the way.
Recognize risks before they appear
Being too careful about things can lead you to a path where you are unlikely to start a project. A healthy dose of scepticism is much better because you can’t look at the world, especially at your business through rose glasses. Any AI project must identify where it could go wrong, even if it sounds trivial. To prevent is better than trying to solve once the damage is done. Be aware that hackers are also part of this story, and every weakness means invasion of privacy.
AI risk management is obligatory, and work on it together with your team because someone can spot something you missed and vice versa. It is essential both for your project and your customers, especially data.
Any AI project is constant improvement
If you’ve come so far as building a project or an app, this is not the time to say “finally” and reap the benefits of it until the rest of your life. It is great that you made it, but keep in mind that using data and having customers or users means the AI will continuously change, and you will have to be the one to monitor those changes and suggest new ones. There is a term “concept drift”, which depicts a big issue if you don’t monitor the AI properly. You need to keep up with every change and continuously update your project, the same way as computers do. If you are passionate about it, you will get used to it over time and realize it’s a necessity that is good both for you and your customers in the long run.