In a recent survey of C-level executives (mostly chief data, analytics, or information officers), we can see how the industry is rapidly changing. Of the respondents, 92% are increasing investment in data science and AI, while 62% have already seen measurable results in these areas.
In a less favorable light,
54% of executives reported that an inability to be nimble and compete on data presented the most significant competitive threat that they faced
79% of executives feared disruption from data-driven competitors.
Andrew Ng speaks of AI as the new electricity. Andrew talks about his early success in adapting AI at Google almost a decade ago, and he credits much of the success of starting small.
In the last few years, we have helped dozens of companies switch to AI and data-driven direction. In my experience, starting small with pilot projects does significantly increase the rate of long term success. We typically look for a plan with a high probability of success that will take 2 to 6 months, depending on the company's size and goals.
Data science and AI is a new language. All levels of a company need to learn to dialog in this language. Starting with pilot projects allows everyone to learn the process and see the potential. An early win provides buy-in for the more significant steps and makes that transition into a data-driven company.