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How do you define your AI and ML objectives?

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Artificial intelligence (AI) and machine learning (ML) are powerful technologies that can help you solve complex problems, optimize processes, and create new value for your business. But before you dive into implementing AI and ML solutions, you need to have a clear vision of what you want to achieve and how you will measure your success. In this article, we will guide you through the steps of defining your AI and ML objectives, from identifying your business needs and opportunities, to setting SMART goals, to choosing the right metrics and indicators.

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Kanishk Mehta, PMP?

Product Leader, baioniq and Qollective.CX - Creating Generative AI products and Delivering End-to-End Experiences.

1 Identify your business needs and opportunities

Understanding your current situation and identifying the gaps, challenges, or opportunities you want to address with AI and ML is the first step in defining your AI and ML objectives. To begin, ask yourself questions such as what are the main pain points or inefficiencies in your business processes or customer experience? What are the key drivers or trends that affect your industry or market? What are the best practices or benchmarks that you want to match or surpass? And, what are the new products, services, or features that you want to offer or improve? Answering these questions will help you map out your business needs and opportunities and prioritize the ones with the most potential impact, value, or urgency.

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Kanishk Mehta, PMP?

Product Leader, baioniq and Qollective.CX - Creating Generative AI products and Delivering End-to-End Experiences.
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One thing I've found helpful is to clearly define and note down your problem statements and solution statements. Example of a problem statement - "Our contract review process is very slow because my team and I spend many hours going through various SoWs and previously signed contracts to look for terms that have been acceptable to us previously." Example of a solution statement - "leverage Generative AI to retrieve and synthesize answers across documents and contracts and help reduce the time it takes to review new contracts." Its important to identify the problem statement clearly before looking for a solution in order to clearly identify whether the right solution is ML/AI or something else.

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2 Set SMART goals

The next step of defining your AI and ML objectives is to translate your business needs and opportunities into specific, measurable, achievable, relevant, and time-bound (SMART) goals. SMART goals help you clarify your expectations, align your stakeholders, and focus your resources. For example, instead of saying "We want to improve customer satisfaction", you can say "We want to increase our Net Promoter Score (NPS) by 10% in the next 6 months by using AI to personalize our recommendations and offers". SMART goals should also be aligned with your overall business strategy and vision, and reflect your values and mission.

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3 Choose the right metrics and indicators

The final step of defining your AI and ML objectives is to choose the right metrics and indicators that will help you track your progress, evaluate your performance, and optimize your results. Metrics and indicators are quantitative or qualitative measures that reflect how well you are achieving your goals. They can be divided into two types: output metrics and outcome metrics. Output metrics measure the direct results of your AI and ML solutions, such as accuracy, precision, recall, speed, or cost. Outcome metrics measure the broader impact of your AI and ML solutions on your business, such as revenue, profit, customer retention, or market share. You should choose metrics and indicators that are relevant, reliable, and actionable, and that balance both output and outcome aspects.

Defining your AI and ML objectives is a crucial step in developing and deploying successful AI and ML solutions. By following these steps, you can ensure that your AI and ML projects are aligned with your business needs and opportunities, that your goals are SMART and clear, and that your metrics and indicators are appropriate and meaningful. This will help you maximize the value and benefits of AI and ML for your business.

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you define your AI and ML objectives?

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1 Identify your business needs and opportunities

2 Set SMART goals

3 Choose the right metrics and indicators

4 Here’s what else to consider

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How do you define your AI and ML objectives?

1

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3

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1 Identify your business needs and opportunities

2 Set SMART goals

3 Choose the right metrics and indicators

4 Here’s what else to consider

Technological Innovation

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