A report presented by Figure Eight named “State of AI and Machine Learning” underlines the accelerating flourishment of AI initiatives and the funds with which companies are aiding line-of-business owners to nurture their initiatives. The report also shows the amount of investment in different aspects of AI functioning.
According to the report, some companies spend more than $5 million on AI projects. The investment shows the seriousness of businesses in embracing new-age technology. This gives a sneak peek of how quickly companies are adopting AI and other related complications.
Here are the highlights from the report:
• Some professionals said that they manage the AI budget of $51,000 at least in a year.
• Around 13 percent of them said that they supervise the AI budget of $251,000 to $500,000 implying a modest commitment to AI though small headcount of employees.
• Nearly 5 percent of professionals stated that they are spending over $5 million on AI reflecting a hefty investment to carry out great operations.
• However, the procedure of spending is yet not confirmed, the Figure Eight report speculates that the spending includes gathering data and labeling it, building and executing ML models and making improvements in model further.
• Although the AI professions are most in demand nowadays and their salary spending is around $120,000 per annum, yet the report discovered that a considerable bunch of data scientists and ML engineers are surprisingly unhappy with their jobs.
• Around 30 percent of data scientists explained that they were either unsatisfied or partially satisfied with their jobs. The report also speculates that the data scientists may be experiencing growing frustration as a large number of business leaders are landing into AI projects.
Sid Mistry, Vice President of Marketing, Figure Eight quotes that, “When organizations adopt and embrace AI to improve business processes or develop products with AI at their core, they can create an impressive impact on their bottom line and on the real world as a whole.”
He further said that in order to make AI initiatives successful, companies should remove internal disparities and bridges that exist between line-of-business owners and technical practitioners of a project. Almost all the industries are spending their resources into AI to gain a competitive advantage in the market.
Congestions in the run of AI
• The report states that around 60 percent of line-of-business owners they lack behind in terms of AI.
• Nearly 17 percent of technical practitioners stated that executives’ lack of buy-in is one of the obstacles in proceeding with AI projects.
• However, 56.7 percent of technical practitioners said that they have sufficient data to support AI initiative, around 73.5 percent of them spend 25 percent or more time in managing, cleaning, and labeling data.
In order to make the AI initiatives run smoothly, company leaders need to look into the matter and move away from the barriers in their organizations’ AI success. Along with hefty investments, it is necessary to keep AI professionals satisfied and involved in the work.