Outputs from Data
Data outputs come in only a few forms. The first form is analytical output. This is most commonly a visual reporting format, either shared as a dashboard, notebook, or presentation. The purpose of analytical outputs is to improve human decisioning and awareness. It is decision support. The first step is to determine the range of topics and decisions requiring support and develop the appropriate structures, pipelines, and delivery formats. If this assembly line is developed piecemeal, it can have costly implications downstream.
The key here is to reduce the variety and range of outputs and to centralize to the greatest extent possible. Metrics are the building blocks of business intelligence, and we need a set of metrics that relate to each other. If we build hierarchies of metrics or team specific metrics, we lose the connective tissue that enables us to understand how metrics relate to one another (which is the purpose of having metrics in the first place).
ML & AI
ML & AI development is also intended for decision improvement. Most ML & AI developments are intended to make decisions on behalf of humans- for example, the recommendation models that run on e-commerce sites make product suggestions to users without the intermediation of human decision makers. In this case, ML & AI are meant to scale decisions.
Starting Simple
We have to always ask ourselves whether a given AI model could be accomplished with fewer resources or at least started off with something more simple - for example, conditional rules. At the very least, we should always build the most simple version first. This often means conditional rules based models. The conditional rules based model sets a benchmark for performance and also improves our understanding of the problem space before applying ML and AI algorithms.
Data and AI have the power to transform business operations. But the path towards success requires careful scrutiny and skepticism.
Hakuin has the expertise and rich experience to identify the rich opportunities for companies to improve efficiency and decision intelligence, without falling into the common traps.