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Artificial Intelligence (AI): Does the Cost Justify the Results?
Imagine the amount of money that a large bank could save if they could improve their rate of fraud protection by just 1 percent. For a large bank that could equate to millions of dollars. Then consider a small business of highly trained engineers. What would the savings to the company be if the productivity of their engineers could be improved by 1 percent? Maybe not that much. The importance of the 1 percent depends very much on the scale to which it is applied.
That’s an analogy posed by Christopher Mims in a recent Wall Street Journal article relative to Artificial Intelligence (AI). While AI is being applied increasingly to many different areas with sometimes revolutionary results, more often then not, the benefits that AI can achieve are incremental, often producing gains on the order of 1 percent improvement.
Mims wrote that “this doesn’t mean that AI is useless to businesses. But it does suggest that AI is being oversold. Creating systems that can be used for a variety of problems, and not just the narrow applications to which AI has been put so far, could take decades. Systems have to be built and trained. Like educating a child, this takes time.”
