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Identifying and Evaluating Opportunities for Analytics and AI

Published 19 Dec 2023
Reference 6860
Topic Operations
Length 10 page(s)
Summary

Despite advances in artificial intelligence (AI) and machine learning (ML), a shockingly high percentage of such projects fail. This background note identifies issues that occur at the ideation, planning, and evaluation stages, emphasizing the need for a balanced approach that combines technical AI/ML capabilities with rigorous decision analysis. It includes an Analytics and AI Opportunity Worksheet that offers non-technical managers a step-by-step guide to thinking through opportunities for analytics and AI in their organization. The note and the worksheet are complements to the Analytics and Strategy Vignettes (INSEAD 6626) and can be used as exercises in class to illustrate the concepts discussed.

Teaching objectives

- To understand why many analytics and AI projects fail; - How not to be blinded by AI and ML and how to combine technical AI/ML capabilities with rigorous decision analysis; - To provide a step-by-step guide to ideating, planning, and evaluating analytics and AI opportunities to improve the success rate.

Keywords
  • Analytics
  • Artificial Intelligence (AI)
  • Machine Learning (ML)
  • project
  • ideation
  • planning
  • evaluation
  • opportunity
  • worksheet
  • Decision Analyses (DA)
  • business value
  • fail fast
  • creative cushion
  • SDG9 Industry,Innovation and Infrastructure
  • Q42023