How to Set Up an AI R&D Lab  

1 December 2018:

The moment a hyped-up new technology garners mainstream attention, many businesses will scramble to incorporate it into their enterprise. The majority of these trends will splutter and die out by Q4. Artificial intelligence (AI) is unlikely to be one of them.

AI is a transformative series of tools that can accelerate productivity, drive insight, and open up unexplored revenue streams. It’s poised to revolutionize the way we do business and everyone in a leadership role should be thinking about it.

But few organizations are set up to do AI properly.

There’s a common misconception that rebranding as an AI company is as simple as having data, infrastructure, and off-the-shelf data and analytics. The reality is that AI is complex, high-risk, expensive, and often requires significant business transformation. Most importantly, though, it demands an ultra-specialized talent pool that, according to latest reports, currently stands at only 22,000 PhD-level experts worldwide — a remarkably small pool.

When you consider that the annual market value predictions for AI techniques range between $3.5 trillion and $5.8 trillion, it’s clear why the battle to recruit from this scarce group has become the industry’s defining challenge. Right now, the biggest companies in the world are scooping up these experts to populate their teams because they understand that the key to building a robust, successful AI practice is to find and retain the right talent.

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Source: Harvard Business Review

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