Why you need a Goldilock's approach to AI investment

A common feature of AI tools and products is that their effectiveness is unpredictable. Success is dependent on outside factors such as quality of data sources, quality and quantity of training (of the tool, but maybe also the people who use them!). AI solutions can be undermined by a lack of adoption that is needed to train and improve the tool. Great ideas can be scuppered due to the inability to source appropriate data. Legal issues, security and underlying enterprise architecture can all get in the way of delivering the dream solution.

There's loads of advice out there about what you should do to be 'AI ready' or create the 'AI Enterprise'. Much of this preparation can come with a heavy price tag and may yield very little if you haven't thought through exactly what you want from AI.

In our experience, gained from seeing many a technology breakthrough come and go, is that you need to be poised and ready to pounce; investing enough to be ready to take advantage at the right moment, but avoiding over-investing in what could turn out to be the wrong thing. It needs to be just right.

Back in the late nineties some banks forged ahead building teams and knowledge to exploit the vision of mobile banking. WAP phones (remember them) were pioneering in enabling the mobile banking revolution. But then some got cold feet when they couldn't see an immediate return on investment and closed down the innovation teams that were leading the way, only to have to scramble later and use costly third-party solutions to get them back in the game.

When it comes to any new technology, investing modestly in small teams that can continue to build-up knowledge and wisdom to be able to spot a real opportunity from a fake one is priceless. Doing nothing is a dangerous option. Investing wildly based on the hype and banking the wrong technology could be fatal.

At Wisereach we encourage our clients to decide what they are prepared to spend first. We then help them take an experimental approach, being open to all types of solutions. This only requires small, incremental investments in learning and doing, where it is easier to change direction and hit the accelerator when the time is right ... and everyone gets to sleep soundly at night!

To find out more about our investing in experimentation contact us for an informal chat.