Machine Learning ROI Report MIT Technology Review25 May 2017
MIT Technology Review in partnership with Google Cloud has published a comprehensive report establishing Return On Investment (ROI) from Machine Learning initiatives based on 375 respondants representing equal measures of startups, SME businesses, and large 3,000+ employee organizations. The report goes by the title - Machine Learning: The New Proving Ground for Competitive Advantage.
You can download the report from MIT Technology Review website.
The report reveals that while the majority of businesses are struggling to apply machine learning, others are hard at work developing strategies for the technology — and are already realizing genuine ROI
Key themes emerging from the survey include the following.
Machine Learning NOW. More than 60% respondants have a machine learning implementation. Top 30% are considering themselves at mature stage with their machine learning initiatives.
Machine Learning Competitive Advantages. A quarter of the respondants have acheived competitive advantage from machine learning implementation. Most respondants believe that key benefit of machine learning is gaining competitive advantage.
Machine Learning Investment. Top quarter of respondants spend more than 15% of their IT budgets on machine learning initiatives. This is significant.
Early Adoption = Highest Benefits. This one is obvious, early adopters gain their most desired benefits from machine learning. Nearly half of respondants meet their top goal. Most respondants vote their top goal as better data insights and analytics.
Broad Applicability. Most common projects include image recognition, classification, and tagging, emotion/behaviour analysis, text classification and mining, and natural language processing (NLP).
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