Enterprises anticipate that machine learning (ML) will permeate and
influence the majority of business operations. Over half (52%) of enterprises
expect this impact in the next two years, according to a new research study unveiled today by HFS Research in
partnership with Infinia ML.
HFS' new report, "How to Avoid Your Looming Machine Learning
Crisis," finds only 29% of data science decision makers across the Global
2000 believe machine learning is overrated. On the contrary, the majority (86%)
believe machine learning is impacting their respective industries.
While many enterprises have started down the machine learning path, the
study finds that the speed and intensity with which organizations are
developing capabilities does not match the importance they place upon ML. Most
enterprises have yet to make significant investments in ML (84% investing under
$1M), have decentralized practices (8% have centralized ML functions), are
mostly running a few projects (65% are running 1 to 3 ML initiatives), and
believe that of those projects, only a fraction might deliver business impact.
Further, talent is emerging as a key challenge; 42% already recognize they
have significant skill deficiencies, particularly when shifting from
traditional IT to ML and data science skills. HFS anticipates that many
enterprises have not fully discovered how acute these skills gaps are, but will
as ML needs increase over time. The report addresses these challenges through
the "HFS ML Execution Guide," designed to help business leaders get
started with ML, deliver value over time, develop more robust capabilities, and
ultimately, build industrialized, ML-enabled operations.
"Over three quarters of respondents expressed optimism about the
business value of machine learning - but over half agreed that a growing number
of ML 'experts' are just capitalizing on industry hype," noted Robbie
Allen, CEO of Infinia ML. "Clearly, the future belongs to those who can
separate hype from reality and take practical steps to implement machine
learning. That's what we do at Infinia ML."
The complimentary report is available at InfiniaML.com/report.