Data is the new soil – when cultivated the right way, organizations can achieve results like never before. From understanding business process inefficiencies to better understanding customer behavior, predicting maintenance schedules to optimizing inventory, unearthing employee concerns to keeping pace with market changes – analyzing the growing volumes of data has brought organizations to the forefront of success.
AI has a significant role to play in this. By connecting people, technology, and insights, AI is enhancing business analysts’ skillsets, enabling them to build unmatched revenue and customer lifetime value models.
However, many AI initiatives lack the finesse of a truly data-centric model. While many organizations blame it limited knowledge of AI technology, what ‘s really lacking is a focus on data diversity.
In a world where businesses are drowning under the sea of growing data, AI makes it possible for machines to take in data, perform human-like cognitive tasks, and recognize patterns while learning from experience. From playing chess to self-driving cars, virtual shopping experiences to fraud detection, identifying patterns in genes to automating processes – the scope of AI has expanded to include almost every aspect of the business.
By combining large amounts of data with fast, iterative processing and intelligent algorithms, AI interprets text and images, discovers patterns in complex data, and acts on those learnings. Using machine learning, neural networks, deep learning, natural language processing, cognitive computing, and computer vision, it sets the pace for fathering insights and automating tasks at an otherwise unimaginable rate and scale.
Despite the profound ways in which AI can unearth insight from complex data, many organizations fail to achieve expected outcomes from their AI investments. In most cases, this is a result of data diversity issues. Since AI algorithms learn from experience, it is important for organizations to feed extremely diverse data sets to allow the models to output results that are all-encompassing and free of bias.
According to an article by Forbes, data diversity issues have caused AI algorithms by top IT giants to make several mistakes, including downgrading female job candidates, adopting racist verbiage, and mislabeling Congress members as criminals. Such mistakes bring about several legal repercussions. Also, failure to address them in time is bound to downgrade the accuracy of AI algorithms – making them deliver inaccurate and sub-par results.
Given how dependent modern organizations have become on AI to continuously analyze data to spot outliers and detect trends, they have a moral obligation to actively address data bias. Since AI models are not built with biases but arise due to the data they are fed with, the only way to address this issue is by diversifying data as much as possible to minimize bias propagation and amplification. Here are some tips to ensure data diversity:
When AI was first introduced, organizations were worried if the concept would work. Fast-forward to today, where AI has proven its capabilities in several different areas and sectors. The issue lies with avoiding bias in AI results. Since AI algorithms are built to automatically scan through millions of data sets to unearth insights, without any human intervention, feeding diverse data is the only way to enhance the quality of results. In addition, constant efforts towards prevention, removal, and mitigation of bias are essential to ensure AI continues to amaze the world with its unmatched capabilities and on-point insights.