ModelOps: How To Implement AI-powered Practices in Your Organization
Apr 4, 2022
Did you know that AI will soon be handling some of the most important decisions we make in life? This article discusses how AI is already being used to diagnose cancer and detect diseases, but also covers how it can be used to make strategic decisions by taking into account all possible future outcomes.
Backstory: What is ModelOps?
ModelOps is a term that refers to practices that integrate AI and machine learning in operational practices. It is defined as the 'application of cognitive technologies to manage and optimize processes, workflows, and decision-making.'
Modelops helps organizations adapt to new business models by leveraging collective intelligence based on real-time data.
Operation Types and Actors
The operation type is the type of AI application you want to use.
For example, if you want to build a model that can detect fraud, your operation type would be fraud detection. The actor is the person or company who will use the model.
For example, if you are an analyst for a bank and you need to track customer accounts for risk management purposes, your actor would be the bank itself.
Governance and Life Cycle Management Concepts
Organizations face many challenges when implementing AI practices. One concern is that centralized governance and life cycle management is necessary to avoid a 'skittish' culture. To ensure this, organizations should have an advisory board that has a diverse set of experts, including legal counsel, technical specialists, privacy specialists, and industry leaders.
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The Role of Models in ModelOps
Models in ModelOps provide insight into what's going on in a system. They help identify different types of risks and recommend mitigation strategies. Models can also be used to identify the most profitable portfolio among investment options.
The Importance of a Data Lake and Model Repository
The ModelOps process also ensures that AI technologies are properly designed and implemented, and result in improved business outcomes. A critical component for AI is the creation of a data lake. Data lakes should be constructed to hold all necessary data, regardless of its format or source. This will then serve as the foundation for model development and training. The Model Repository should contain all the models that have been developed, including their features and parameters, enabling them to be easily located and used when needed. Without these two components, AI technology is not effectively leveraged in an organization's operations.
Key Challenges and Lessons Learned
AI is not a new concept, but it has not yet been successfully implemented in the workplace. There are many reasons for this. One of the most important reasons is that there are many unsolved challenges with AI implementations in an organization's culture or enterprise system. For example, trust between colleagues can suffer if they agree to use data to make decisions without giving a say to all those who created the data. Another issue that causes problems with AI implementations is the fact that when it comes to prediction and forecasting, each company has different needs and preferences, so one-size-fits-all algorithms cannot be applied. AI implementation also needs time, effort and patience as well as a willingness to refactor or redesign processes as needed.
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