Why Simple Machine Learning Models Are Key To Driving Business Decisions
Back in March of this year, MIT Sloan Management Review made a sobering discovery: The majority of data science projects in businesses are deemed failures. A staggering proportion of companies are failing to obtain meaningful ROI from their data science projects. A failure rate of 85% was reported by a Gartner Inc. analyst back in 2017, 87% was reported by VentureBeat in 2019 and 85.4% was reported by Forbes in 2020. Despite the breakthroughs in data science and machine learning (ML), despite the development of several data management softwares and despite hundreds of articles and videos online, why is it that production-ready ML models are just not hitting the mark?