Facing economic uncertainty and the growing popularity of artificial intelligence applications, companies are putting pressure on CIOs to create new enterprise AI applications, The Wall Street Journal reported Feb. 16.
Some CIOs are concerned that the increased demand for AI applications is incompatible with the time and costs needed to build, train and launch AI models. AI algorithms can take years and millions of dollars to build.
For example, Magesh Sarma, CIO of AmeriSave Mortgage Corp. told the Journal that his team spent $20 million to $30 million and several years to build an AI algorithm.
"If you rush it too much and you don't have solid feedback loops, then people are just not going to trust the output, and they're not going to trust that this is the right approach, and the whole thing just breaks down," Jay Silberkliet, CIO of shipping company XPO, told the Journal. "With AI, it's an incremental sort of approach."