Ep 9: Dr Evan Shellshear; Why 80% of AI Projects Fail and How Not To

In today's episode, we're thrilled to have Dr. Evan Shellshear, Managing Director and Group CEO of Ubidy. Evan is a leading expert in AI with nearly two decades of experience, a Ph.D. in Game Theory, and a track record of working with some of the world's top companies. We dived into the harsh realities of implementing AI and analytics, as Evan shares insights from his latest book, 'Why Data Science Projects Fail.' Get ready for an eye-opening conversation on the true potential and pitfalls of AI in business'.

Key Insights:

1. Evan's Journey in AI:

   • Evan's early fascination with mathematics led him to study at the University of Queensland and then at the University of Bielefeld, where he specialised in game theory.
   • His career has spanned numerous countries and industries, focusing on building AI tools to optimise business processes and decision-making.
     
     

2. Understanding AI, Automation, and Robotics:

   • Evan clarifies the differences between AI, automation, and robotics, highlighting their distinct applications and benefits.
   • He emphasises the importance of aligning AI projects with business strategy to ensure they provide actionable insights and clear business value.
     
     

3. Common Pitfalls in AI Projects:

   • Over 80% of AI projects fail due to reasons such as poor use cases, lack of upper management buy-in, and data quality issues.
   • Evan discusses the importance of building organisational need and capability gradually, starting with small, manageable projects.
     
     

4. Success Stories and Practical Examples:

   • Evan shares a success story where AI tools significantly reduced vehicle production cycle times for major automotive manufacturers like Volvo and GM.
   • He advises small and medium-sized businesses to start with accessible tools like Excel and Jupyter Notebooks to build their AI capabilities.
     
     

5. The Future of AI:

   • Evan predicts increased embedding of AI tools in everyday business operations, improving productivity and decision-making.
   • He warns of a potential backlash as the AI hype cycle peaks, emphasising the need for realistic expectations and strategic planning.

Links and Tools Mentioned:

• Evan's Book: Why Data Science Projects Fail: The Harsh Realities of Implementing AI and Analytics, without the Hype
• Ubidy: ubidy.com
• LinkedIn: https://www.linkedin.com/in/eshellshear/
• Jupyter Notebooks: Jupyter Notebooks
• Numerous.ai: Numerous.ai

Don't miss out on this enlightening conversation about the realities of AI implementation. Listen to the full episode on your favourite podcast platform and gain valuable insights from Dr. Evan Shellshear's extensive experience in AI and analytics. Subscribe, share, and leave a review to help us continue bringing you the latest in AI advancements and strategies.