In today’s ever-changing technological landscape, companies are constantly looking for innovative ways to increase efficiency and minimize costs, and even more nowadays with the advent of artificial intelligence and large language models. However, many businesses, especially small companies, may lack the budget or technical expertise to build custom machine learning or analytics solutions. For such scenarios, digital asset marketplaces are gaining momentum, since they enable companies to purchase, deploy, and benefit from state-of-the-art tools without the need for extensive on-prem development. The following video explores how these marketplaces can solve specific challenges, using a case study from the FAME project.
In this video, a potential real-world scenario is depicted, using two made-up companies to represent the whole process. The video showcases a representative of a machinery manufacturing company (Bob) that relies on sensor data to monitor the performance of its equipment. This company acknowledges the potential of these measurements to provide valuable business insights, especially now that the benefits of machine learning and AI in anomaly detection and predictive maintenance are quite known. However, the company does not have a dedicated ML team nor the resources to hire one.
This is where Bob comes across FAME Marketplace, a platform offering a variety of pre-built analytics assets. He decides to give it a try and purchases a subscription. Through a quick search, he finds a machine learning solution that seems perfectly suited to their needs.
Through this example, several key advantages of FAME marketplace are highlighted:
- It provides businesses access to advanced AI and ML tools without requiring deep technical knowledge. Bob, for example, is able to purchase an asset from the marketplace that includes all necessary functionalities, thus eliminating the need for him to build a solution from scratch or fully understand the technical workings behind it.
- It is also a cost-effective solution for specialized needs, since hiring a team of data scientists or machine learning engineers can be costly.
- It is a very good solution to improve time-to-market features, since the asset is normally ready to be deployed, hence users can start visualizing insights and exploiting the benefits almost immediately.
As demonstrated by this scenario, asset marketplaces are enabling users to harness the power of machine learning and analytics in a way that was previously only accessible to large corporations with dedicated technical teams. By purchasing assets through FAME Marketplace, businesses can solve their specific needs, optimize operations, and gain valuable insights without significant upfront costs or technical barriers.
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