Part of remaining competitive and relevant as an organisation today is adopting a forward-looking approach that combines your data strategy with AI. Generative AI has become an essential tool for various professions, such as marketing, customer service and sales. For example, 74% of sales professionals in markets such as the US, UK, Australia, and India rely on generative AI for analysing market data. At the same time, 59% of IT professionals cited a lack of a unified strategy as a barrier to adopting generative AI across the organisation.
How will AI and data shape today’s organisations? And what are the benefits of overcoming the challenges?
The integral role of AI in modern business analytics
AI has changed data analytics and marks an evolution in how businesses approach their data strategies. It is the medium that enables automation, Deep Learning and the analytics components of Data Engineering. These elements combined create new avenues for extracting value from data and making timely strategic decisions.
As data generation continues to grow, every piece of information holds the potential to impact an organisation’s competitive edge and operational efficiency. The ability to quickly and efficiently process and analyse data translates into an advantage, enabling your business to meet changing market dynamics and customer needs with agility and precision.
Generative AI: Transforming data into decisions
Generative AI also represents a significant evolution in how we use data. Today, data is more than a way to understand your company and customers; you can use it to feed generative AI models to receive the most relevant results. By analysing patterns, trends, and relationships within data, generative AI can produce predictive models, generate realistic simulations, and innovate solutions that augment human creativity and strategic thinking.
However, the efficacy of generative AI models, like Einstein GPT, relies on the governance and cultural frameworks that support it. Groundbreaking as it may be, an organisation can only realise generative AI’s potential when underpinned by governance frameworks that ensure the integrity and quality of data.
Ethical considerations also guide the development and deployment of AI models in a manner that respects privacy, ensures fairness, and prevents biases. These guidelines are essential in maintaining trust in AI systems and ensuring that the insights and decisions derived from generative AI are reliable and responsible.
Navigating the big data landscape: Challenges and strategies
Big data has introduced a landscape marked by increasing complexity and volume in data collection and analysis. By Gartner’s estimate, poor data quality costs organisations an average of USD 12.9 million annually.
Transforming raw data into meaningful and actionable intelligence is a significant determinant of business success. This necessity underscores a shift towards a more strategic and outcome-focused approach in data analytics, essential for navigating today’s business environments. Therefore, the challenge lies in collecting and storing data and analysing it effectively to inform strategic decisions and drive operational efficiencies.
Smaller-scale projects that leverage cognitive technologies are a practical starting point. These projects serve as valuable pilots that provide insights and learnings that inform the development of broader, more comprehensive AI and data strategies. Such an approach allows your organisation to test and refine the methodologies in a controlled environment, gradually building capabilities and understanding how they can scale across the business.
Conclusion
Using AI for data analytics unlocks unprecedented opportunities for businesses to harness data for informed decision-making and strategic planning. The agility and efficiency afforded by these technologies allow organisations to adapt to market changes and customer needs, securing a competitive edge in a fast-evolving landscape.
Making the most of these platforms requires responsible and strategic application of technologies such as generative AI, paired with good data governance and ethical frameworks. Embracing these technologies while adhering to ethical standards and governance practices will drive business success and pave the way for sustainable growth.
Maximise AI and data analytics with MakeSense
MakeSense can guide your journey towards embracing the future of AI and data analytics. Our SenseMakers offer comprehensive support tailored to navigate your unique business challenges. We leverage world-class technology platforms to propel your organisation to the forefront of today’s competitive marketplace. Whether harnessing predictive insights or enhancing decision-making processes, our local experts drive operational efficiency and strategic success.
Don’t let the complexities of an AI and data-driven world hold your business back. Visit our AI & Data Services page for an in-depth look into how we can support your organisation.
