Not Data Driven Enough? AI May Change That

Data + AI = superpower Data has been all around us for some time, but never before has there been such a great opportunity to capitalize on it — to turn it into valuable new insights and unearth hidden secrets. Artificial intelligence is making this possible, of course. The combination of data analytics and generative AI have moved to the top of organizations’ must have lists, a recent survey by Wavestone reports.

Eighty eight percent of executives said that investments in data and analytics are a top prioririty, along with 63% for investments in generative AI. Over the past years of this survey, organizations driving business innovation from data jumped from 60% to 78%, while organizations competing on data and analytics increased from 41% to 50% “There are also substantial jumps in this year’s survey in the percentage who feel that their organizations are driving business innovation with data, competing on data and analytics,” and managing data as a business asset, the survey’s authors, Thomas Davenport and Randy Bean , report.

In the survey, “the percentage of organizations believed to have created a data driven organization” and “established a data and analytics culture” both doubled over the low to mid 20 percent range of the last several years,” Davenport and Bean point out. “And investment increases and perceived business value from data and analytics are high—in the 80% or higher range—as well.

We can think of no other reason for these momentous improvements in culture and confidence than the advent and visibility of generative AI.” Industry leaders and entrepreneurs agree that AI has rejuvenated the movement toward data driven businesses, particularly due to “its capacity to process the massive quantities of data companies generate every day," says Matt McConnell , chairman and CEO of Intradiem.

“Data generation is not new, but the ability to capitalize on it is new, thanks to AI. Companies that control data will be better positioned than those that don’t to launch viable new businesses and offer effective solutions to customer problems." AI’s role in the business realm comes about as it “can aid in market research and analyze large datasets to identify trends, gaps in the market, finances, risk, competitor intelligence and more,” says Ziv Gafni , president and general manager of new markets at Fetcherr and former head of tech and innovation at J.P.

Morgan Chase. AI “empowers more accurate and data driven business plans and scale operations with informed decision making.” The technology “is a powerful tool to drive customer acquisition and retention by analyzing consumer behaviors to provide customization and personalization in marketing strategies." There’s even more to the story.

AI is helping to create data driven approaches and innovations that were previously not possible. "We have always built products and services that were a mere extension of our senses, such as sunglasses, watches, or thermometers,” says Alessandro Grande , head of product at Edge Impulse, and former physicist and engineer at Arm.

“Today we are seeing a growing number of businesses completely revolutionizing user experiences by intelligently innovating in their fields.” For example, Grande reports working with companies “that are turning everyday wearable devices into revolutionary health products that can provide users with insights that they need, when they most need them.

These products are enabling end users to see the world through enhanced lenses. All this has been possible thanks to these customers embracing the power of edge AI," he says. Data can now be leveraged “to create solutions that wouldn’t have been possible before AI,” McConnell says. “AI can help companies recognize and solve a problem before it’s too late.” For example, he illustrates, “AI can be used to analyze data from multiple internal systems to detect early signs of call center employee burnout, and help companies address it before it leads agents to quit.” As a result of AI’s predictive power, the old maxim of satisfying an unmet need “is no longer enough,” says McConnell.

“Given the decisive role of data in our new AI driven business world, I would add a second imperative: Find an unsolved problem where you’ll be able to gain an advantage in acquiring the data needed to solve that problem. Then, look at possible uses for AI to supply and or analyze that data because if you don’t have the data needed to solve the problem and someone else does, they’re going to outcompete you.” Apply AI “close to where the data is being captured, so products and services can be made more autonomous, private, power efficient and reliable,” Grande advises.

“With edge AI there is the potential to unlock a whole new set of user experiences that can now be made into viable business solutions.".