Data and AI. AI and Data.

"Data is the new oil", "data is the new currency”, “data is power”…How many times have you read or heard these statements in the business world? Whether you personally see it this way or not, data plays a critical role across all industries, markets and lines of business… hands-down! 

(Quick note: Even now in 2024, there are industries and organizations that don’t proactively implement good data practices, don’t invest in good talent and infrastructure, haven’t set up an org structure conducive to leveraging and diffusing data into business operations)

Business leaders and companies are inundated with growing volumes of data from diverse sources. They face challenges in consolidating and organizing this data, ensuring compliance with privacy regulations, and extracting meaningful insights.

Effective data management involves:

• Integration: Unifying disparate data sources for a holistic view.

• Governance: Implementing best practices to ensure data security and compliance.

• Analysis: Filtering out noise to uncover actionable insights.

• Collaboration: Sharing relevant data with stakeholders across the ecosystem.

• Activation: Identifying opportunities to leverage data for strategic initiatives.

• Optimization: Driving efficiency and transformation through data-driven decisions.

• Monetization: Creating new revenue streams from data-based products and services.

• Market Intelligence: Monitoring trends, competition, and market signals to assess the company's position in the value network

Let's address the undeniable importance of AI in today's world. According to recent statistics (Forbes, Statista, GrandViewResearch), the global AI market is estimated to be a staggering $200 billion in 2024. This market is projected to experience explosive growth, with a compound annual growth rate (CAGR) of 36-38% until 2030. By 2030, the AI market is expected to surpass a monumental $1 trillion milestone. 

Impressive numbers and even more impressive use cases to witness the power of AI in. Large Language Models (LLMs), GenerativeAI (GenAI), Computer Vision, Machine Learning algorithms, Robotics and other AI applications (let’s park AGI for the time being) will be at the forefront of public attention, but something tells me there is always going to be a common denominator….data and data quality. 

Data and AI are mutually dependent and reinforce each other. Data powers AI, and AI enhances our ability to leverage data. Let’s keep that in mind.