In all industries across the globe, senior leaders are well aware that future growth hinges on intelligent use of data. The most successful businesses today are identifying insights within their large and varied data stores and acting on them to deliver new forms of value, including anticipating customer needs, customizing product and service offerings, developing new business models, and understanding changing market dynamics in real time as they occur. Amid AI enthusiasm, leaders are also aware that overcoming adoption challenges is key, according to a global survey of more than 2,300 business leaders worldwide.
Importance of AINot only has data grown exponentially in volume, so has its importance for businesses increased worldwide. At each digital touchpoint, customers leave a wealth of knowledge which can be transformed into actionable insights to drive competitive advantage. It is therefore not surprising that the vast majority of respondents to a recent survey say data is the foundation for making optimal business decisions, delivering better results for customers, and growing their business.
Data Analytics ChallengesDespite this belief in the importance of data and the insights it can produce, many organizations have yet to develop a data analytics competency they are fully comfortable implementing. More than three-quarters of respondents say they are struggling to digest, analyze, and interpret their large volumes of data. Data quality is another key concern, as is the prospect of needing to quickly analyze mounting data volumes in the future.
Is The Future of AI Only Automation?For some, the promise of AI continues to center on automation. “Without a doubt, in the not-so-distant future, artificial intelligence will certainly replace tasks that are repetitive, mechanical, and don’t require much thinking,” says a respondent from the manufacturing industry in Japan. And a respondent from the Spanish financial services sector said, “The automation of processes by AI provides more accurate diagnoses, and therefore increases our capacity to produce something that is good.” In addition, the survey revealed that desired benefits extend into process enhancement and efficiency, including where that applies to data and data intelligence.
Key Takeaways from ‘The Artificial Intelligence Imperative: Unlocking Data Insights to Fuel Business Growth and Innovation’
- Data: The Catalyst for Growth and Innovation
- Turning to AI For Answers
- Addressing the AI Mindset Gap
- Jumping the AI Hurdles
- The Future of AI is Bright