With unprecedented access to artificial intelligence for business professionals and the potential for significant cost savings for the C-suite, generative AI (genAI) applications have opened up a world of possibilities. However, the path to successful implementation is not as simple as it may appear. It demands a strong foundation in analytics and data, highlighting the significance of having data and placing a foundational emphasis on its relevance and quality. Furthermore, managing this data and deriving insightful knowledge from it requires a workforce with the necessary skills. Herein lies the true challenge and opportunity: data and analytics.
And now 2024 is being set as the stage. C-level roles tasked with managing data management in connection to the organization’s AI strategy will be introduced by executive teams as the transition to a future state of AI advances. The ability to work with AI will become more and more crucial, and unstructured data will become a highly valued resource. In particular, unstructured text data for large language models will see a surge in value when it comes to the monetized data assets used for model training.
An overview of some of Forrester’s 2024 data and analytics predictions is provided here to help you get ready for the coming year:
- As the landscape of AI leadership evolves, CAIOs will be found on one in every eight executive leadership teams. In 12% of companies with a strong AI strategy, the chief AI officer (CAIO) is in charge of overall strategy, according to Forrester. The chief data officer (CDO) is only delegated that task by 2%. CDOs will continue to exist despite this. In order to turn the data straw into gold, you must instead make sure that your AI and data leaders collaborate closely. Whereas the CDO supplies high-quality data, the CAIO contributes technical knowledge. A strong alliance for the advancement of AI.
- Prompt engineering training will be provided to 60% of the workforce. The magic spells known as prompts enable genAI to yield its most beneficial outcomes. The most pertinent and logical answers can be obtained by using the correct prompt wording. The wrong people will produce absurdity. However, most workers lack the skills necessary to provide the ideal prompt. It is necessary to close this skill gap as AI becomes increasingly important to workplace productivity. Your workforce can unleash the power of genAI with the correct prompting knowledge.
- Enterprises’ unstructured data management will double by 2024. Consider yourself to be in control of all the data your company has right now. Rethink your thoughts. Nowadays, less than one-third of managed data is made up of unstructured data, such as social media posts and customer reviews. These unexplored resources have enormous potential because AI is set to unlock a plethora of text insights. From unstructured sources, language models can reveal trends that could change the game. Businesses will obtain a competitive advantage if they invest in unstructured pipelines now. Due to analytics, they’ll have access to more comprehensive customer insights.
Which person will benefit the most from genAI in 2024? Professionals in data and analytics who make the appropriate investments in practices, people, and data strategies. Will you be one of them?