Data and AI
Data and Artificial Intelligence
Data and AI are transforming our world, opening new possibilities and creating opportunities for organisations everywhere. At Tekenable, we help our clients leverage this powerful combination to create value by delivering deep insights into their business. Getting to grips with your data will unlock a deeper understanding of customers, competitors and market trends.
Generative AI has made an enormous splash and we expect it to be a truly transformative technology. However, it is not the only form of AI, nor do all business problems demand the use of AI at all. Many business problems can be solved with analytics and business intelligence techniques, while machine learning can be used to deliver statistical analysis that can inform the decision-making process.
Understanding Data and Artificial Intelligence
AI is the science and engineering of creating intelligent machines and systems that can perform tasks that previously required human intelligence, such as perception, reasoning, learning, decision-making, and natural language processing.
Data is the raw material that feeds AI. It is the collection of facts, figures, and information that can be processed and analysed to generate insights, patterns, and predictions. However, data analytics is also a discipline in its own right, and the right tools can be used to provide deep insights without requiring a jump to AI.
1. Snaplogic Survey – About 43% of employees use AI to understand data and trends to improve decision-making. Another 41% use it to transfer and share data.
2. By the end of 2026, Gartner predicts that more than $10 billion will have been invested in AI startups that rely on foundation models – large AI models trained on huge amounts of data.
3. By 2024, Gartner predicts 60% of data for AI will be synthetic to simulate reality, future scenarios and derisk AI, up from 1% in 2021.
Why use AI for data?
1. Deep Insights and Understanding:
AI can process and analyse large volumes of data quickly, providing deeper insights into customer behaviours, market trends, and competitor activities. This can help organisations make informed decisions and identify new opportunities.
2. Unstructured Data Utilisation:
AI can unlock the potential of unstructured data, such as emails, social media posts, and archival documents. This allows organisations to extract valuable insights and information from previously untapped sources.
3. Data Strategy and Governance:
Establishing a data strategy and governance framework ensures that data is collected, stored, and used responsibly. AI can play a role in optimising data processes and ensuring compliance.
4. Innovation and New Product Development:
AI-driven insights from data can inspire the creation of new products and services, enabling organisations to stay ahead in a rapidly changing market landscape.
5. Process Optimization:
Analysing data with AI can uncover inefficiencies in processes, allowing organisations to optimise workflows and improve overall operational efficiency.
6. Strategic Decision-Making:
Accurate and timely insights from AI-enabled data analysis empower organisations to make more informed and strategic decisions.
Why data matters
Data has the potential to improve virtually every aspect of an organisation’s operations. It can be used to help understand and solve complex problems, optimise processes, enhance productivity, reduce costs, increase quality, and create new products and services as well as drive innovation.
Structured data, in the form of tabulated information recorded in spreadsheets and customer relationship management (CRM) systems forms the backbone of business data. From sales ledgers to telephone logs, most data used for analysis and decision-making comes in the form of neatly formatted tables. Created with a predefined structure or format, such data is well suited to data analytics processes as it can be easily understood and processed by machines.
Analysis can also be augmented with AI to enrich and augment structured data by discovering patterns and relationships in it.
Not all data comes in the form of neatly formatted tables, however. The majority of the data generated by businesses goes unused because it is unstructured in form. In other words, data contained in e-mails, social media posts data and archival documents lacks a predefined structure or format, which has, until now, made it extremely difficult to analyse.
However, unstructured data contains a wealth of information and insights that can be extremely valuable. AI can help make sense of unstructured data by applying natural language processing and machine learning techniques and algorithms to extract and analyse relevant information from it.
Using AI to make sense of unstructured data, organisations can gain deeper insights into their customers, markets, competitors, and trends. In addition, it can form the basis for improved decision-making, process optimisation, and the development of new products and services.
Navigating the path to tomorrow
At Tekenable, we have a team of AI and data specialists who can help you harness their potential for your organisation.
We can help you define your vision for your data, goals, and roadmap, as well as establish best practices for data quality security, governance and compliance.
Chatting with your business to unlock the business value
Gaining business benefits from the mountains of data that every firm already has could be as simple as chatting with your documents.
With OpenAI unveiling ChatGPT late last year and its successor GPT-4 being integrated into virtually all of Microsoft’s applications, it is quite clear that artificial intelligence (AI), specifically the novel ‘generative’ kind that can create new material, will soon be commonplace in business. The question is, then: has generative AI increased the adoption of AI or are businesses struggling to understand it? Read more
TEKenable is your trusted partner in unleashing the potential of your data assets.