Time to get serious about Data, Data Science and AI

Data, Data Science and AI are the buzzwords of the year (if not the decade). Its in the papers, newsletters, TV – we all need to get on board right? The question on most peoples lips is … how?

For companies to adopt true AI and get to grips with this fascinating and life-changing technology, they have to look at their data. Not just their data, but their culture, training and mindset change around building and deploying algorithms.

A good way of looking at it is, for every £1 you spend developing an algorithm, you must spend £100 to support and deploy it. The premise behind this is preparing for this change and spending money on the change management. Basically developing a new culture to support and utilize it effectively with an organization.

What about bad data?

The cost of bad data is approximately 20% of revenue, according to the Sloan Review at MIT. How do we change this?

At the source.

Salespeople, accountants, data scientists, the decision makers – everyone is responsible for ensuring their data is correct which sets them up for the future and eliminates the problem. No need for huge data wrangling projects then in the future, and a much smoother transition into the future of technology.

What do businesses do now, to prove they are serious about Data?

Make bold moves.

Couple their business and data strategies towards revenue growth. Exploit the data to your advantage, driving analytics into every corner of your business.

Get everyone engaged in the business and promote alignment.

Promote and develop cultural alignment to see this through. £100 versus £1, remember? Its just as important, if not MORE important, to have your team and staff behind your data and AI plans. They are the driving force are they not?

Read the post from Sloan Review at MIT here.

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