Geschrieben von Marco Geuer. Veröffentlicht in Blog (ENG) - Data Inspired Strategy & Culture.

Why do I rarely talk about AI and a lot about data-driven?

Data as a foundation: Why the success of AI relies on a solid data strategy

In recent years, artificial intelligence (AI), particularly generative AI (GenAI), has gained a lot of attention. The promises of autonomous vehicles, intelligent assistants, and machine learning have sparked a wave of enthusiasm and interest in the business world. However, while AI is often celebrated as the future of technology, there is one crucial aspect that is often overlooked: the data that powers these technologies.

AI is just the tip of the iceberg

While AI may seem impressive and all-encompassing at first glance, it is actually just the tip of the iceberg. The visible part that we perceive as AI is the end product of an extensive and complex process that takes place deep below the surface. This process begins and ends with data. Without high-quality, well-structured and relevant data, AI is nothing more than a fascinating concept without practical applicability.

The fundamental value of data

Data is the lifeblood of any AI application. It is not just a by-product, but the foundation on which all AI models are built. This means that organizations seeking to successfully deploy AI must first develop a robust data strategy. This includes the collection, storage, processing and analysis of data. Without a solid data infrastructure and a deep understanding of data quality and management, AI projects can quickly falter or even fail.

The path to successful data utilization

Develop a data strategy: The first step is to define a clear data strategy. This should clearly outline the goals and the benefits that data should bring to the company. It is important to ask the right questions: What data is needed? Where does this data come from? How is it used? What is the business case with the greatest leverage?
Ensure data quality: High-quality data is essential. Companies must ensure that their data is accurate, complete, consistent and up to date. This requires regular data checks and cleansing.
Build a data infrastructure: A robust infrastructure (e.g. data fabric) for storing, processing and analyzing data is crucial. This includes not only physical hardware and storage solutions, but also software for data processing and analysis.
Promote data literacy: To use data effectively, companies must ensure that their employees have the necessary skills and knowledge. This can be done through training, continuing education and the development of a data-driven culture.
Establish Agile way of working and cross-functional collaboration: Agile methodologies and cross-functional collaboration foster flexibility and ensure that needs are better and more quickly understood. This leads to customized solutions and innovations that are specifically tailored to business requirements.
Ensure data protection and security: Protecting sensitive data and complying with legal requirements is essential. Companies must implement strict data protection policies and security measures to gain and maintain the trust of their customers and partners.

Data-driven approaches as a foundation for AI

A data-driven approach means making decisions based on data analysis and interpretation. This not only enables more informed and objective decisions, but also creates the necessary foundation for implementing AI technologies. When a company is data-driven, it is better equipped to take full advantage of AI.

By focusing on data and data-driven processes, companies can ensure that their AI initiatives not only get off to a successful start, but also deliver sustainable and measurable results.

Conclusion

While AI is often considered the most exciting technology of our time, it is important to recognize that its success depends largely on the quality and availability of the underlying data. Therefore, the focus of many successful companies is not only on AI itself, but rather on developing a solid data strategy and promoting a data-driven approach. Only by laying these foundations can AI reach its full potential and deliver real, transformative results.

The Data Economist - Blog (ENG) | Establishing sustainable "Data Inspired & Digital Culture"