Why AI Needs Superior Data to be Successful
Artificial intelligence could contribute multiple trillions to the global economy in the coming decade, but even while poor data quality becomes increasingly detrimental to businesses’ bottom line, AI is not yet being widely incorporated. Heidi Maher of CGOC discusses the widespread need for AI and machine learning.
According to a recent study by PWC, artificial intelligence (AI) could contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combined. This contribution was calculated based on increased labor productivity and enhancements to products that will drive consumer demand. It’s no wonder that venture capital funding of AI companies soared 72 percent last year, hitting a record $9.3 billion.
For a company, the potential of AI and machine learning (ML) initiatives to improve operational decision-making, product design and revenue potential is practical and compelling. For example, AI could be used to analyze internal communications to assess employee morale, enabling the company to predict attrition rates and create targeted programs to raise morale. AI could also be used to identify and even predict changes in customer demographics or preferences, enabling the company to develop…
