A new report from MIT Technology Review Insights, in partnership with Snowflake, has shown that a poor data foundation holds the majority (78%) of organisations back from capitalising on artificial intelligence.
Baris Gultekin, the head of AI at Snowflake, said: “Our joint research shows that as organisations feel increasing urgency to deploy AI applications, they realise that their data can help them deliver insights from previously untapped sources of information. A strong data foundation is at the core of generative AI capabilities, and business leaders need to move quickly to deal with concerns such as data security and cost and establish the foundation they need to deliver on the promise of AI.”
Challenges
‘Data Strategies for AI Leaders’ found that business leaders intend to increase efficiency or productivity (72% ), improve market competitiveness (55%), and aim to see more innovation in products and services (47%). However, only 22% are ‘very ready’ to engage with AI, while more than half (53%) are ‘somewhat ready.’
Organisations also struggle to deploy AI at scale; an overwhelming 95% reported facing hurdles when implementing AI. Data governance, security, or privacy are the most prevalent challenges for more than half (59%) of respondents, followed by data quality and timeliness (53%) and costs of resources or investment (48%).
