In 2023, generative AI took center stage as businesses and consumers began to understand its utility and how it could change the way they work and even live in the future. It’s impressive how quickly the world has wanted to adopt it and apply it to an unlimited number of new use cases.
Every technology conference has turned its attention to AI as technology providers have begun to commercialize and integrate the technology. Venture capital investments shifted to AI-related companies, and boardrooms filled with discussions about AI and how to use it. As a company, we’ve even added terms to our vocabulary, including Generative AI, Large Language Models (LLM), ChatGPT, and Bard. It’s become the topic of discussion at holiday dinners across the country about how it could change our lives, for better or worse. The generative AI debate is now a regular topic of conversation for the foreseeable future and concerns everyone.
Everyone in the tech industry knows that using data to drive business and consumer behavior has been around for a long time. Organizations built modern data platforms to support the end-to-end use of data to empower employees, consumers and business decision-making. Data powers analytics, generative AI, predictive AI, BI, robotics and virtualization that drive business and innovation forward.
By 2024, it is clear that organizations have set the objective of empower yourself with data to gain efficiency, reduce costs, create competitive advantages, accelerate innovations and enable faster and more effective decision-making for businesses and consumers.
However, to achieve this goal, organizations must have modern data platforms designed to effectively collect, manage and extract value from data to empower the business. In his July 2023 study “State of DataOps: Unlocking the Power of Data“TechTarget’s Enterprise Strategy Group (ESG) found that 88% of organizations said they could improve their use of data. Additionally, when asked about AI, 79% of organizations said they should use AI in critical processes to be more competitive.
2024 will focus on developing data platforms aimed at maximizing the value of an organization’s internal and external data, which includes powering new AI and analytics workloads, internal LLMs and and improving the speed of data delivery to the business through strong data governance, quality and traceability.
Organizations should consider a modern data platform to meet their goals and challenges as data continues to grow exponentially from a wide range of new internal and external data sources. In the April 2023 ESG study “Data Platforms: The Path to Data-Driven Empowerment“90% of organizations reported having 50 or more data sources to manage. Data usage is increasing among employees and systems, including AI, BI, machine learning workloads and tools. visualization.
Focusing on the data platform can help organizations achieve their desired data outcomes. Organizations should achieve faster and better results in the following areas:
2024 can be the year of AI initiativesbut the data platform is at the heart of success.
Stephen Catanzano is a principal analyst in TechTarget’s business strategy group, where he covers data management and analysis.
Enterprise Strategy Group is a division of TechTarget. Its analysts maintain business relationships with technology providers.
