Building a Strong Foundation for Artificial Intelligence: Top Tips from Business Leaders
1. Put Your People First
Claire Thompson, group chief data and analytics officer at insurance giant L&G, emphasizes the importance of a strategic approach to information. "I always say data foundations are important for whatever you do next." A strong foundation links rules and regulations to dollars and cents. "Make it clear how the data strategy will drive tangible value — why is it important, for example, that your email addresses are up to date and accurate so that you can do targeted digital communications?"
Thompson recognizes that many people don’t want to get bogged down in a long-term strategic plan that defines the technology, processes, people, and rules required to manage information assets. However, she stresses that the planning stage is critical to reaping the benefits of technologies like AI.
2. Master Your Transactional Data
Jon Grainger, CTO at the legal firm DWF, believes there’s no time like the present when it comes to creating a data strategy. "I always say the best time for a data strategy is four years ago. It’s a supertanker piece of work. Ultimately, there aren’t many shortcuts. There is a view that says, ‘Well, if it’s going to take that long, why bother?’ And I think that’s why many folks haven’t been able to get to grips with their data."
Grainger wants his firm to build a reputation for delivering great experiences through digital transformation. A data strategy is a crucial component of that approach. He joined DWF in late 2022 and enacted a new strategy based on cloud-based software-as-a-service (SaaS) products and open application programming (API) interfaces.
3. Work with Your Industry Peers
Nic Granger, director of corporate and CFO at North Sea Transition Authority (NSTA), believes a great data strategy goes beyond internal working practices and spans organizational boundaries. "It was recognized that we needed a cohesive digital data strategy across the offshore energy sector," she said. "There were good pockets of excellence across the industry in data management and digital technologies, but they weren’t necessarily talking together. So that was a big priority for us."
Granger chairs the Offshore Energy Digital Strategy Group (DSG), a specialist body formed in late 2022 to create a collaborative effort across UK public bodies that deal with data collection in oil, gas, and renewables.
Conclusion
Building a strong foundation for artificial intelligence requires careful planning, collaboration, and a clear vision. By following the top tips from business leaders, organizations can establish a solid foundation for exploiting emerging technologies and reaping the benefits of AI.
FAQs
Q: What is the importance of data strategy in AI?
A: A data strategy is crucial for any company that wants to innovate and reap the benefits of AI.
Q: How can I ensure the quality of my data?
A: Ensure that your data is accurate, complete, and up-to-date, and that you have a clear plan for data governance and management.
Q: What is the role of data in digital transformation?
A: Data is a critical component of digital transformation, and a solid data strategy is essential for delivering great experiences through digital transformation.
Q: How can I collaborate with my industry peers?
A: Collaborate with industry peers to share best practices, resources, and expertise, and to create a cohesive digital data strategy across the industry.
