Data management key to AI success

Nearly three in four C-level executives globally fear that problems with data management could jeopardise their company’s future AI success, according to a new report from MIT Technology Review Insights and Databricks.

A survey of 600 global CIOs, CDOs and CTOs from 14 industries, including companies from Asia Pacific, found that AI and data management are increasingly being seen as essential pillars to enterprise success.

Among APAC respondents, 41% expect that AI will play a critical part in the finance function by 2025. Respondents expect the biggest benefits in security and risk management.

Globally, well over half of executives expect AI use to be widespread or critical in business functions by 2025, with companies in financial services expected to be the most enthusiastic adopters.

But 72% of C-level respondents expect that problems with data management will jeopardise future AI achievements, and 78% report that scaling AI successfully is top priority for data strategy, the research found. Executives also expect multi-cloud and open standards to be integral to AI progress.

“Data issues are more likely than not to be the reason if companies fail to achieve their AI goals, according to more than two-thirds of the technology executives we surveyed,” report editor Francesca Fanshawe said. “Improving processing speeds, governance and quality of data, as well as its sufficiency for models, are the main data imperatives to ensure AI can be scaled.”

The Productivity Commission’s recent report into Australia’s data and digital dividend found that the nation’s use of data-driven technologies such as AI and analytics already trails uptake in other countries.

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