Can AI Help with Managing Data?
In the coming years, one of the challenges facing companies of every size is managing data.
Big Data provides direction and analyzed info that goes into decision-making. It also assists in decision-making and increased efficiency of business operations.
We’re already seeing changes in the way business organizes, allocates, and hires. But most analysts agree that enterprise will see many more changes in the way it approaches Big Data.
When it comes to data management, AI is necessary, but it also comes with pitfalls. Employee education and talent recruiting are crucial. Employees’ rights will become increasingly important as insider data breaches become more frequent. And consumer rights will push companies from “black-box” (hidden) AI systems toward transparent platforms and explainable AI.
Here are some takeaways when it comes to managing data.
AI’s (sometimes empty) promises
CIOs need to be aware of the importance of correct data, and which data is needed for specific outcomes, whether they are financial inclusion or customer-oriented services. AI can help manage data, but leaders should ask for tangible results from vendors to know what AI can and will do. They need to beware of AI traps, including AI that works but adds no value; AI that adds value but is too complicated to use; and AI that works and adds value but costs too much.
Even before starting an AI project, company leaders need to identify attainable goals that deliver business value and to engage with its stakeholders.
According to an Accenture report, machine learning’s lack of explain-ability is a huge barrier to the adoption of AI.
Where an explanation of the underlying reasoning is critical for decision-makers, transparency in methods and process is expected to become more of a priority. Transparency enables people to understand and act responsibly and helps create effective teaming between human and machines
Finding talent with knowledge and expertise in AI
To help manage data, companies need to train and educate employees. Understanding how to interrogate the data and how to look at outliers are abilities that will become increasingly valued as companies accumulate more data. Improving data literacy skills in employees will be worth the time and money to forward-thinking leaders.
In managing data, companies will also have to compete for limited talent. Retaining acquired talent will be where an organization will gain or lose its advantage. Attracting next-gen talent has its own challenges.
Businesses will have to consider employees’ rights
At the same time, IT leaders need to be aware of employee rights and interests. Insider data threats are real; Forrester Analytics survey showed that in 2015, workers caused 26 percent of the data breaches in the respondents' organizations, a statistic that rose to 48 percent in 2019. But insider threat protection programs “must account for the growing protections for employee privacy.”
Most IT leaders believe that insider security threats are more likely accidental than malicious. HR leaders may need to become involved in protecting companies from insider data breaches, accidental or otherwise, while also protecting employees’ privacy. Steps that companies can take include establishing privileged credentials and a policy of acceptable IT behaviours.
For business and IT leaders, Big Data is both an opportunity and a challenge. Finding and keeping employees with data management skills will be key to getting the most out of your data.