What challenges do you see for data in the year ahead that will have an impact on your clients and on the industry as a whole?
I think 2024 will be the year that many data and analytics organisations are forced to the table to justify their existence. We are seeing Chief Data Officers now being held to revenue or value-generation targets and I believe that will be the direction of travel for many within the industry. The extent and pace of this shift remain to be seen, but it signals a critical juncture where Data and Analytics teams must demonstrate tangible contributions to the overall business objectives. In addition, I think many organisations will grapple with the escalating interest and hype surrounding generative AI (genAI) and large language models. The potential and promises of the technology present a double-edged sword, as companies may find themselves navigating the challenges posed by their adoption, whether they are fully prepared for it or not. Balancing the need to be perceived to be current and relevant with practical readiness will be a key challenge in the upcoming year. Ironically, those two challenges are in conflict with each other as one pushes justifying existence while the other encourages diving head-first into investments to cater for interest, without perhaps consideration of such value.
