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 there are two big challenges in data, and I see both as massive opportunities in the industry. First, I think that many institutions got caught up investing in data for the sake of data. Many data programs strayed from developing straight line relationships to the business to deliver value and return on investment. Data leaders will have to drive and define return on investment in their projects and initiatives more than they ever have.
Second, the tech megatrend for 2024 is generative artificial intelligence (genAI). AI has siphoned interest and budget away from data projects and every data team is being asked about its AI strategy. Feeding AI ungoverned and bad-quality data will compound this garbage-in, garbage-out phenomenon and produce results that organizations simply cannot rely on.
For AI to be effective, it needs to be fueled by trusted, governed data, with users across the business empowered to find it and know that it is trusted. Data and AI leaders will have to invest in trust and governance.