Artificial intelligence, also known as AI, is woven throughout the economy. It’s used to provide investment advice, test vehicle autopilot systems, and to create the can’t-live-without virtual assistants like Alexa and Siri. AI is also being used to predict future sales. The potential of AI to increase economic growth is being explored all over the world.
The heaviest advances in AI are stemming from a data-intensive technique known as machine learning. With machine learning, a ton of data is required to test, create, and train the AI… so as AI is becoming more important, so is data. Needing data about customers as well as the ability to program AI to analyze that data have become some of the most important tools businesses use to compete against each other. But what happens if a business lacks access to good data? How much control over data is there? If access to data is too complex and difficult, business may not enter the arena, there may no longer be competitive pressure, and ultimately innovation could suffer.