Businesses Bet on Data Governance and AI for Competitive Edge
Businesses worldwide are recognizing the importance of robust data foundations for informed decision-making and competitive advantage. A recent survey shows that 83% of British businesses agree that data governance can provide a strategic edge. Meanwhile, AI initiatives are being aligned with specific business objectives to deliver value and gain a competitive advantage.
To build trust in data, businesses need to focus on data quality, robust governance, and appropriate technology. Data quality involves ensuring data is correctly formatted, complete, consistent, and timely through regular audits, validation checks, and data scrubbing. Experian's Three Pillars of Trust strategy emphasizes this, focusing on robust governance, data quality, and using the right technology and tools.
AI and machine learning, powerful tools for forward-thinking organizations, rely on accurate and reliable data for effective decision-making. Potential applications of AI in businesses include customer service, fraud detection, and automation of business processes. The combination of AI and human expertise is crucial for future innovation, with AI handling repetitive tasks and humans providing strategic decision-making and creative problem-solving. Businesses can leverage digital data to uncover market trends, understand customer needs, and identify operational efficiencies.
The Digitale Langzeitarchiv EWIG, in cooperation with KOBV and digiS, certified by CoreTrustSeal, has presented a three-part strategy to improve data trustworthiness. This strategy, focusing on sustainable data infrastructures, promotes common standards for trustworthy data repositories through evaluation by independent third parties. By embracing these strategies and leveraging AI effectively, businesses can secure a competitive edge in today's data-driven market.
