The tech industry is set to observe considerable changes in the upcoming years, per the insights revealed by Manish Sood, CEO of Master Data Management expert Reltio.
The first of the significant predictions offered by Sood for 2024 centres around the realm of artificial intelligence (AI) and its reliance on data. As we move deeper into the digital age, boardrooms and CEOs are investing more in AI, viewing it not just as a promising technology but as an integral component that will transform the operational fabric of their businesses.
Sood says, "The allure of AI is undeniable; it holds the key to unlocking new markets, saving millions, and catapulting companies into a league of their own."
However, Sood does issue a sobering caution: while AI holds immense promise, its potential cannot be realised without addressing the 'Achilles' heel' of fragmented and unmanaged data. Unified, clean and reliable data is crucial to maximising AI's impact.
Next, Sood highlights the pressing need for data sovereignty, privacy and security in the emerging age of AI and machine learning (ML). He warns that digital expansion brings escalated cyber threats and increasing demands for abiding by global regulations.
"I see a pressing imperative for enterprises to fortify their defences against this relentless tide of risks, breaches, and ever-tightening global regulations. The age of AI has magnified these concerns, necessitating a robust shield for our most valuable asset: data," states Sood.
Sood says that leveraging data unification and management solutions, which are inherently flexible and scalable, is "not just a strategic move, it's a cornerstone for ensuring compliance and securing the bastions of our digital identities."
Finally, Sood predicts that reusable data will be a significant driver of change for the AI/ML industry. Tough data management and unification will be integrated with AI/ML capabilities, resulting in automating and delivering refined data products. Sood visualises an era where "data becomes the lifeblood of decision-making and operations, driving unprecedented efficiency and innovation across industries."
Additionally, Sood suggests that the success of GenAI applications, which mark an era of conversational applications, will be primarily tied to data quality. It's recommended that these systems need to be data-driven and data-intelligent, refining algorithms through continuous data assimilation.
"The future of applications will be conversational.. hinge on their ability to access, interpret, and learn from clean, structured, and rich datasets," says Sood.
"The most transformative applications will be those that are not just data-driven but data-intelligent, capable of refining their algorithms through continuous data assimilation, ensuring ever-increasing accuracy and relevance in a dynamically changing world."
In summary, Sood's insights for 2024 provide a glimpse into what could be a revolutionary time for AI and a surge in data management and unification. This advancement will shape the face of enterprise technology and propel businesses into a new league, provided that their data machinery is up to the task.