A recent survey reveals that only 26% of respondents consider their company to be mature when it comes to data architecture. Some 28% say their company has a clear, defined strategy for data management, while 23% are currently using artificial intelligence (AI).
AI, a true agent of change, is on the move and, in many ways, its first signs are already perceptible. It’s clear that some companies will be early adopters, while others will wait until their business model becomes obsolete. Many start-ups have created data-driven cultures from the outset, which is a key reason why large, established companies fear being disrupted by them.
Where does Luxembourg stand in terms of Data Analysis and AI?
A survey conducted in May 2019 aimed to understand the types of strategies Luxembourg companies have in place to manage data, the types of technologies they use, and how they are investing to adopt a data-driven culture.
Luxembourg companies still face many obstacles in terms of data quality, system consistency, data processes and data governance. Adopting a true data-driven strategy means that data issues should not be left to a few experts tasked with producing reports; on the contrary, companies should ensure that data visualization tools are widespread throughout the company and used by employees at all levels of the organization.
The road to AI will be long and full of pitfalls. But Luxembourg companies should already be engaging in R&D in this area and starting to think about what they can do with the data they collect on a daily basis, instead of waiting for headquarters to take possession of that data.
Embracing the Data Revolution
Luxembourg companies have made efforts in recent years to adopt data privacy rules and have reached appropriate maturity in this area; however, maturity remains lower in the areas of data analytics and data architecture, which are the foundations of AI ; many companies continue to manage data-related issues in-house and use in-house data cloud solutions; the use of AI remains marginal (less than 25% of participating companies) – the reasons for this low level of deployment are clearly identified and stem mainly from the human factor.
The growing importance of data analytics and AI is one of the most striking features of today’s economy and society. The keys to success are to determine how your company should respond, assign clear responsibilities for data strategy, and then move forward to execute the required changes systematically and effectively.
Organizations need to take action by training people, putting in place a clear governance framework, and investing in expert people to build competent teams. Most importantly, they should not be afraid to launch initiatives and to test and fail.
Who will play a role in the future of AI?
AI represents a gigantic opportunity, and many governments are working to ensure that their country gets a big slice of the pie. To date, more than 20 countries have published strategic documents on AI.
Given AI’s potential to have disruptive social and environmental effects, the development of sophisticated national and international governance structures will become increasingly critical. Perhaps no other emerging technology has inspired so much scrutiny and discussion.