Unleashing the Power of Generative AI & Data: A Game Changer for Modern Executives

As an executive, you may be wondering why you should invest your time and resources in developing a data culture and preparing your data estate for generative AI. The answer is simple yet profound: the largest untapped resource in the world today is not oil, but data. However, unlike oil, raw data in its unrefined state offers little value. This is where accelerating your data strategy and accelerating your Generative AI capabilities will position you for a competitive advantage.

The Promise of Generative AI

Generative AI is a type of machine learning that can create new data instances based on patterns it has learned from existing data. This means it can write articles, generate images, predict customer behavior, create personalized marketing content, and even invent new products or services that exactly meet customer needs. The potential is staggering: efficiency gains, cost savings, increased customer satisfaction, and unprecedented business growth.?

Generative AI is powered by Language Learning Models like Open AI's ChatGPT, however the potential is untapped. But there's a crucial link between tapping into this potential and the readiness of your data estate. The combination will give you a competitive advantage based on your competitive edge.

McKinsey states that ?"Generative AI’s impact on productivity could add trillions of dollars in value to the global economy.?Their latest research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases they analyzed—by comparison, the United Kingdom’s entire GDP in 2021 was $3.1 trillion. This would increase the impact of all artificial intelligence by 15 to 40 percent. This estimate would roughly double if we include the impact of embedding generative AI into software that is currently used for other tasks beyond those use cases." (The Economic Potential of Generative AI, 2023)

The Key Role of a Ready Data Estate

To fuel these generative AI models, businesses need a well-managed and prepared data estate. This involves taking stock of all available data, cleaning and integrating this data, setting up governance policies, equipping your infrastructure, and fostering a data-driven culture within your organization.

Investing in these areas helps ensure your data is accessible, reliable, secure, and most importantly, usable. AI algorithms thrive on high-quality, structured data. The more refined and prepared your data estate is, the more accurately and effectively generative AI can function, enabling it to deliver transformative insights and innovative outputs.

The next step is to unify that data to empower the entire enterprise. This takes AI from the developer and data scientist to every end user. Microsoft states that a unified data platform will "Reshape how everyone accesses, manages, and acts on data and insights by connecting every data source and analytics service together—on a single, AI-powered platform." (Microsoft Fabric)

The Call to Action

As an executive, it's crucial to recognize this opportunity and lead your organization in leveraging generative AI. Start by prioritizing the development of a strong data culture and readying your data estate. Encourage your team to identify key areas where generative AI can have the most impact.

Pay attention and engage companies like Microsoft who are rapidly developing and unleashing capabilities in their Co-Pilot offerings and Microsoft Fabric to empower the entire value chain of any company.

Microsoft's Fabric, for example, can help make this journey smoother by providing a suite of integrated cloud services that help you manage and analyze your data estate, build AI models, and foster a data-driven culture.

In a world that's becoming increasingly data-driven, waiting on the sidelines is no longer an option. By embracing generative AI, preparing your data estate today, and jumpstarting through high value use cases, you're not just keeping up with the trends - you're leading the charge towards a future of unprecedented growth and innovation. The power of generative AI awaits – it's time to seize it.

Carol Scott, Senior Director, Software and Digital Platforms, Microsoft, AI Executive Speaker & Advisor

Resources:

Microsoft Co-Pilot: https://blogs.microsoft.com/blog/2023/03/16/introducing-microsoft-365-copilot-your-copilot-for-work/

Microsoft Fabric Landing Page: https://www.microsoft.com/en-us/microsoft-fabric

Microsoft Fabric Blog: https://azure.microsoft.com/en-us/blog/introducing-microsoft-fabric-data-analytics-for-the-era-of-ai/

McKinsey: https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier