Here’s a thought experiment. Take a (very) large sack of dollar coins and place a single coin on the ground. Repeat this and extend the line of coins. Repeat this until you have a path of coins that stretches 27 times around the Earth. That’s around $407 billion… the amount that the AI market is expected to be worth by 2027.
This is an interesting piece of data, and it’s brought to you by a carefully structured prompt using ChatGPT. This writer’s experience brings home just how useful AI can be (especially for those who are arithmetically challenged), but that usefulness pales in comparison to the business applications of AI.
AI is revolutionizing business. According to a Forbes Advisor survey, 64% of businesses expect AI to increase productivity, with businesses from startups to mega-corporations adopting AI at a startling rate.
AI has the potential to disrupt the way that business handles data by providing lightning-quick insights that deliver a competitive advantage, but AI can only provide a great return on investment if the data it uses is handled correctly.
Exploring the Data/AI Synergy
One man who has built a successful business on the foundation of integrated data and AI strategy is Jeff Roberts, Founder and CEO of Innovation Vista.
Roberts is a born leader, and he’s proven adept at taking the helm of companies requiring real-world advice on how to leverage AI.
Roberts is not only passionate about AI but he’s identified a common organizational shortcoming when it comes to exploiting the relationship between AI and large datasets. It’s a symbiotic relationship, and for many companies integrating AI and data strategy is a real challenge.
“Developing an AI strategy in isolation is a very bad idea. Data strategy has to work in lockstep with AI strategy. This allows for a more holistic view of the organization’s goals and ensures that AI and data initiatives are aligned with the broader objectives of the business.
“By treating these strategies as symbiotic, the organization can ensure that the results of data analysis provide value and allow the company to capitalize on the opportunities presented by both data and AI.”
According to Roberts, developing this sort of integrated strategy can be challenging for startups and smaller organizations.
“Data is the fuel for AI models, and much of our advice to clients revolves around what can and cannot be achieved given the quality of their data. We also focus on how much it will cost to generate valuable outputs for the organization.
“Often, our guidance involves enhancing the data itself to ensure it delivers a return on investment. For startups or long-time C-Suite executives, the quality of their data and ways to improve it are often areas they have never fully explored.
“The integrated approach to developing data and AI strategies can help the organization prioritize initiatives and allocate resources efficiently. The challenge that startups and small business owners face is one of investment. Many of these organizations cannot afford the ongoing costs of retaining an experienced full-time CIO.”
Plugging the Gap
As organizations discover the potentially game-changing power of AI to provide valuable business insights at speed the lack of expertise in areas traditionally the responsibility of the CIO can have severely negative consequences.
The consequences of not having an experienced leader to help develop AI and data strategy can be catastrophic. At the very least it can mean the waste of precious financial resources (especially damaging for startups) and at worst, the organization will be faced with severe data security issues during AI planning and implementation. These challenges are among the reasons that Innovation Vista has been able to grow so consistently since its establishment in 2019.
The results of interventions by Roberts and his team speak volumes about the success of his business plan, and the demand for experienced consultants in the data/AI space. Innovation Vista has been quick to capitalize on the demand. Since the establishment of the company in 2019, the company has contributed to over $2.4 billion in client revenue and cost savings.
A New Paradigm
According to Roberts innovation Vista brings an impact-focused approach to AI implementation, something new to the emergent field of AI consulting.
“We took a long look at corporate AI strategy consulting and realized that organizational leaders have, in many instances, been seduced by the hype surrounding AI. The technology isn’t a simple off-the-shelf solution that is going to magically solve all the challenges faced by an organization.
“It’s crucial to evaluate the return on investment and relevance of AI for each specific business situation. Recent developments in licensed AI platforms, along with cost-effective hyperscale cloud infrastructure, provide significant opportunities. However, the ability to apply AI to a problem doesn’t always mean it’s the right choice. Our distinct advantage lies in our expertise and strategic approach to prioritizing AI initiatives.”
Small and mid-sized businesses are eagerly seeking more engagement with the C-level IT consultants at Innovation Vista. Roberts attributes this demand to a strategy that prioritizes not just efficiency but also focuses on monetizing IT, boosting revenue, expanding market share, and giving clients a competitive edge.
Future Proofing
In 1965, Intel co-founder Gordon E. Moore noted that the number of transistors on an integrated circuit had doubled between 1960 and 1965. Based on this, he predicted the number of components on a chip would reach 65,000 by 1975. In 1975, he revised this prediction, stating that the number of components per chip would double every two years. Moore’s Law is not hard science, but it’s a prediction that has stood the test of time.
Roberts draws an analogy between Moore’s Law and the evolution of AI, and the dangers that this rapid evolution poses to businesses implementing an AI and data strategy.
“We tell clients that we can’t predict further than the medium term; really no one can. The evolution of AI is happening so quickly that you need to focus on the here and now, not get sidetracked with what is going to be possible in five years.”
Roberts is frequently challenged by how to explain to clients the reality of the current AI ecosystem, including how rapidly AI is evolving, its implications for their data strategy, and which AI solutions are most suitable for their needs.
Roberts describes the Innovation Vista approach as triage: addressing the most pressing issues first, using the available tools.
“Crystal ball gazing is rarely rewarding when you’re faced with a technology as disruptive as AI. I don’t think that Moore could have imagined the processing power that we have on our phones, let alone what today’s supercomputers are capable of achieving.
“The key to developing the right AI and data strategy is to ensure that the business brings on board the right people to ensure that any AI solution is capable of delivering a great ROI and that it meets the unique needs of the business in the current competitive environment.”
Discover why Jeff Roberts is regarded as a leading authority on AI strategy by visiting his LinkedIn page, exploring the Innovation Vista website, or gaining unique insights into the fast-changing landscape of business AI on the Innovation Vista YouTube channel.
