Lack of data maturity could hinder enterprise artificial intelligence (AI) ambitions in 2024, according to a report by Forrester. The study predicts that 75% of AI projects will underperform due to issues with data quality, access, and protection. Businesses are expected to increase their investment in AI by 300% in the next three years, but many are not prepared for the data management challenges that come with it.
The report highlights several key areas for improvement. It suggests that firms need to develop a data strategy that aligns with their AI ambitions. This includes having a clear understanding of what data is needed, how it will be used, and how it will be protected. Firms also need to invest in data infrastructure and data governance to ensure data quality and compliance with data protection laws.
The report warns that without a mature data strategy, firms risk wasting their investment in AI. It also notes that firms that fail to address these issues could face regulatory penalties or damage to their reputation. The report concludes that data maturity is not just about technology, but also about culture, processes, and skills. It calls for a holistic approach to data management that includes training, education, and change management.
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