The advent of generative AI (genAI) applications has opened a world of possibilities, offering unprecedented access to artificial intelligence for business professionals and promising significant cost savings for the C-suite. The journey toward effective implementation is not as straightforward as it may seem, however. It necessitates a robust foundation in data and analytics, underscoring the importance of not just having data but a foundational emphasis on the quality and relevance of that data. Moreover, it calls for a skilled workforce capable of managing this data and extracting valuable insights from it. This is where the real challenge and opportunity lies — in data and analytics.
And now the stage is being set for 2024. As the move toward a future state of AI progresses, executive teams will usher in C-level positions focused on overseeing how data is managed in relation to the organization’s AI strategies. AI proficiency will become increasingly important, and unstructured data will become a much more sought-after resource than ever before. The value of monetized data assets used to train models will also increase, particularly unstructured text data for large language models.
To prepare you for the year ahead, here’s a preview of some of Forrester’s 2024 predictions for data and analytics:
- CAIOs will surface on one out of eight executive leadership teams, as AI leadership is changing. According to Forrester, 12% of companies with a solid AI strategy now have a chief AI officer (CAIO) directing overall strategy. Only 2% give that responsibility to the chief data officer (CDO). This doesn’t spell the end for CDOs. Instead, it means you have to ensure that your AI and data leaders work hand in hand so they can spin the data straw into insights gold. The CAIO brings technical knowledge, while the CDO provides quality data. It’s a powerful partnership for AI success.
- Sixty percent of employees will get prompt engineering training. Prompts are the magic spells that allow genAI to produce its most useful results. The right words in a prompt will unlock the most relevant, coherent results. The wrong ones will churn out nonsense. But most employees don’t know how to cast the perfect prompt. As AI becomes central to workplace productivity, this skill gap needs filling. With the right prompting knowledge, your workforce can tap into genAI superpowers.
- Unstructured data managed by enterprises will double in 2024. Think your organization has its arms around all of its data today? Think again. Unstructured data such as social posts and customer feedback represent less than a third of managed data today. With AI poised to unlock a wealth of text insights, these untapped reserves hold huge potential. Language models can surface game-changing trends from unstructured sources. Companies investing now in unstructured pipelines will gain a competitive edge. They’ll tap into a wider range of customer insights through analytics.
So who’s going to make the most of genAI in 2024? Data and analytics pros who invest in the right people, practices, and data strategies. Will you be one of them?
Read our full Predictions 2024: Data And Analytics report to get more detail about each of these predictions, plus two more bonus predictions. Set up a Forrester guidance session to discuss these predictions or plan out your 2024 data and analytics strategy.
If you aren’t yet a client, you can download our complimentary Predictions guide, which covers our top predictions for 2024. Get additional complimentary resources, including webinars, on the Predictions 2024 hub.