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Why Businesses Already Have All The Data They Need

Dec 13, 2023 - forbes.com
The article discusses the importance of unstructured data in training AI models. It argues that while companies are focusing on gathering as much data as possible, they often overlook the high-quality data already in their possession. This data, often unstructured and embedded in emails, notes, call transcripts, and product documentation, can provide valuable insights for AI models. The article suggests that companies need to shift their focus from quantity to quality, leveraging both structured and unstructured data to drive AI innovation.

The author provides a five-step approach for companies to harness their unstructured data: prospecting for data, dusting off legacy data sets, using manual sorting as a steppingstone, using algorithms to streamline curation, and keeping track of data. The article concludes by stating that the ability to identify and activate underleveraged resources is crucial for businesses seeking a competitive advantage in the AI era.

Key takeaways:

  • Companies need to leverage high-quality data already in their possession rather than pursuing large amounts of outside data for AI innovation.
  • Unstructured data, which makes up 80% to 90% of the world's data, is a powerful resource for AI models as it reflects a company's business operations.
  • Companies can access this unstructured data through steps such as prospecting for data, dusting off legacy data sets, using manual sorting as a steppingstone, using algorithms to streamline curation, and keeping track of their data.
  • Identifying and activating underleveraged resources, such as unstructured data, is the new arms race for businesses seeking competitive advantage in the AI era.
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