Generative AI in Practice

17DATA INSIGHTS: HARNESSING THE POWER OF GENERATIVE AI

Data is a vital asset for today's businesses. It is the fuel that powers better decision-making in organizations. As such, it's crucial that people across the organization are able to extract insights from data. However, that is more easily said than done. Rather than being empowered by data, many people find themselves intimidated (or even paralyzed) by it.

In this chapter, we'll explore the problem of being rich in data but poor in insights, and discover how GenAI can help businesses get more out of data.

What Is the Data Problem and How Does Generative AI Help?

We live in a world that's full of data – indeed, everything we do generates data, and the average business is absolutely swimming in the stuff. But what is the problem with having such a vast sea of data? You can end up drowning in it.

The thorny issue of data overwhelm

Useful as data is, the sheer volume of data can simply overwhelm people. This phenomenon is described by software leader Oracle as the “Decision Dilemma.” You could also call it “decision paralysis” or “data anxiety.” Whatever you call it, the basic gist is that more data causes anxiety and lack of action, instead of better decisions.

For its 2023 Decision Dilemma report, Oracle surveyed more than 14 000 employees and business leaders across 17 countries, and the results were eye-opening:¹

• 83% agreed that access to data is essential for helping businesses make decisions, BUT…
• 86% said that ...