The importance of data in today’s businesses cannot be overstated. It is crucial for organizations to be able to work with data to extract insights that lead to better decision-making. However, many people find themselves overwhelmed and paralyzed by the sheer volume of data that is available. This “Decision Dilemma” is causing anxiety, lack of confidence, and ultimately, a lack of action when it comes to making decisions based on data.
A survey conducted by Oracle revealed that while 83 percent of respondents agreed that access to data is essential for business decision-making, 86 percent said that data made them feel less confident, and 72 percent said data prevented them from making decisions. Despite having more data at their fingertips, business leaders are facing a crisis of confidence in decision-making due to the overwhelming volume of decisions that need to be made daily.
Generative AI has the potential to help solve this crisis by making sense of data and extracting useful information. By utilizing generative AI capabilities to interpret data, decision makers can drive faster and better decision-making, act as decision-making co-pilots, generate summaries of data, visualize data, automate data analytics, harness predictive capabilities, use synthetic data to test ideas, prepare data, and clean up data for better analysis results. These capabilities make data more actionable for decision-makers across the organization, regardless of their data expertise, eliminating decision paralysis.
Providers of analytics software and platforms are incorporating generative AI functions into their tools to enable more intelligent data analytics. Tools such as Microsoft Power BI, Teradata VantageCloud, Tableau AI, and Qlik Cloud now incorporate generative AI capabilities, allowing for natural language querying of data, easy summaries, tailored reports, and more. This democratization of generative AI and data is leveling the playing field between large corporations and smaller enterprises, as businesses no longer need an army of data scientists to gain a competitive advantage.
In conclusion, generative AI has the potential to help individuals become more confident and competent at working with data, thereby solving the data overwhelm problem. By giving anyone the ability to analyze vast amounts of data in a more intuitive way, generative AI is revolutionizing the way decisions are made in businesses. This technology is changing the landscape of business and society, providing endless possibilities for leveraging data to drive informed, data-driven decisions.
