Companies recognize the need to combine Generative AI with traditional AI and incorporate solutions that allow the creation of data fabrics to maximize results
THE Qlik® announces research that shows how companies are planning investments in technologies capable of improving the data fabric and ensuring success in the use of Generative Artificial Intelligence (AI). The study highlights the search for a hybrid approach that incorporates Generative AI with traditional AI to scale business impact.
The search "Generative AI Benchmark Report“, completed in August 2023 by Enterprise Technology Research (ETR) at the request of Qlik, brings together insights from 200 C-Level executives, including Vice Presidents and directors of the largest companies in the world (Global 2000) from different sectors. The survey explores how leaders are leveraging Artificial Intelligence tools, lessons learned and priority areas to maximize investments in Generative AI. The report can be downloaded on here.
“The potential of Generative AI has triggered a wave of investment and interest in both discrete Generative AI tools and technologies that help organizations manage risk, embrace complexity and scale AI for business impact,” says James Fisher , Chief Strategy Officer at Qlik. “Our Generative AI Benchmark report clearly shows that leading organizations understand that these tools must be supported by a trusted foundation capable of fueling insights and advanced use cases where the power of Generative AI and traditional AI come to life.”
The survey found that while the initial excitement about Generative AI remains, leaders understand that they need to surround these new technologies with the right strategies and data solutions to fully realize their transformative potential. And while many companies are moving toward Generative AI to alleviate competitive pressures and gain efficiencies, they are also looking for guidance on the best ways to get started and move quickly, while keeping a close eye on risk and governance issues.
Creating value with Generative AI
Even with the market's focus on Generative AI, respondents clearly noted that traditional AI still brings ongoing value in areas such as predictive analytics. They hope that Generative AI will help extend the power of Artificial Intelligence as a whole beyond data scientists or engineers, opening up the technology's capabilities to an even larger universe. Leaders hope this approach will help them unlock deeper insights and find new, even faster and more creative, ways to solve problems.
The vision about the possibilities of Generative AI drives an incredible amount of investment. The survey shows that 79% of respondents have already purchased tools or invested in Generative AI projects, and 31% say they plan to spend more than US$ 10 million on initiatives with this technology in the next year. However, there is a risk of these investments becoming isolated, because 44% of these organizations indicate that they do not yet have a clear Generative AI strategy.
Engaging generative AI with the right strategy and support
When asked how they plan to approach Generative AI, 68% said they plan to leverage public or open source models refined with proprietary data. Additionally, 45% of respondents are considering creating models from scratch with proprietary data.
Specialized knowledge in these areas is essential to avoid issues of data security, governance, issues of bias or errors that are already widely publicized and that can occur with Generative AI. Respondents understand that they need help, with 60% stating that they plan to rely partially or fully on the expertise of others to fill in the gaps.
Many organizations are also looking to data fabrics as a key part of their strategy to mitigate these issues. Interviewees recognized that their data fabrics need updates or are not ready for Generative AI. In fact, only 20% believe that their data fabrics are very well or extremely equipped to meet your Generative AI needs.
Given this, it is not surprising that 73% expects to increase spending on technologies that support data fabrics. Some of this spending will need to focus on managing data volumes, as nearly three-quarters of respondents said they expect Generative AI to increase the amount of data currently collected or managed. Most respondents also noted that data quality, Machine Learning/Artificial Intelligence tools, governance, data integration, and Business Intelligence/Analytics are important or very important areas for providing a data fabric that enables AI success. Generative. Investments in these areas will help companies remove some of the most common barriers to implementation, according to respondents, including regulation, data security and access to new features.
The path to Generative AI success – it’s all about data
Although each company has its own Artificial Intelligence strategy, one fact remains the same: the best AI results start with the best data. With the enormous amount of data that needs to be selected, having quality, protection and governance is essential to support Artificial Intelligence and build useful Generative AI models, in addition to being essential to have a modern data fabric. With data properly organized, new platforms need to be able to provide end-to-end AI-enabled capabilities and help all users – regardless of skill level – gain powerful insights with automation and assistance. Qlik enables customers to leverage Artificial Intelligence in three critical ways:
– A reliable database for AI: Qlik's data quality and integration solutions leverage AI to automate data delivery and transformation, reducing complexity, mitigating risk and enabling data fabrics.
– Predictive and AI-enhanced analytics: Qlik has a long history of delivering AI-enhanced and predictive analytics capabilities. Qlik OpenAI connectors extend the power of Generative AI to Qlik Data Analytics solutions, bringing even more powerful chat capabilities for a richer user experience.
– AI for advanced use cases: Qlik AutoML™ helps companies scale data science investments by enabling technical teams to customize AI solutions for new use cases.
To learn more about how Qlik is helping organizations drive success with Artificial Intelligence, visit Qlik Staige™.
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