The post-AI business model will revolve around vast unique data sets and collectives that create value chains that monetize new services. The companies that are successful will lead in the future.
That's the upshot from Constellation Research CEO Ray Wang. Speaking at Connected Enterprise 2023, Wang said:
"We don't have enough data to make AI work. Billions of dollars will be wasted on AI implementation without a data strategy."
The issue is that enterprises will need more data to train models so you can actually trust AI. As a result, companies will start sharing data in collectives and create value chains.
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What data will be needed to create this next generation enterprise called Data Inc.?
Wang said there will be the following types of data to truly leverage AI:
- Unique data sets.
- Network and data.
- Longitudinal data sets.
- Derived Data advantage.
- New classes of data.
This data will create a new flywheel of services, businesses and products that monetize well. Here's what you'll need to make Data Inc. work.
- You'll need data mastery.
- Understand how to partner for data sources and signals.
- Generate new derivatives that will create new data.
- Monetize outcomes.
- Engage stakeholders and create win-wins for partners, employees, and others.
- Nourish networks. Data Inc. companies will be valued on data.
- Trust but verify.
- Systems for ethics to address thorny issues.
