Prashant Dahalkar at Hexaware Technologies proposes a five-step plan for data modernisation to meet enterprises’ strategic AI priorities
Data modernisation has been high on the agenda for many enterprises in recent years. In fact, Deloitte research indicates that four-fifths of businesses have already started this journey. While at first glance this indicates businesses are moving in the right direction, on taking a closer look, the same research found that less than half are following specific, formal initiatives.
This means there is a risk that data modernisation could take time to complete and fail to support overall business objectives once it is finalised.
Considering the important role data has to play in their plans to adopt AI, businesses cannot afford to leave data modernisation to chance. According to ISG, for enterprises, the top three strategic priorities for AI are creating a long-term strategy or roadmap, identifying use cases that build new revenue streams, and improving customer experience.
Achieving these priorities will require businesses to have access to large volumes of high-quality, relevant data. It is, therefore, crucial businesses follow a formal data modernisation programme, or they risk falling behind in AI adoption.
The five-step programme
There are many different parts to the data modernisation puzzle. To succeed, IT leaders need to step back, ensure all the pieces are in place, and then put them together in the right order. While many have already begun this process, IT leaders need to take the most strategic approach possible. By doing so, they can be confident their efforts will leave them with data that has integrity, is easy to access, and will enable them to be agile and responsive.
This approach will improve their decision-making capabilities and provide a competitive edge – in turn, playing a crucial role in helping businesses capitalise on the benefits AI can offer.
Here are five steps businesses can follow for a strategic approach to data modernisation.
Achieving AI priorities
By following these five steps, businesses will have the data foundation they need to achieve their strategic AI priorities. They will have the raw ingredients to create innovative products, services, and business models to stay ahead of the competition. This will also enable them to fully understand customer behaviour and preferences and be more personalised and timely in their communications while protecting sensitive data to maintain customer trust.
Looking ahead, data modernisation will enable businesses to create long-term AI strategies and roadmaps. This means they can confidently move forward with properly trained AI models powered by numerous connected data sources, without the risk of compromising on compliance and security.
Overall, getting data modernisation right will provide a crucial platform for businesses to become more agile and capitalise on the new opportunities AI presents. As these technologies continue to evolve rapidly, modernised data will give businesses the confidence to harness future innovations and remain at the forefront of their industries.
Prashant Dahalkar is Vice President – Data & AI at Hexaware Technologies
Main image courtesy of iStockPhoto.com and Khanchit Khirisutchalual
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