In the era of Artificial Intelligence (AI), data has emerged as the fuel that powers innovation and transformation. Without quality data, AI cannot thrive. At PwC’s most recent Intelligent Digital 2024 Conference, we explored the significance of data in AI and provided insights on how organisations can establish the right data frameworks and standards to embark on a successful AI journey.
- The importance of data in AI
- Leveraging AI for data analysis
- Challenges and risks of AI deployment
- Unlocking the power of data for AI
The importance of data in AI
Malta has recognised the pivotal role of data in driving AI advancements, as a snapshot of our current survey shows, having been among the leading European Member States to have published a National AI Strategy, focusing on attracting innovators and investors.
To ensure the success of AI initiatives, organisations must prioritise data governance, security, and privacy. The consequences of using poor data are inherent bias and selection bias. This emphasises the need for responsible AI approaches and the establishment of an ethical AI framework to guide AI development and use.
Leveraging AI for data analysis
AI offers immense potential for automating data classification and analysis, enabling organisations to identify patterns, enhance productivity, and improve data quality. By harnessing AI capabilities, organisations can unlock valuable insights from vast amounts of data, empowering data-driven decision-making and fueling innovation.
Challenges and risks of AI deployment
While AI presents transformative opportunities, it also comes with challenges and risks. Responsible AI approaches are crucial to mitigate potential negative impacts. It is important to manage data continuity throughout the AI deployment lifecycle. Organisations must ensure that data is accurate, up-to-date, and relevant to maintain the effectiveness of AI systems.
Unlocking the power of data for AI
Studies have shown that AI has the potential to transform industries and enhance human performance. By embracing AI, organisations can achieve higher levels of efficiency, productivity, and innovation. The EU Data Act, which aims to address the underutilisation of data, highlights the economic benefits of AI adoption and is projected to generate $270bn of additional GDP for EU Member States by 20281.
1According to the European Commission. "Press Release: European Commission Proposes New Regulations." Published on May 10, 2022.
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