In today’s data-driven world, the importance of leveraging organizational data can’t be overstated. According to a new report from global tech giant IBM, companies that can effectively monetize their organizational data stand a chance of nearly doubling the return on investment (ROI) from their Artificial Intelligence (AI) capabilities. Comparatively, they fare better than those not making the same strategic use of their data.
Key takeaways:
– New IBM report finds that companies that can monetize their data can nearly double their AI ROI, compared to their peers.
– The optimization process requires strategic and deliberate decision-making regarding task automation and technology distribution.
– Sufficient investment in the appropriate technology is a prerequisite.
Harnessing the Power of Data Monetization
Data monetization refers to the ability of a company to generate substantial revenues from the collected, processed, and stored data. It’s not a walk in the park for companies, though. This demands a well-thought-out strategy revolving around the tasks that can be automated, the distribution of technology within the organization, and an adequate investment in tech resources.
Strategic Choices in Task Automation
Automation eliminates repetitive tasks in various business functions, contributing to efficiency improvement. However, the choice of tasks to automate also plays a pivotal role in harnessing the potential of AI. IBM’s study suggests that the right choices can lead to the optimization of their AI capabilities, which in return, can double the organization’s ROI.
Equitable Distribution of Technology Matters
Merely having the appropriate technology at your disposal is half the battle. How you distribute that technology within your organization is equally vital. Uniform and strategic distribution of technology can assist in data monetization, leading to substantial benefits in AI investment ROI.
Investing in the Right Technology
Another major point raised by the IBM report is the necessity of investment in the right technology. It emphasizes that the dual capability of data monetization and the enhancement of AI ROI are impossible without sufficient investment in technology. Only with advanced and suitable tools and systems can a company fully leverage its organizational data and AI capabilities.
At the same time, it’s vital to provide the necessary training and development to employees. Advanced technology is efficient only when the operating personnel have the necessary skills and expertise.
The Road Ahead
As substantiated by IBM’s report, data monetization is instrumental in driving ROI in AI investments. However, to yield these benefits, companies need to approach it strategically. Opting for the right tasks to automate, even distribution of technology, investing in the right tools, and employee skill enhancement are ingredients to this success.
With the range of AI applications growing, companies that fail to seize this opportunity will most likely find themselves falling behind. As data continues to grow exponentially, mastering the art of data monetization can offer a competitive edge in today’s fast-paced business landscape.
Piecing It All Together
It’s clear from the IBM report that data monetization is no mere buzzword. It is a critical strategic lever that companies can pull to double their ROI on AI investments. Apart from this, the equitable distribution of technology, employee training, and suitable tech investments act as catalysts in this process.
Conclusively, excelling in today’s digital economy requires companies to be data-savvy. The ones that strategically leverage their data for monetization will not only thrive but lead the way. The promise of double ROI on AI investments offers competitive advantage and paves the way for business growth and sustainability in an increasingly digital world.