The Real Potential of Data in the Age of Artificial Intelligence

We are in an era where having accurate, verified data at the right time is key to success in the business world. Verified, high-quality data has become not only important for daily reporting but also a critical element in unleashing the power of technologies like artificial intelligence (AI).

The rapid advancement of artificial intelligence (AI) technology once again emphasizes how crucial data management is for businesses. According to Salesforce's State of Data and Analytics Report, 80% of Analytical and IT leaders say that data management stands at the center when formulating an AI strategy in their companies. This underscores the need for companies to have a strong database before experimenting with new technologies.

Since the early months of 2024, global companies' CRM and Customer Data Platform (CDP) implementations to build robust databases have already left 2024 behind. According to Mordor Intelligence's forecast for 2028, the CDP market, which was $2.12 million in 2023, is expected to reach $7.91 million in 2028. Meanwhile, 92% of Analytical and IT leaders acknowledge that the need for reliable data has never been higher.

In 2024, organizations' most crucial strategy will be to increase data maturity and strengthen data-driven decision-making processes. Data maturity refers to the ability of businesses to effectively utilize data, including cleaning, normalizing, and securing it from the moment it is collected. Furthermore, it's essential for the data to align with business strategies and contribute to business outcomes.

Five questions to determine the reliability and maturity of data:

• Do you have a consistent data collection and data entry process?

• Has your data been cleaned and matched to speak with different software?

• Is your data protected and secure?

• Do you have a management framework that addresses all aspects of the data lifecycle, including access and control, governance, privacy, security, compliance, and regulatory requirements (such as KVKK, GDPR)?

• Have your data been systematically structured for their purpose?

It wouldn't be wrong to say that the path to data and AI success is winding. To ensure the security and scalability of data and analytical capabilities, data and IT leaders are combining strategies such as reimagining data governance, strengthening internal data culture, and embracing cloud technologies. This helps them achieve goals such as simplifying IT management and moving analytics applications to the cloud.

With a predicted 22% increase in data generated by companies over the next 12 months, aligning data strategies with business objectives is essential to extract maximum value from data. This requires creating a data culture, strengthening data-driven decision-making processes, and ensuring data security.

In the age of artificial intelligence, the real potential of data can only be realized with the right data strategy and reliable data. For businesses to make the most of this opportunity, they need to adopt a data-focused approach and take steps to increase data maturity.