Assessing the Impact of Data Product R&D
Engagement, literacy and exposure are important to keeping a new technology in the hands of society. It is hard to see what individuals can do to influence the application and usage of AI and ML when the news has so many statements like the following:
“In late March [2023], more than 1,000 technology leaders, researchers and other pundits working in and around artificial intelligence signed an open letter warning that A.I. technologies present ‘profound risks to society and humanity’” (New York Times)
“With AI taking a bigger role in decisions, the ability of outliers to change the rules of the game and advance society can become limited” (Forbes).
In this article, we will explain the importance of engaging with data, AI, and ML by highlighting the impact of data-oriented R&D on ordinary organizations and the real people that work there.
Creating new business opportunities from the data resources that already exist
It has never been cheaper to develop digital products and incorporate custom AI/ML. With the ability to quickly and more affordably assemble many technologies to construct new data products, organizations can deliver unique products that their specific customers value. Most companies have some form of data that can be leveraged to improve the customer experience and make it unique. Data is one of the few resources that can be used over and over again without depleting it. Furthermore, usage often results in proprietary data processing, modeling, and refinement, which increases its value to the community that created and uses the data. By taking time to design custom data products, leaders can create opportunities for their company to be different and stay successful.
Designing and developing custom data products creates solutions to systemic problems
It's very common for companies that have been around for a decade or more to suffer from systemic issues caused by out-dated data capabilities. These systemic struggles are often caused by fragmented data sources and processes that are poorly supported by technology. A side effect of coming together to design and develop data products that are unique to the company creates opportunities for employees to share and reconcile data, update workflows, and break down information and operating silos.
Providing more personalized experiences for your customers as they expected
Leveraging data products would enable organizations to gather granular customer insights, anticipate demands, and tailor offerings to meet customer’s specific requirements. There is great value in even simple things like presenting a customer's order history, engagement history, and preferences back to the user for their convenience. By delivering personalized recommendations, targeted promotions, and seamless experiences, businesses can create deeper and stickier connections with their customers, fostering loyalty and driving customer satisfaction.
The application of AI and ML in data products is an important strategy for regular organizations to engage with new technology. Regular organizations have always had an opportunity to develop their own processes, customer experiences, and products to define what is possible in an industry. Developing data products creates business diversity and can bring significant changes to your organization. Even small organizations can leverage the power of AI/ML data products to deliver unique value and tell their own stories. It’s no longer a game that is only open to big tech companies. Business of all sizes can participate and change the rules of the game.
