With about 150 trillion GB of data available on the internet, it would take one person nine billion years to process it all. Even more staggering is the fact that 90% of this data was generated in the past two years. It comes as no surprise, therefore, that 64% of workers believe that managing this increasing volume of data is becoming an unsustainable task.
The consequence of having to screen such a vast amount of information is concerning - according to latest research, 80% of all professionals admit to making business decisions based on information they are not completely confident about. The good news is that the emergence of AI has brought with it a new era in content sourcing, management and analysis. Businesses can confidently gain access to the most relevant and up-to-date information at their disposal to make critical business decisions.
Consumer-oriented AI models like ChatGPT have certainly captured the public's attention. However, widespread adoption has also raised concerns. A recent study found that over three quarters of respondents agree that popular GenAI models like ChatGPT are eroding people’s trust in AI. This skepticism is not unfounded, as an over-reliance or misuse of these tools can lead to counterproductive outcomes. For instance, misinformation generated by AI models often results in additional time-consuming verification and correction processes.
When properly integrated alongside human expertise, the right AI tools have the potential to greatly support businesses. This approach enables a more nuanced and comprehensive understanding of complex data sets, empowering employees to discern patterns, anticipate emerging challenges and seize opportunities that might otherwise remain hidden in the depths of information.
Head of Research at AI-powered market intelligence research firm, AMPLYFI.
Forming the perfect partnership
To achieve a true collaboration between humans and machines, it is crucial to establish a clear understanding and definition of their respective roles. By emphasizing the unique strengths of AI while strategically addressing its limitations, organizations can create a synergy that maximizes the potential of both human expertise and machine capabilities.
AI excels in data structuring, capable of transforming complex, unstructured information into easily searchable and accessible content. This makes it an invaluable tool for sorting through vast online datasets, including datasets, news articles, academic reports and other forms of digital content, extracting meaningful insights. Moreover, AI systems operate tirelessly, functioning 24/7 without the need for breaks or downtime. This "always on" nature ensures a constant state of productivity and responsiveness, enabling organizations to keep pace with the rapidly changing market.
Another key strength of AI lies in its scalability. As data volumes continue to grow and the complexity of tasks increases, AI can be integrated into existing workflows and systems, allowing businesses to process and analyze vast amounts of information efficiently. This adaptability enables organizations to keep pace with the rapid evolution of market dynamics and customer needs, ensuring they remain competitive.
Furthermore, by automating the preliminary stages of data parsing, AI significantly reduces the human effort required, ensuring teams have access to the most relevant information as well as streamlining the initial market research processes.
While AI offers tremendous benefits, it’s important to recognize areas where human expertise remains crucial. When processing vast amounts of information, systems can sometimes lose sight of the finer details or fail to maintain the crucial context necessary for accurate analysis. This loss of nuance can lead to oversimplifications or misinterpretations of data, underscoring the importance of human oversight and analysis.
One area for ongoing development lies in the standardization of AI-generated outputs. As the technology evolves, we can expect better consistency when integrating with established reporting structures. This progress will further streamline information flow and enhance efficiency.
AI systems are constantly improving in generating diverse and relevant results. However, human guidance in refining search parameters and interpreting outputs remains valuable. This partnership ensures that AI-generated insights are most effectively applied to business processes.
By recognizing these limitations and strategically combining the strengths of AI with human expertise, teams can revolutionize their research methodologies. Human analysts can apply their domain knowledge, critical thinking, and contextual understanding to ensure the accuracy, relevance, and actionability of AI-derived insights.
Embracing human and machine
A long-standing challenge is finally being addressed: the excessive time spent filtering through irrelevant content.
By judiciously leveraging AI, teams can shift their focus from the tedious task of data collection to engaging in deeper, more strategic thinking. This will not only elevate the significance of their roles but will also enhance the inherent reward of their work as they can dedicate more time and energy to unravelling the essential "why" behind the data.
This shift will also allow professionals to cultivate higher-order skills such as critical analysis, creative problem-solving, and strategic planning - abilities that AI cannot replicate. By embracing this human-machine collaboration, organizations can create a more dynamic, innovative work environment where employees are empowered to contribute their uniquely human insights, leading to more robust and nuanced business strategies.
We've featured the best database software.
This article was produced as part of TechRadarPro's Expert Insights channel where we feature the best and brightest minds in the technology industry today. The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc. If you are interested in contributing find out more here: https://www.techradar.com/news/submit-your-story-to-techradar-pro
