During a recent interview with AIM Research, Shashank Garg, CEO & Co-founder at InfoCepts, shared insightful perspectives on the constantly evolving world of data and analytics. Garg emphasized the ongoing disparity between how data teams and business users perceive the value of analytics, despite the progress made in technology.
Garg pointed out a noticeable shift from IT-centric to business-centric approaches in data & analytics, reflecting changes in purchasing patterns. He highlighted the rapid adoption of modern data stacks over the past three years, cautioning that this rush to modernize has resulted in increased complexity and unnecessary spending. Garg stressed the critical importance of simplifying data ecosystems and enhancing architecture, governance, security, and algorithm fairness to maximize the benefits of AI.
When addressing industry challenges, Garg acknowledged the difficulty in building effective data and AI teams, the struggle to quantify ROI in data and AI investments, and the ongoing cycle of modernization. He underscored the potential of generative AI in revolutionizing data analytics, especially in content generation and consumption, accelerating tech-enabled innovation, and enhancing user experience.
Garg advised Chief Data Officers (CDOs) to embrace an AI-first mindset, prioritize end-to-end solutions, and retrain data analysts to effectively contextualize data as storytellers. For aspiring data professionals, he recommended focusing on understanding business contexts, acquiring diverse skills, and becoming proficient in AI.
In conclusion, the transition to Data and Analytics 2.0 signifies a significant shift in how data is perceived and utilized in decision-making processes. Despite advancements, fundamental challenges persist, necessitating a focus on leadership, culture, and innovative approaches to effectively leverage data.