2024: The Year AI Takes Off Thanks to Data Modernization

The Year AI Takes Off Thanks to Data Modernization
AI/ML Services

2024: The Year AI Takes Off Thanks to Data Modernization

The years of hype around artificial intelligence are finally coming to fruition in 2024 as organizations couple AI initiatives with much-needed data infrastructure upgrades. While AI promise has lagged expectations so far, this year is shaping up to be the long-awaited breakthrough moment.

Behind this momentum is the pressing need that companies have to modernize their data architectures. As organizations prepare for coming regulations around data quality and oversight, they are taking the opportunity to move away from legacy systems to cloud-based data lakes and warehouses.

This data migration serves as a launching pad for AI adoption. With data centralized, cleaned up, and made easily accessible from across departments, companies can start training machine learning models and embedding them into applications.

The demand is certainly there after several years of proofs-of-concept but little large-scale deployment of AI. A 2022 survey showed that 63% of IT leaders planned to work on AI projects within a year. But without dependable pipelines for data to power these ambitious systems, rollout stalled.

With data finally up to par in 2024 thanks to modernization pushes, AI is set to have its breakout moment. The analysts agree – Gartner predicts that by 2025, over 50% of enterprises will be running AI-driven process optimization using combined operational and financial data.

And this wave of AI-enablement won’t just be from the usual Big Tech suspects – it is poised to happen across industries, from banking and insurance to retail and manufacturing. Especially as cloud services and no-code ML tools have lowered barriers to entry for AI experimentation for all kinds of businesses.

Driving this surge are process improvements and cost savings estimated to be over $500 billion once AI matures and diffuses across company systems. But equally important are enhanced customer experiences and competitive advantages coming from decision intelligence and predictive capabilities only possible with AI.

Of course, modern analytics and reporting will still retain importance even as AI ascends – not every business challenge can or should be solved by machine learning. But make no mistake, 2024 is set to be the long-awaited tipping point for AI thanks to the data diet companies have been placed on. For enterprise technology and data executives, it’s time to start putting plans into place to capitalize on this pivotal moment.

At RTS, we recognize the immense potential of AI and Machine Learning in reshaping businesses. We offer a comprehensive suite of services that empower organizations to make smarter decisions and enhance customer engagement through AI. Our solutions enable customers to transition to an analytics-driven enterprise and monetize their data for customer intimacy, operational efficiency, and new revenue models.