GlobalData analyst Natasha Ryback highlights a seismic shift in technology, predicting data’s emergence as the new currency in the AI era. Quality data is pivotal for effective AI. It demands substantial investments in refining and handling data while navigating legal complexities. The insights highlight the importance of data in the evolving tech landscape.
Ryback explores into the legal complexities of personal data use by corporate giants like Meta, Walmart and Sky, who utilize this information to create personalized customer experiences. For example, Sky UK’s Search Behavior tool refines audience targeting. However, these methods have led to legal issues, as seen in Meta’s recent dispute with Norway’s data protection agency, Datatilsynet, over personalized advertising.
This foresight aligns with the opinions of other experts including Andreas Bundt, the chair of the International Competition Network, who cautioned that AI could potentially exacerbate the dominance of Big Tech companies due to their extensive data holdings. To make AI work, you need powerful servers and huge data, which big tech companies like Meta and Alphabet already have. This puts smaller AI startups at a disadvantage.
In a nutshell, Ryback’s insights emphasize that today’s business world requires a deep understanding of data’s value and careful management. This includes recognizing its strategic importance and navigating the complex legal aspects. With the Age of AI upon us, the path into unexplored technological frontiers is increasingly guided by data and how we handle this valuable resource is destined to mold the future of both business and technology.
