TECH - Data-Driven Decision-Making for Companies: Making Reliable Decisions Through Verified Data | Benzinga
Any business wants to make good decisions that fit with the market and help generate revenue. A data-driven approach can facilitate decision-making, especially when enhanced by powerful technology like AI.
However, finding or creating data suitable for your business is not easy. Creating data-sharing ecosystems could make quality data more accessible for enterprises, allowing them to draw insights, innovate, and compete more efficiently.
Why You Need Data for Decision-Making
Today’s businesses generate vast amounts of data. Whenever we use our cell phones, pay online, take public transport, or go shopping, companies receive our data. This information helps enterprises make optimal decisions: target advertisements, optimize transport availability, identify bottlenecks, and find new revenue streams.
Companies can analyze user behavior on their websites to determine where conversion drops. In healthcare, data analysis helps uncover hidden patterns between diseases and make more accurate diagnoses.
Businesses that want to remain competitive in today's economy can’t afford to make decisions blindly. A data-driven approach can help identify invisible or hard to detect patterns, while using these insights can provide a competitive advantage.
AI facilitates such analysis as it can quickly run through large volumes of data and propose a solution. But how can we know these solutions are based on quality data?
What Data Should AI Be Trained on?
Large Language Models are well-trained on large amounts of unstructured data. It excels at assisting with daily operations and providing some general knowledge. Still, when it comes to tasks requiring precision ...