Writing on the topic of GenAI, Jonathan Westley, Chief Data Officer of Experian UK&I and EMEA discusses its potential in relation to IoT technology
Since the inception of Generative AI (GenAI), it has transformed from a cutting-edge idea into a driving force behind many business operations around the world today. One of the biggest opportunities for GenAI to transform and innovate businesses is when it is combined with IoT devices, allowing for smarter interconnected ecosystems to deliver more personalised experiences in real-time.
With the number of IoT devices worldwide expected to reach more than 32.1 billion in 2030, the opportunities for GenAI and IoT to work together are immense with the flow of complex real-time and contextual data that is, in turn, simplified and interpreted quickly and easily. What does that mean for individuals? Take wearables. By utilising survey responses and sensor data, a wearable device would be able to deliver customised workout plans tailored to an individual’s fitness goals.
However, to make this all a reality, businesses face challenges in the adoption of GenAI. We recently worked together with techUK to create a report that looked in some of those key challenges as well as guidance on how to embrace GenAI as a game changing technology successfully.
Laying down the IT and data quality foundations
It is clear the combination of utilising AI’s analytical ability and IoT’s constant collection of data will allow businesses to significantly enhance their efficiency, better adapt to changing market conditions and improve decision-making processes. What that requires is the digital infrastructure of a business to be up to date. This includes upgrading to a modern, typically Cloud-based, infrastructure because older IT systems could potentially hinder the intense data processing demands required by AI technologies.
In addition, data quality is a fundamental of GenAI success. New research in our recent report found business leaders ranked data quality as one of the leading challenges they face in the implementation of GenAI. Considering AI systems require vast quantities of accurate data to function optimally, when data is siloed, it limits AI’s ability to deliver actionable insights.
Businesses must also follow strict practices to ensure data is clean, accurate, and consistent across all systems. IoT devices, in particular, generate vast streams of data in real-time, often from multiple sources, so having systems in place to monitor and verify the integrity, security, and quality of this data is essential for successful integration and seamless operations.
Upskilling and educating employees
While often overlooked, another barrier to the successful adoption of AI-integrated IoT devices is the lack of employee training and buy-in. For GenAI specifically, our research also found while more than four fifths (85%) of business leaders think that GenAI will positively impact their company – this view is only shared by 30% of all employees.
It is understandable that employees may be hesitant to embrace GenAI, but with the correct guidance there is great potential for AI-integrated IoT systems to complement roles by automating repetitive, admin-based tasks and empowering employees to focus on higher-level decision-making. What are employees looking for to embrace these new technologies? They want clear policies and guidelines, additional training, and continuous support and learning resources.
Encouraging responsible experimentation can also help employees explore GenAI’s capabilities within safe boundaries. This allows people to familarise themselves with the technology and feel empowered by their organisation to do so. Building this confidence is vital to bring employees on the journey of digital transformation.
Constant measurement and evaluation
GenAI is constantly evolving because, as a technology, it is still in its infancy. This means keeping a close eye on its emerging capabilities is imperative for ensuring responsible implementation but also staying competitive. Embracing AI effectively is no easy task, but there are tools readily available — like Experian’s five guiding principles — to help achieve successful implementation.
In addition, businesses should have robust processes in place to validate the outputs of GenAI. As there is not yet one standardised approach to measuring the output of this technology, leaders should define what value they want to achieve and develop methods to track it – be it through data-driven metrics or qualitative insights.
The opportunities that lie ahead
GenAI presents an incredible opportunity to supercharge the way we work and live, especially when integrated with IoT. This technology is not a genie that can be put back in the bottle. Instead, it must be embraced—responsibly and strategically.
Ultimately, businesses that seize this moment will be better positioned to adapt to the fast-changing digital landscape. By realising the potential of AI-integrated IoT devices, acknowledging the barriers to adoption, and implementing a comprehensive plan that includes upgrading infrastructure, encouraging employee education, and ensuring ongoing training, businesses will be on track to grow with the technology. This approach will help them maintain a competitive edge and set themselves up for long-term success.
Jonathan Westley is currently Chief Data Officer at Experian. Before joining Experian, Jonathan worked at several consultancies and launched his own small business. He joined Experian in 2000, progressing through various roles in the technology team. In 2011, he became Managing Director of Consumer Information Services (CIS) for Experian UK&I, overseeing the development of new data assets and supporting acquisitions.
Author: Jonathan Westley, Chief Data Officer of Experian UK&I and EMEA
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