The Power of Trust: AI Data and Analytics Role In Businesses

Discover what top business leaders say about the importance of trust in AI data and analytics for driving revenue, competitiveness, and customer success.

Amy Rodgers
June 21, 2024
Blog cover image

Introduction

Artificial intelligence (AI) and data analytics are transforming the business landscape at an unprecedented rate. With the AI analytics market projected to soar from $29.11 billion in 2024 to a staggering $223.32 billion by 2034, it's clear that companies are eager to harness the power of AI. However, as a recent Trust in AI Data survey reveals, trust in AI is paramount for unlocking its full potential. In this article, we delve into what business leaders are saying about AI data and analytics, the challenges they face, and the strategies they employ to build trust and drive success.

The Importance of Data for Businesses and Leaders

Data is the lifeblood of modern businesses. It informs decision-making, drives strategy, and fuels innovation. For business leaders, leveraging data effectively can mean the difference between thriving and merely surviving in a competitive market. Accurate and reliable data helps businesses understand customer behavior, optimize operations, and create personalized experiences.

The big data analytics market is also booming, with significant growth expected in the coming years. In 2024, the market is projected to grow from $348.21 billion in 2024 to $924.39 billion by 2032, registering a CAGR of 13%. This growth highlights the expanding opportunities in the field of data analytics, underscoring the importance of integrating AI with big data to unlock new business potentials and drive forward-looking strategies. 

The Value of Trust in AI

According to the aforementioned survey, nearly two-thirds of C-suite executives believe that trust in AI is crucial for driving revenue, competitiveness, and customer satisfaction. Specifically, 65% of global C-suite leaders assert that trust in AI plays a significant role in revenue generation. This highlights that companies with trusted AI systems are more likely to see positive financial outcomes. Moreover, 67% of executives emphasize AI's role in enhancing competitiveness, indicating that trusted AI can give businesses a strategic edge in the market. Finally, 64% of leaders point to improved customer satisfaction as a direct result of trusted AI, showcasing the impact of AI on customer experience and loyalty.

Despite the optimism, many companies struggle to fully realize the value of AI. Over half of the workers surveyed reported difficulties in finding trusted AI tools, indicating a significant trust gap that needs to be addressed. For AI to truly deliver on its promises, businesses must focus on building trust through accurate and secure data.

Challenges in Trusting AI

The survey highlights several challenges that hinder trust in AI among workers:

  • Difficulty in Getting Desired Results: 56% of AI users find it challenging to achieve their desired outcomes with AI tools. This indicates that while AI has potential, its practical implementation often falls short of expectations.
  • Lack of Useful Information: 51% of workers believe that generative AI lacks the necessary information to be useful. This suggests that AI systems need better data inputs and more sophisticated algorithms to meet user needs effectively.
  • Mistrust in Training Data: A staggering 68% of workers who distrust the data that trains AI are hesitant to adopt it, and 75% of AI critics argue that AI lacks the information needed to be useful. This highlights the critical importance of reliable training data in fostering trust and driving AI adoption.

These challenges underscore the importance of reliable, comprehensive, and secure data in building trust in AI systems.

The Path to Building Trust in AI

For businesses to harness the full potential of AI, they must prioritize quality data. The Trust in AI Data survey reveals that:

  • Accurate and Secure Data: Around 80% of global C-suite respondents cite accurate and secure data as the most critical element for building trust in AI. This underscores the necessity of robust data management practices to ensure the integrity and security of data used in AI systems.
  • Comprehensive Data: More than half of workers (53%) say that training AI on comprehensive customer and company data builds their trust in the tool. This indicates that holistic data inputs can enhance the reliability and usefulness of AI outputs.
  • Increased Likelihood of Revenue: Workers who trust the data used to train AI are 10% more likely to report that AI drives revenue compared to those who don't trust the data. This demonstrates the direct correlation between data trustworthiness and business performance.

By ensuring the accuracy, security, and comprehensiveness of data, businesses can significantly enhance trust in AI, leading to better adoption and more impactful results.

Beyond the C-Suite: Trust in AI Among Sales Teams

Trust in AI is not limited to the C-suite. The survey also highlights its importance among sales teams, who are often the core revenue drivers for businesses. Notably, 62% of global sales teams say that trust in AI plays a role in driving revenue, and a third report that it enhances customer satisfaction. This widespread acknowledgment of AI's value across different levels of an organization further underscores the need for robust data management practices to build and maintain trust.

Conclusion

The insights from the Trust in AI Data survey paint a clear picture: trust in AI data and analytics is essential for businesses aiming to drive revenue, competitiveness, and customer satisfaction. While challenges remain, particularly around data reliability and usefulness, the path to success lies in prioritizing accurate, secure, and comprehensive data. By doing so, businesses can bridge the trust gap, empowering their teams to fully leverage AI's capabilities and achieve transformative results.

As you look to integrate AI and data analytics into your business strategy, partnering with experts can make all the difference. At Scrums.com, we specialize in delivering custom software solutions that build trust and drive results. Contact us today to learn how we can help your organization thrive in the AI-driven future.

As seen on FOX, Digital journal, NCN, Market Watch, Bezinga and more

Scale your development team
faster with Scrums.com

Get in touch and let's get started
Book a Demo
Tick
Cost-effective
Tick
Reliable
Tick
Scalable