So, you want to use AI?
Five things to consider about your data you need to know before you leap…
You’ve heard the buzz… the benefits and value… but also the horror stories.
In today's digital age, Artificial Intelligence (AI) is becoming a driving factor for innovation and efficiency across different sectors, including the small businesses and the nonprofit (NFP) sector. However, before successfully integrating AI into your operations, it is crucial to establish proper data governance.
So, what do you need to know before you start using AI for your NFP or small business? Two words… Data Governance.
What is Data Governance?
Data governance involves the management of data availability, usability, consistency, data integrity, and data security. It includes a set of processes, rights and responsibilities, and methods that regulate the collection, handling, and use of information.
Why is Data Governance Important?
With the right data governance strategy in place, you can harness the power of emerging technologies like AI while minimising the associated risks. Here are some five key points that highlight the importance of data governance for NFPs and small businesses (and large ones, too!) considering using AI:
Data Quality: AI systems rely heavily on data. The quality of results derived from these systems is only as good as the quality of data fed into them. Proper data governance ensures that data is of high quality, reliable, and accurate, which boosts the effectiveness of AI.
Data Security: NFP organisations often handle sensitive information. Data governance practices help ensure your data is secure and protected from breaches.
Regulatory Compliance: Data governance aids in compliance with privacy, data protection, and other regulations that NFPs must adhere to.
Data Accessibility: Good data governance practices ensure data is accessible to the right people at the right time. This can enhance decision-making processes and operational efficiency.
Informed Decision Making: Data governance helps organisations make informed decisions by ensuring data integrity. This is especially important when the data is used to train AI systems.
Before leaping into AI, organisations need to strengthen their data governance efforts. By doing so, they will be better equipped to leverage AI and make a bigger impact.
Remember, data governance is not a one-time event but an ongoing process that needs regular revisiting and revising. Proper governance will lay a solid foundation for your AI systems, enabling you to harness the full potential of this exciting technology.
GBA Online will ensure that your data stays yours. Make a booking to chat with us today!