Big Data and artificial intelligence, with their never-before-seen growth, are having a strong impact on society. Data has the potential to contribute to the development of humanity, but also poses unpredictable risks without proper governance.
Technology has changed the way we live, work, think, and interact with one another. It can even change human nature. To foster sustainable growth, politicians and upper managers must take IT systems into account in a strategic way. The wealth of companies depends on their ability to manage information as a real asset.
At the conference on data management themed “The new challenge beyond Industry 4.0,” Pierre Bonnet, COO of Orchestra Networks cum CEO of Orchestra Networks Vietnam, a leading provider of Master Data Management (MDM) software confirmed that “data knows us better than we know ourselves. Data grows so fast that we need to do our utmost just to keep up with it.”
If utilised in the right way, data will improve the knowledge of humanity. However, if not processed properly, it is next to useless and will impact the efficiency of businesses.
According to Dr Nguyen Xuan Hoai, co-founder and director of AI Academy, artificial intelligence (AI) is present in every activity of life and business, and plays an important role in corporate decision making. AI can read, listen, and optimise all information to set a strategy and make decisions.
The lives of people depend very much on AI, which is considered a new type of precious resource, like oil and gold used to be. For example, when we use social networks like Facebook, AI automatically identifies people in pictures and tags them. In order to do this, AI collected as much data as possible, especially high-quality data.
According to Hoai, if they can use good data, corporations will get proper results, but if they use bad data, AI will make mistakes and arrive at bad conclusions. Without controlling data, unauthorised agents will exploit data to harm others.
Pierre Bonnet also confirmed that businesses have to strengthen data management as much as corporate management. “The line between the good and bad application of Big Data and AI is thin. On one hand, society continues its exponential growth to meet its needs by dismissing its externalities. Big Data and AI are used to pursue an unsustainable development for the planet. On the other side, society uses Big Data and AI to promote sustainable growth, serving all of humanity and taking advantage of better knowledge management,” he added.
According to experts, it is very difficult to manage data in the 4.0 era, and there is a lack of connectivity between data and data, data and people, and little to no differentiation between true and false data. Businesses should pay more attention to data management in the time coming because data is considered property now.
Smart data governance compatible with the business vision will guarantee the system’s health and usefulness, ensuring healthy growth.
The event also provided practical knowledge and information on the potential of data management as well as potential applications of AI, blockchain, and IoT for effective business management. At the same time, case studies of data management were discussed to highlight the dangers and consequences of bad data, subsequently presenting a more sustainable development direction for enterprises.