In 2017, The Economist declared that data, rather than oil, had become the world’s most valuable resource. The refrain has been repeated ever since. Organizations across every industry have been and continue to invest heavily in data and analytics. But like oil, data and analytics have their dark side.
According to CIO’s State of the CIO 2022 report, 35% of IT leaders say that data and business analytics will drive the most IT investment at their organization this year. And 20% of IT leaders say machine learning/artificial intelligence will drive the most IT investment. Insights gained from analytics and actions driven by machine learning algorithms can give organizations a competitive advantage, but mistakes can be costly in terms of reputation, revenue, or even lives.
