Why Data Science and AI are No Longer a Rich Brand’s Game
People have said it for years—data is the new oil, but refining it was costly. With AI tools making data science accessible, businesses of all sizes are tapping into smarter decisions and deeper customer insights. The big question is, do you build your capability in-house or buy something off-the-shelf? Tanya Hyams-Young, CEO of SourseAI, explores.
We’ve heard people say for ages that data is the new oil. They were right. It’s fairly abundant but realistically, very expensive to refine and turn into anything usable.
For many organisations, the whole data science wave had seemed like more trouble than it was worth. Yes, it would be good to refine processes or systems, analyse data, better understand customers and start to predict behaviours or results. But it required expertise, time and budgets that often weren’t available. Early adopters of data science in business typically invested heavily to reap the rewards, so it was mostly large organisations that were able to do it. Until now.
With AI rising rapidly, what was once available only to large organisations with vast budgets is now available to anyone. But it’s how you use it that separates the wheat from the chaff.
So now the decision to use AI and data science may be an easy one, the question of how to implement it is complex. Generally speaking, there’s two main routes a company could take: they could build their own data and AI capabilities in-house or buy off-the-shelf solutions.
