Fix your data foundation to unlock real AI ROI

In the context of evolving AI strategies, recent research by Elastic highlights that many Australian businesses face challenges in justifying AI spending, with a third exceeding their budgets and some even pausing deployments due to insufficient returns. A key issue identified is the focus on AI activity over outcomes, as only a small percentage of companies track tangible business benefits like revenue or cost savings. The research emphasizes the importance of data readiness, suggesting that many firms rushed AI deployments without proper data preparation, which affected performance. Additionally, there is a lack of centralized observability and governance for AI agents, posing potential risks. A unified data platform is recommended to enhance efficiency and reduce operational costs. Moreover, the study underscores the necessity of investing in both AI technology and human capital, as businesses report increased productivity when AI manages routine tasks, leading to a shift in focus towards strategic initiatives and new roles. The findings advocate for a disciplined approach to AI adoption, focusing on foundational work and accountability rather than rapid experimentation.

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