It’s been said that “data is the new oil”🪔- and that is certainly the case with the growing prevalence of AI solutions.

The need for incredibly large sized datasets – and high-quality data – is vitally important to help train AI algorithms and to properly fuel AI.

In fact, data and AI are a dynamic duo. They are like a modern-day Laurel & Hardy, Batman & Robin, John Lennon & Paul McCartney, Bert & Ernie, and Laverne & Shirley – they need each other to be highly successful.

In this recent highly informative article from The Economist entitled, “AI is Setting Off a Great Scramble for Data,” it states that “A data land grab is under way…Demand for data is growing so fast that the stock of high-quality text available for training may be exhausted by 2026, reckons Epoch ai, a research outfit.”

Some of the other key 🔑 points from this article are as follows:

©️ As the demand for data rises, potential copyright infringement claims will also rise.

📈 There is a significant increase in the number of deals to help secure viable sources of data.

ℹ️ Don’t forget about your company’s own vast internal sources of information like unstructured datasets.

As you develop an AI strategy, make sure that you also focus on data, data and more data – especially since every organization is a data organization.

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Photo of Dennis Garcia Dennis Garcia

Dennis Garcia is an Assistant General Counsel for Microsoft Corporation based in Chicago. He practices at the intersection of law, technology and business. Prior to joining Microsoft, Dennis worked as an in-house counsel for Accenture and IBM.

Dennis received his B.A. in Political…

Dennis Garcia is an Assistant General Counsel for Microsoft Corporation based in Chicago. He practices at the intersection of law, technology and business. Prior to joining Microsoft, Dennis worked as an in-house counsel for Accenture and IBM.

Dennis received his B.A. in Political Science from Binghamton University and his J.D. from Columbia Law School. He is admitted to practice in New York, Connecticut and Illinois (House Counsel). Dennis is a Fellow of Information Privacy, a Certified Information Privacy Professional/United States and a Certified Information Privacy Technologist with the International Association of Privacy Professionals. Please follow Dennis on Twitter @DennisCGarcia and on his It’s AI All the Time Blog.