Your company has a lot of data. But what do you do with this data? And how do you find the right people to manage it? Let alone analyze it for instant insights? These are common questions most IT leaders face with growing pressures to reduce operational costs, justify business analysis tools, and meet growing data trends, such as artificial intelligence (AI) and automated systems.
If you feel challenged by your data, you’re not alone. Researchers note that “30 percent of global organizations don’t have the right skills internally to analyze data, while the same amount are still struggling to understand which data is relevant and useful to them.”
You need data, but how do you use it?
The challenge of using data lies not just in accumulating it, but in effectively harnessing its potential. As revealed by a recent survey, a significant gap exists between the availability of data and its meaningful utilization within many organizations. The majority of top IT leaders express dissatisfaction with its relevance and effectiveness. This highlights a critical imperative: understanding data is pivotal to deriving actionable insights. Companies must adopt a proactive approach towards data, treating it not as a commodity but as a strategic asset.
According to IT leaders in a recent survey*, 73 percent have data embedded through the business but only 30 percent feel this data is relevant and 23 percent feel this data is used effectively.
Businesses must embrace a well-defined approach to using data wisely which can be condensed into three points:
- Fostering a culture that prioritizes data literacy and proficiency among employees is paramount. Equipping teams with the tools and knowledge necessary to interpret and leverage data empowers them to make informed decisions.
- Investing in robust analytics infrastructure and technologies is essential to streamline data processing and analysis, enabling organizations to extract meaningful patterns and trends.
- Promoting collaboration across departments to facilitate cross-functional insights. This allows companies to unlock new opportunities for growth and optimization.
Overall the journey from data accumulation to actionable intelligence demands a holistic strategy that involves people, processes, and technology. Understanding data involves more than just knowing how to access and manipulate it; it requires tools able to facilitate their use and discover hidden insights. Only then the power of data can be unlocked.
You can’t have better AI without better data
As the demand for advanced AI continues to surge, IT leaders face mounting pressure to provide businesses with high-quality, usable data.
According to IT leaders in a recent survey*, 30 percent say they don’t have the right skills to analyze data, 31 percent don’t have the right technologies in place, and 29 percent do not have the time.
A recent survey highlights a critical reality: better AI requires the availability of better data. AI algorithms rely heavily on the quality and relevance of input data to generate meaningful insights and drive innovation. Without access to clean, comprehensive datasets, AI systems risk producing inaccurate or biased outcomes, hampering their utility and diminishing their value to business users. Organizations must prioritize the acquisition and refinement of high-quality data, investing in both talent and technology to ensure data readiness so that businesses can empower AI systems to deliver transformative outcomes, driving efficiency, agility, and competitiveness in an increasingly data-driven landscape.
Solve your data challenges with Spotfire
To learn more about the survey, check out this recent press release. And explore the full infographic about the survey results.
*The survey was conducted by OnePoll and commissioned by the Spotfire business unit of Cloud Software Group, Inc. The research surveyed 1,200 business and IT leaders in the United Kingdom, United States, France, and Germany from companies with a revenue exceeding $500 million. Nov 2023.