Data science evangelists have long since predicted that the future business growth hinges on the intelligent use of data. Given the fact that data has grown exponentially in volume, executive leaders are increasingly aware of its importance.
The most successful companies today are using large bodies of data to identify key insights, ultimately helping them deliver new forms of value. At each digital touchpoint, customers leave a wealth of knowledge which can be transformed into actionable insight.
In a recent study conducted by the MIT Technology Review, both global business and IT leaders stated that they realize the value of data but have trouble when it comes to artificial intelligence (AI) technology adoption.
According to the study:
- 87% agree that data is the key to delivering better results for clients and customers
- 87% find that collecting data is important to business growth
- 83% agree AI will be a game changer in the way we think about and process data
- 78% agree that digesting, analyzing and interpreting the volume of data is a challenge
- 79% agree that ensuring their business is using relevant and quality data sources is a challenge
The primary barriers to AI adoption seem to be the costs, infrastructure readiness, and talent resources. Even with these barriers, businesses are making strides to keep up with agile competitors that are using analytics in creative ways.
Companies like American Express, GE and AT&T are utilizing analytics capabilities to not only change the way customers view their business, but also to deliver on positive business outcomes. According to research firm Mckinsey & Company:
- American Express has changed the quality of their data, taking an active approach to learning how to extract the right type of data.
- GE took a proactive approach with data-mining, targeting a specific data set outcome. After selecting an outcome, GE developed a strategy to organize their dataset to accomplish their business goal.
- AT&T largely uses analytics to map customer experiences. Their big data techniques are geared toward augmenting user experiences to more quickly resolve customer problems.
Data today is not only growing faster and bigger than ever, it’s also vastly different than it has been in the past. The question is, how are you managing, securing and gathering intelligence from that data?
To learn more about building a winning enterprise data strategy, read recent article 3 Data Strategy Conversations You Should be Having in the Boardroom.