Businesses are dealing with increasing volumes of data, and knowing how to make the most of that data will become essential to survive and thrive, managers believe.
However, many firms currently lack the necessary knowledge.
MHR Analytics surveyed 500 senior technology and finance managers in large UK organisations for its Data Decade survey, revealing that:
More than half (55%) believe data analytics will be essential for business survival in the next ten years, 53% say automation will be essential, and 42% believe AI will be essential.
A fifth (21%) of UK companies plan to implement AI but they don’t have a data strategy to support it, suggesting a better understanding will be necessary.
Skills gaps are delaying AI adoption, with 40% reporting this as a barrier to advanced analytics.
Data science skills will increase in importance, with 43% of senior professionals saying they will need to learn data science or analytics skills to progress their role in the next five years.
43% say their role will become more strategic as traditional tasks become automated, with 91% saying their department will become more efficient due to automation.
“Without the crucial component of a good data foundation, it is impossible to implement advanced analytics, automation or AI,” explained Laura Timms, product strategy manager at MHR Analytics. “Despite a widespread appetite for adopting these technologies, the study showed that a better understanding of data strategy basics will be vital for companies to launch the data-driven projects they know they need to compete.”
Timms added: “The research results demonstrate the positive aspirations that senior leaders have about data-driven technology, and how it will evolve and advance their roles and keep their organisations competitive in the next decade. But delivering any AI-based system relies on getting the basics right with every aspect of your data quality, and on taking a step-by-step approach to data maturity.”
Download our Next-generation connectivity report to learn more about how data analytics, automation, AI and other advanced technologies will impact key business sectors over the next few years.
Tags: data analytics