Organizations recognize the inherent business value of their data. But first they must better harness it.
That’s the overall assessment of a large-scale global study conducted by MIT Technology Review including 2,357 IT decision-makers (ITDMs). The study examined how companies view their data, as well as the strategies and tools they’re using to unlock the power of their information.
In particular, the study found that organizations see using artificial intelligence (AI) as a way to draw insights that will drive growth, improve processes, increase efficiency, and fuel innovation.
The Power of Data
There is potent value in data for decision-making, business growth, and innovation—a point well understood by IT and business leaders.
For example, the survey respondents agreed that:
- Data is key to delivering better results for clients and customers (87%).
- Collecting data is important to business growth (87%).
- Data is the foundation of making business decisions (86%).
Having data is certainly not a problem. The majority (83%) said they have lots of it. The challenge is critically analyzing it, especially for competitive advantage. Large enterprises have the edge here; 86% said they are already using data in new, innovative ways.
Smaller companies feel the resource pinch: 79% agreed that these organizations feel the pressure to keep up. Yet there is confidence that data will be at the forefront of their growth and that using creative analytics will deliver a competitive edge.
In fact, companies of all sizes are using analytics to drive growth, including the ability to tailor their approaches to customers, enhance experiences, and ultimately improve customer loyalty. They’re also using intelligent data to set business direction and strategy, support new development and innovation, and better manage internal resources.
Download Unlocking the Power of Data with AI to learn why the future of AI looks bright and explore the results of the MIT Technology Review global study.