Fortune 1000 companies are investing, fast.
In this years Big Data and AI Executive Survey 2019 of C-Suite leaders, 48% say their organisation competes on data and analytics. 31% said they have a “data-driven organisation,” and 28% a “data culture.” 92% of the respondents are increasing their investment in big data and AI. 62% have already seen measurable results from their investments in big data and AI.
This is evidence that Fortune 1000 companies consider data to be an asset and a competitive advantage. While these numbers prove large organisations are motivated for transformation, in the same survey leaders also admit finding the transformation process to a data driven organisation rather challenging.
Transformation starts with people & culture.
Firms are ramping up investment in Big Data and AI to accelerate business agility but they are struggling with data driven business transformation siting cultural challenges as the biggest obstacle to business adoption. The report noted firms need to adopt a long-term approach, focusing on people and processes as a starting point.
Competition & FOMO biggest drivers
Big Data and Artificial Intelligence (AI) are enabling capabilities which hold the potential for companies to reach new customers and better serve the customers they have – if deployed creatively, wisely, and effectively.
Companies are united in their view that business transformation and greater agility will enable them to operate more competitively – 91.7% acknowledged these as the driving factors.
The survey results showed the motivation for transformation is being driven by 75% fear of disruption from new entrants, and 88% feel greater urgency to invest in big data and AI. 92% are driven by positive objectives like transformation, agility, or competition while only 5% are driven by cost reduction.
In light of this it’s pivotal for leadership teams to ignite the strategic discussions required to engage key stakeholders across the organisation.
Five key questions executive teams need to discuss on their journey to enabling a data-driven culture.
Data audit — what data do we have and where is it?
Do we have a map of where it all sits throughout the business and what it is used for? Are we allowed to hold the data we do? Is it compliant?
What’s my direction and strategy?
How do we use the data we have and how are we leveraging it in the best way so that it is an enabler and creator of value across the business?
What does the future look like for our business?
What data would we like to have relevant to channel, contacts, smart devices, social and customer preferences? What does our future strategy and technology road map look like?
Do I have the right data capture, teams and tools in place to actually execute?
Am I bringing together the left-brain and right-brain thinking of technology, data, marketing and creativity to deliver true customer centricity?
Data Insight is passionate about continuing to support New Zealand organisations striving for transformation towards data driven decision making. We know many are well on the way but finding the same challenges in execution.
Over the coming months stay tuned and look out for events, resources, thought leadership and technical support from Data Insight to help you and your organisation achieve your transformation goals in the age of big data and Artificial Intelligence.
To fast track the understanding and direction of senior leadership, Data Insight is hosting DI Day on September 24th. Click here for more information and registration details.