With the rapid acceleration of the digital transformation journey, enterprises across industries need to have a high-performance data management system in place to achieve their long-term goals.
MIT Technology in collaboration with Databricks has published a new report that digs deeper into how data management strategies and technologies are evolving and the challenges that enterprise leaders face while making their organization a data-driven one.
The report is based on a survey of 351 executive leaders across the enterprise landscape. It explores how C-suite executive leaders from leading enterprises are doing great jobs by deploying advanced cloud-based technologies, including analytics and machine learning.
According to the report, while a few leading organizations are thriving by implementing AI and machine learning technologies in their business operations, many are still struggling to successfully leverage these technologies.
While there are many factors at play that prohibit these enterprises to scale their businesses, the report found that the main cause of the failure of these enterprises is not having a coherent data strategy in place.
The key findings of the report include:
- Only 13% of enterprises are successfully able to implement their data strategy. The respondents in this group are succeeding due to their focus on the foundation of sound data management and architecture. This is enabling them to democratize data as well as derive value from the machine learning platforms.
- According to 55% of respondents, not having a central repository to store and discover machine learning models is their biggest challenge.
- The respondents of the study agree that it is crucial to democratize analytics and machine learning capabilities. According to them, the incorporation of advanced data technologies can help enterprise leaders to make informed decisions. Furthermore, this technology-enabled collaboration can also them to establish a working data culture for all.
- Of all the respondents only 12% were able to achieve their ROI on analytics and BI initiatives, further making a strong case for having a sound data strategy in place.
- 50% of respondents stated they should have leverage open-source standards and open-data formats to build an advanced data architecture for their business.
The report also reveals that enterprises top data priorities in the new couple of years fall into areas that support wide adoption of cloud platforms, enhancing data analytics as well as machine learning, improving data management, and expanding the use of all types of enterprise data that includes unstructured and streaming data.
According to Francesa Fanshawe, the editor of the report, “Managing data is highly complex and can be a real challenge for organizations. But creating the right architecture is the first step in a huge business transformation.” She further added, “There are many models an enterprise can adopt, but ultimately the aim should be to create a data architecture that’s simple, flexible, and well-governed.”