5 Harvard-Recommended Ways to Improve Data Management for Your Business
By 2022, 90% of corporate strategies will explicitly cite information as a critical asset and analytics as an essential competency. This is according to research firm Gartner, which also found that data literacy will become integral in the enterprise.
Leveraging the most valuable asset
As data is the fuel of the digital economy, organisations must learn how to leverage its potential power. Likewise, a SAS report shows that 72% of enterprises believe data analytics creates valuable insights.
Gartner also found that over 80% of data and analytics strategies will formally include data literacy as a driver of business value. In just 3 years, 30% of CDOs will partner with CFOs in order to officially value the company's information assets.
In addition to this, over half of new major business systems will incorporate continuous intelligence. As a result, enterprises will benefit from real-time context data in order to improve business decisions.
"Analytics is at a crucial juncture, with new waves of analytic capability promising to spur even more radical transformation," Gartner states. Data and analytic leaders must therefore "balance pragmatic delivery of immediate benefits with a long-term vision for the role of analytics within their organisation."
AI will reign in the world of data
However, only 20% of analytic insights will deliver business outcomes through 2022. SAS also found that while 65% recognise data analytics as valuable, just 39% say it is crucial to their business strategy.
Despite this, Gartner predicts that AI-enabled automation in data management will become more widespread. By 2023, this will subsequently reduce the need for IT specialists by 20%.
Through 2023, computational resources used in AI will also increase by five times in comparison to 2018. As a result, this places AI in the top category of workloads driving infrastructure decisions.
By 2022 however, just 15% of use cases leveraging AI and involving edge or IoT will be successful. In 2023, 40% of I&O teams will use AI-augmented automation in large enterprises which will result in higher productivity, agility, and scalability levels.
How can metadata transform business intelligence? Listen to our podcast with CEO of Octopai Amnon Drori to find out