Corinium’s New Study Reveals Enablers And Barriers To Achieving An Enterprise Digital Transformation
Industry: Technology
Investments in Artificial Intelligence (AI), Analytics and Hybrid Cloud Cited as Drivers of Change. Chief Analytics Officer, Spring in San Francisco on May 14-16, 2018 —new study conducted by Corinium Digital and commissioned by Paxata, Accenture Applied Intelligence and Microsoft, illustrates how data is at the heart of enterprise digital transformation.
North America (PRUnderground) May 14th, 2018
NEW STUDY REVEALS ENABLERS AND BARRIERS TO ACHIEVING AN ENTERPRISE DIGITAL TRANSFORMATION
Investments in Artificial Intelligence (AI), Analytics and Hybrid Cloud Cited as Drivers of Change
Chief Analytics Officer, Spring in San Francisco on May 14-16, 2018 —new study conducted by Corinium Digital and commissioned by Paxata, Accenture Applied Intelligence and Microsoft, illustrates how data is at the heart of enterprise digital transformation. The study, The Innovation Game: How Data is Driving Digital Transformation, examined how senior data & analytics practitioners are grappling with digital transformation and how a combination of data and new technologies are accelerating this shift.
Asked for the primary driver of digital transformation within their organization, 40 percent of respondents cited rapid technology development, followed by customer needs and expectations (34 percent), and the need to break down internal siloes to enable better decision-making (26 percent).
How New Technology is Driving Change
- Nearly all (93 percent) respondents said that their organizations are investing more than $1 million in new analytics initiatives in 2018/19. The main purpose of their analytics function are achieving cost savings and efficiency (43 percent) and to bolster revenue generation (23 percent).
- Three out of four (75 percent) are set up and trained on self-service analytics, and 76 percent of those that are set up believe this approach has enabled proliferation, understanding, and use of analytics throughout the business.
- Seven in 10 (72 percent) of respondents said that their organizations are investing more than $2 million to finance new AI initiatives in 2018/19. Areas of AI investment include strategic planning, artificial creativity and computer vision, virtual reality, and image processing.
- More than half feel that AI and machine learning play an integral part in their organization’s the decision-making process.
- Over 60 percent of respondents surveyed stated that their organizations store and use data for business analytics in a hybrid, multi-cloud strategy with data originating from cloud environments and existing on premises infrastructure.
Challenges That Are Hindering Digital Transformation
- Accountability is the primary obstacle impacting an organization’s ability to achieve a digital transformation (30 percent) followed by alignment and cooperation of internal stakeholders and technology.
- 70 percent of IT/Data Management teams struggle to support the business’ analytical needs, for example due to limited availability. Two out of five (38 percent) feel data quality is a problem with 15 percent expressing low confidence in the quality of the results from the data and 54 percent stating that they are somewhat confident in the quality of the results.
“Data is at the heart of this transformation and provides the fuel to generate meaningful insights,” Nenshad Bardoliwalla, Co-Founder and Chief Product Officer at Paxata. “We have reached the tipping point where all businesses recognize they cannot compete in a digital age using analog-era legacy solutions and architectures. The winners in the next phase of business will be those enterprises that obtain a clear handle on the foundations of digital transformation, specifically the nexus of modern data management, cloud, and artificial intelligence (AI).”
About the Study/Methodology The study surveyed 100 data and analytics leaders across North America, with 80 percent of companies participating having an annual revenue over $5 billion in February 2018. The results from The Innovation Game: How Data is Driving Digital Transformation highlights where firms are in their digital transformation journey. Corinium pre-scheduled interviews with 100 members of their data and analytics community. The participants were picked by the Corinium research team and interviewed by telephone appointment only.
Get a copy here: https://coriniumintelligence.com/chiefanalyticsofficerfall/the-innovation-game/
About Corinium
Corinium is a specialist market intelligence, advisory and events company. It has been delivering in-depth business insights, advice and tools to C-suite executives across the enterprise since it was founded in 2013.
With remote-first offices across the globe, Corinium boasts the world’s largest business community of more than 300,000 data, analytics, customer experience and digital transformation leaders.
The company will produce more than 90 digital, in-person and hybrid conferences and custom events in 2021, for clients in the US, Europe, the Middle East and Africa and Asia Pacific.
Its flagship Chief Data and Analytics Officer conferences are a staple of the global technology conference calendar, and its Business of Data content hub is one of the ‘go to’ sources of information for data and AI-focused executives.
Find out more here: https://www.coriniumintelligence.com/
About RE•WORK
RE•WORK’s events have been bringing together the latest technological advancements as well as practical examples to apply AI to solve challenges in business and society since 2013.
The company’s unique mix of academia and industry enables event attendees to meet with AI pioneers at the forefront of research and explore real-world case studies to discover the business value of AI.
RE•WORK also publishes podcasts, white papers and video interviews and has an on-demand video library of presentations from AI experts. It also hosts the Women in AI dinner and Women in AI podcast series.
Find out more here: https://www.re-work.co/