Nearly every business is under competitive, disruptive, and regulatory pressures. As companies face digital transformation and modernization to meet their customers’ expectations, leveraging data and AI at the speed of business can be the biggest differentiator.
However, according to MIT Sloan, 81 percent of organizations don’t understand their data because it’s locked in silos. Much of the data remains inaccessible, untrusted or unanalyzed, providing little-to-no value. Cloud and mobile adoption has accelerated the pace of data creation and increased the number of locations where data can reside. Yet many businesses don’t know what data they have, where it resides, what systems are using it and for what purpose – and if it meets regulatory and compliance requirements.
With all of these challenges, how can companies gain agility through data?
Companies are need trusted, business-ready data at the speed and scale of the market to help achieve business objectives. Goals such as “I want to increase sales revenue by 5% next quarter;” “I want to decrease costs by 5 percent over the next 3 quarters;” “I want to increase cross-sell and upsell opportunities by 10 percent” are mentioned around boardrooms. Yet data bottlenecks continue to be a challenge and prevent these goals from being achieved.
The common data bottleneck
Many data-driven organizations are spending 80 percent of their time on data preparation and find it a major bottleneck. The reality is their data is not business-ready. When data is not business-ready, they spend more cycles, time, and resources on data preparation instead of spending time on AI modeling, analytics reporting and iterating for new insights…