When IDC’s application for strategic areas for its company in the next five years, 80% of CEOs indicate data, in particular the use of data in decision-making models to gain a competitive advantage.
However, most companies are not aware of how valuable they are really getting from the data. New technologies are therefore needed to achieve greater awareness, react more quickly to events, support a wider set of decisions or automate some. Today, the data and intelligence linked to them represent a unique opportunity to create an unimaginable value.
It is certain that algorithms are transforming society, companies and competition rules. By 2024, IDC expects companies that will implement data management, integration and analysis solutions based on machine learning techniques to double employee productivity based on data.
The first generation of independent or partially automated integration and analysis solutions and databases is already on the market. The first use cases are confirming the promises of a lesser need to devote time to manual activities such as database optimization, backup and recovery, data quality evaluation and correction, to give examples. Automation, using combined techniques of artificial intelligence and machine learning, will continue to progress rapidly as companies implement performance and behavior monitoring forms and methodologies.
The ability to monitor, learn and explain all data related processes related to data (of systems and people using them) is further enabled by the adoption of cloud-based data management, integration and analysis solutions, which can meet customers’ needs in the cloud. In the coming months, continuous updates to the management, integration and analysis of native cloud architecture-based data solutions will guide implementation, maintenance and development processes with further productivity improvements.
To address the industrialisation of analytics and data governance through algorithms, companies will have to act on more technological, organizational and cultural plans , focusing mainly on literacy and metrics. According to IDC forecasts, by 2022 a third of large companies will launch formal data literacy initiatives among their employees to promote a data-driven culture and counter misinformation. By 2023, 70% of large companies will use metrics to measure the value generated by data, thus improving decision-making processes and the allocation of internal resources throughout the organisation.
Today, it is no longer enough to hide behind metaphors like Nor is it sufficient to say that investment in data leads to better decisions without defining and measuring this adjective. In a recent IDC study on the use of analytics, 63% of respondents reported having seen the benefits of big data and analysis projects but not quantified them. The lack of methods to measure the value of data inhibits informed decisions on investments in data, integration and analysis.
To take this step, we also need an adequate level of company literacy. Data literacy is not only the ability to effectively use analysis or artificial intelligence tools. It is the ability to read, work, analyze and discuss with data. Data literacy is as fundamental for a company in today’s world of big data and artificial intelligence as general literacy is for a person’s learning ability. It is a capacity that can and must be developed at individual level and for the enterprise as a whole.
How to manage data to maximize its value will be the fil rouge that will characterize the IDC Digital Forum: Data Strategy 2020, the new digital event that will be broadcast live streaming on September 29 from 9:30 to 13:15.
With the participation of IDC analysts, industry experts, leaders of Italian companies and international guests who will bring their experience, the event will be the occasion for chief data officers (CDO), CIOs, IT departments and digital innovators
For more information and the event agenda: IDC Digital Forum: Data Strategy 2020