The Economist Intelligence Unit / Snowflake study shows that business leaders are aware of the 'importance of data.
Data heritage is at the heart of competitiveness according to the results of The Economist Intelligence Unit / Snowflake study.
For many years now, it has been fashionable to be" data driven "and exploit" 21st century oil. "However, behind the display of service providers and other suppliers, or even the wishes of IT or marketing managers, what is the real feeling of company executives, ceux who hold the purse strings? To this question, a study carried out by The Economist Intelligence Unit on Snowflake's order gives cause for optimism. Indeed, 87% of respondents believe that their data represents their most important differentiating asset, the core of the competitive advantage over their competitors. In view of a health crisis and therefore budgetary difficulties, 84% ensure that it is important to strengthen data processing tools to increase the responsiveness of companies. But for what real purpose? Firstly, to effectively achieve the digital transformation of companies (40% of respondents), ahead of product / service innovation (37%) and data analysis (34%).
But it should not be overlooked that data does not remain in a safe: frequently sharing data with third parties to improve products and services is a frequent practice for 50% of respondents, 49% did sont to improve their customer relations practices. However, respondents are aware of the risks: confidential data leakage (42%), misuse of shared data (41%) and the high cost of sourcing and sharing data (26%).
AI and machine learning soon to be routine
Data exploitation will be done more and more frequently, according to respondents, using AI and machines learning. 83% believe that AI and machine learning will be used routinely in their companies within five years. As a result, increasing budgets over the next three years for data analysis (85%), data storage (83%) and purchasing data from third-party vendors (72%) seems a given. . But the efficient use of data also faces challenges: regulations relating to the protection of privacy (41%), accuracy and pData cleanliness (between a quarter and a third of respondents), the lack of talent to analyze the data (22%) and to strengthen technical capacities (21%) and, finally, the lack of investment in relevant tools (20%).