Email marketers should forward the new MIT study, Building A High-Performance Data And AI organization,to their tech departments if they’re afraid to read it themselves.
It
isn’t happy reading: Conducted by MIT Technology Review Insights in partnership with Databricks, it shows that only 13% of firms feel they excel in delivering on their data
strategy.
Among their challenges are:
- Data management platform does not easily scale — 44%
- Slow processing of large amounts of data — 39%
- Hard for cross-functional teams to collaborate on all analytics use cases —
29%
- High data duplication — 22%
- Complex and fragment tools for ML — 20%
Moreover, only a few put
themselves at the very top on a scale of one to 10 (10 being at the apex).
10. — 2%
9. — 11%
8. — 34%
7.
— 41%
6. — 9%
5. — 1%
4. — 2%
3. — 0%
2. — 0%
1. —
0%
Only 13% in total call themselves high achievers, and 15% in North America.
The ratings per industry are: financial services (21%), government/public sector (20%), life sciences
& health care (17%), oil and gas (17%, automotive & transportation (16%) and telecom (16%).
That said, companies are trying to move forward. Cloud, once considered optional, is
utilized by 63% in their data architecture.
Companies worldwide hope to achieve these goals with enterprise data over the next two years:
- Expand sales and services
channels — 45%
- Improve operational efficiency — 43%
- Improvement innovation in reducing time to market — 42%
- Improve maintenance of physical assets — 34%
- Enter new product or service markets — 33%
- Improve ESG —
33%
To achieve those things, brands list the following as their most important enterprise data initiatives over the same period:
- Improve data quality and
processing — 48%
- Increase adoption of cloud platforms — 43%
- Enhance data analytics — 43%
- Expand application of ML
— 42%
- Expand usage of all data (e.g., streaming and unstructured data — 36%
In North America, 50% hope to increase adoption of cloud
platforms. But only 36% expect to enhance data analytics, perhaps because they already feel they are there.