Knowledge modernization is squarely on the company agenda. In our survey of 350 senior knowledge and expertise executives, simply over half say their group has both undertaken a modernization venture previously two years or is implementing one immediately. A further one-quarter plan to take action within the subsequent two years. Different research additionally constantly level to companies’ elevated funding in modernizing their knowledge estates.
It’s no coincidence that this heightened consideration to bettering knowledge capabilities coincides with curiosity in AI, particularly generative AI, reaching a fever pitch. Certainly, supporting the event of AI fashions is among the many high causes the organizations in our analysis search to modernize their knowledge capabilities. However AI just isn’t the one motive, and even the principle one.
This report seeks to grasp organizations’ targets for his or her knowledge modernization initiatives and the way they’re implementing such initiatives. To take action, it surveyed senior knowledge and expertise executives throughout industries. The analysis finds that many have made substantial progress and funding in knowledge modernization. Alignment on knowledge technique and the objectives of modernization look like removed from full in lots of organizations, nevertheless, leaving a disconnect between knowledge and expertise groups and the remainder of the enterprise. Knowledge and expertise executives and their groups can nonetheless do extra to grasp their colleagues’ knowledge wants and actively search their enter on the best way to meet them.
Following are the examine’s key findings:
AI isn’t the one motive corporations are modernizing the info property. Higher decision-making is the first goal of knowledge modernization, with practically half (46%) of executives citing this amongst their three high drivers. Assist for AI fashions (40%) and for decarbonization (38%) are additionally main drivers of modernization, as are bettering regulatory compliance (33%) and boosting operational effectivity (32%).
Knowledge technique is simply too usually siloed from enterprise technique. Practically all surveyed organizations acknowledge the significance of taking a strategic strategy to knowledge. Solely 22% say they lack a totally developed knowledge technique. When requested if their knowledge technique is totally aligned with key enterprise targets, nevertheless, solely 39% agree. Knowledge groups can even do extra to deliver different enterprise items and features into technique discussions: 42% of respondents say their knowledge technique was developed completely by the info or expertise crew.
Knowledge technique paves the street to modernization. It’s most likely no coincidence that the majority organizations (71%) which have launched into knowledge modernization previously two years have had a knowledge technique in place for longer than that. Modernization objectives require buy-in from the enterprise, and implementation choices want strategic steerage, lest they result in added complexity or duplication.
High knowledge ache factors are knowledge high quality and timeliness. Executives level to substandard knowledge (cited by 41%) and premature supply (33%) because the aspects of their knowledge operations most in want of enchancment. Incomplete or inaccurate knowledge leads enterprise customers to query knowledge trustworthiness. This helps clarify why the commonest modernization measure taken by our respondents’ organizations previously two years has been to evaluation and improve knowledge governance (cited by 45%).
Cross-functional groups and DataOps are key levers to enhance knowledge high quality. Fashionable knowledge engineering practices are taking root in lots of companies. Practically half of organizations (48%) are empowering cross-functional knowledge groups to implement knowledge high quality requirements, and 47% are prioritizing implementing DataOps (cited by 47%). These kinds of practices, which echo the agile methodologies and product considering which have change into customary in software program engineering, are solely beginning to make their manner into the info realm.
Compliance and safety issues usually hinder modernization. Compliance and safety considerations are main impediments to modernization, every cited by 44% of the respondents. Regulatory compliance is talked about significantly regularly by these working in vitality, public sector, transport, and monetary providers organizations. Excessive prices are one other oft-cited hurdle (40%), particularly among the many survey’s smaller organizations.
This content material was produced by Insights, the customized content material arm of MIT Expertise Overview. It was not written by MIT Expertise Overview’s editorial employees.
