We’re definitely in AI hype mode at the moment largely driven by the evolution in generative AI.
However, it seems like this progress is not necessarily driving lots of data-related innovation inside organisations that are not AI-first tech companies.
A recent survey published by Randy Bean’s company, NewVantage Partners, confirms this. Here are the main findings compared to when the survey was last run 4 years ago:
- 59.5% of executives say their companies use data for business innovation – the same as four years ago.
- A drop from 47.6% to 40.8% of executives say their companies compete using data and analytics.
- Fewer executives (39.5% down from 46.9%) say their companies manage data as a business asset.
- Only 23.9% of executives now say their companies are data-driven, compared to 31% before.
- Just 20.6% of executives report having a data culture in their companies, down 27% from 28.3% in 2019.
These numbers spell regression, not progress.
Why is it so hard to become a truly data-driven organisation?
In this episode, Randy and I explore the challenges facing Chief Data & Analytics Officers and their teams, including:
- How organizations can create an environment that encourages innovation in data-driven initiatives
- Examples of organisations doing data well, and why
- How to set clear expectations around the responsibilities of CDAOs
- The most important qualities for someone in the CDAO role, and much more.
Randy on LinkedIn: https://www.linkedin.com/in/randybeannvp/
Randy's website and book, 'Fail Fast, Learn Faster': https://www.randybeandata.com/book
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