The ubiquity of data, analytics, and a knowledge-driven work ethic has been the hallmark of business since the turn of this millennium. It coincided with the rise of the internet. Increasingly, businesses and organizations are finding great value in the data they generate and collect. So much so that many use the phrase: data is the new oil. Data and applications are becoming the lifeblood of business, and rapid innovation in IT technologies is helping enterprises evolve and thrive in the digital age.
A growing majority of today’s business leaders believe in the power of data-driven insights to steer decision-making and drive profits. Most have or are implementing data-focused organizational changes, with 98.2% projecting that their data initiatives will deliver a return on investment in 2023. With data analytics and artificial intelligence (AI) becoming more and more central to enterprise operations, 69.4% of those organizations assert that data analytics is now part of their Chief Data Officer roles.
However, even as data and analytics are more infused with decision-making across all levels of an organization, few businesses seem to accurately understand the stakes involved, as 90% of IT officers believe leaders in the boardroom compromise data security and best practices for the pursuit of other goals.