You’d be hard pressed to find an enterprise that doesn’t claim it’s “data-driven.” Yet, less than 39% of business leaders claim to be managing data as a business asset.
Why is it so hard for organizations to turn data into ROI?
In a word, complexity.
The explosion of data within the enterprise isn’t just a matter of volume. New sources and types of data, changes in consumer and business channels, the advent of new technologies have all led to an exponential increase in the complexity of the data amassed. Organizations see upwards of 80% of their data generated annually being unstructured or semi-structured. This increasingly complex data is like a treasure chest of potential opportunities. But most organizations don’t have the processes or platforms designed to handle this complexity.
Lacking clear guidance, enterprises have honed in on AI as the mechanism to shift from what to why within their increasingly complex landscapes, projecting to spend $100 billion on AI by 2023. Even so, most are still setting themselves up to fail as they are focused on supervised solutions which are constrained to the same set of challenges as BI: limited data, narrow focus, and inefficient time-to-value.
This isn’t the case for everybody. Organizations like Facebook, Amazon, and Google are of the few we’ve seen find success monetizing their data complexity with AI. But they’ve done it by recruiting an army of data workers most enterprises could never hope to match.
Wouldn’t your business like a way to monetize its data like the Amazon’s of the world for a fraction of the cost?
As we begin 2021, enterprises need to accept their analytics flaws and seek out ways to reduce blind spots by embracing their full data complexity and invest in the right technology to achieve this mission like Unsupervised.
For a more in depth primer on monetizing your data into real business opportunities, download our Turning Data Complexity Into a Competitive Advantage whitepaper today.