As discussed in our recent blog, businesses are facing a number of data-specific challenges – ranging from feeling overwhelmed by the volumes of data they are generating to their inability to analyse this data.
Many businesses simply don’t have the processes or systems in place to allow them to quickly collect and derive insights from data. For instance, over half of senior decision-makers within UK businesses say their organisation is wasting time planning data collection. Meanwhile, 53% spend time deciding how best to analyse and interpret the collected data, and 52% plan an approach and methods for data collection.
While planning how to use data may seem beneficial, with the majority of businesses taking up to two weeks to analyse data, this information is likely to be outdated. As a result, senior decision-makers are often unable to make quick decisions to drive their business forward in rapidly evolving landscapes – a particularly pertinent issue in today’s climate.
Putting data to good use
Yet, although enterprises are experiencing delays in data collection and analysis, they are making good use of their data. In fact, our survey found UK businesses are making use of a variety of data sources, including customer records, financial reports and sales figures.
This wealth of data that businesses are generating is being put to good use with 93% of organisations using it to get to know their customers better and 91% using it for the decision-making process. Additional use cases range from identifying business challenges and needs (89%), to trend prediction (83%).
However, with these decisions often being based on what is essentially outdated information, businesses must consider how they can access and analyse their data quicker. Key to achieving this will be making use of data platforms that deploy artificial intelligence (AI) and machine learning (ML) which will enable them to analyse and gain insight from their data in near to real-time.
With almost three-quarters of senior decision makers saying they are already comfortable with the use of AI in their business, and 64% seeing AI as having a positive impact on their job in the future, extending its use within their organisations is only going to be beneficial.
Access to real-time data
Data is an extremely valuable asset for businesses, however, there is currently too much of a delay between data being collected and the insights gained from it being implemented. The democratisation of infrastructure with the use of AI, ML and cloud technologies will allow businesses to deliver real-time outcomes at scale.
With startups disrupting practically every industry by leveraging AI and increasing the competitive pressures on established organisations, it’s vital more established businesses follow suit by embracing AI to improve processes. The use of AI and ML in data platforms, such as InterSystems IRIS, can have a significant impact on organisations, allowing them to extract insights faster and deliver more value to their customers.
As data continues to grow exponentially, the challenges in accessing and using this data to the greatest effect are only going to worsen unless businesses take action to implement the right solutions and operationalise predictive technologies to get ahead of the competition.