Every business owner agrees that data is the new oil, yet few have been successful in leveraging the data they have stored, says a study carried out by MIT Technology Review and Databricks.
That’s largely because managing data’s end-to-end lifecycle has remained a challenge. In the study, barely 13% of organizations were found to have successfully exploited the data they’ve gathered.
In the study, more than 50% of chief data officers expressed interest in implementing new, cloud-based data platforms instead of embracing open source standards and data formats.
“Managing data is highly complex and can be a real challenge for organizations. But creating the right architecture is the first step in a huge business transformation,” the report noted.
A large majority of respondents confirmed that they had put artificial intelligence (AI) and machine learning (ML) technologies to use in order to tease out the maximum value from their data pool.
But these technology tools are not enough, says the report. “What these tools deliver, however, will be of limited value without abundant, high-quality, and easily accessible data.”
“Scaling ML use cases is exceedingly complex for many organizations. The most significant challenge, according to 55% of respondents, is the lack of a central place to store and discover ML models.”
MIT Technology said it surveyed around 350 chief data officers working for various organizations.