Challenges, Opportunities, and Real World Insights from UK Data Scientists.
Back in 2017, The Economist1 printed an article that suggested the world’s most valuable resource was no longer oil, but data. It argued that the big five technology companies — Alphabet, Amazon, Apple, Facebook and Microsoft — were proof that the importance of data had overtaken that of oil.
This ‘data is the new oil’ phrase has been disputed since, but one thing that has not been contested is that businesses are relying more on data, and it is a core part of many digital transformation strategies.
This new focus has seen organisations hiring Chief Data Officers (CDOs) and data scientists to help build strategies to collect, store and analyse data, and use the data analysed to provide insights that can then be used to give businesses a competitive advantage.
But while data and analytics are key to an organisation’s digitisation and transformation efforts, Gartner2 believes that fewer than 50% of documented corporate strategies mention data and analytics as fundamental components for delivering enterprise value. The analyst firm also believes this will change quickly — by 2022, it believes 90% of corporate strategies will explicitly mention information as a critical enterprise asset, and analytics as an essential competency.
Digital Transformation EXPO wanted to delve into how businesses could in fact get to a point where data is considered a core asset by senior management, and what the barriers were for organisations to use data effectively.
We commissioned research with 200 people working in data science based in the UK to find out and the results were illuminating.