Technology Report: Data access hurdles impact AI adoption for 71%...

Report: Data access hurdles impact AI adoption for 71% of enterprises

-

- Advertisment -

Couldn’t attend Transform 2022? Check out all the top sessions in our on-demand library now! Look here.


Even as decision-makers and CXOs remain optimistic about the potential of AI, enterprises are struggling to make the most of it at ground level. Example: A new report from data integration giant fivetran that says 71% of companies find it difficult to access all the data needed to run AI programs, workloads and models.

Working with Vanson Bourne, the company surveyed 550 IT and data science professionals in multiple countries and discovered gaps in data traffic and access within their organizations. The finding is important because data is vital for the training and implementation of models. You can’t run a successful AI program without building a solid foundation for data storage and movement, starting with a data warehouse or more to automate data ingestion and preprocessing.

“Analytical teams using a modern data stack can more easily increase the value of their data and maximize their investments in AI and data science,” said George Fraser, CEO of Fivetran, in the study.

Obstacles to data access

In the questionnaire, almost all respondents confirmed that they collect and use data from operational systems at some level. But 69% said they struggled to access the right information at the right time, while at least 73% said they had trouble extracting, loading and transforming the data and translating it into practical advice and insights for decision-makers.

Event

MetaBeat 2022

MetaBeat will bring together thought leaders to offer advice on how metaverse technology will change the way all industries communicate and do business October 4 in San Francisco, CA.

Register here

As a result, while a large number of organizations (87%) view AI as essential to the survival of businesses, they are not getting the most out of it. Their broken, manual data processes lead to inaccurate models, ultimately resulting in a lack of trust and circling back to humans. Survey respondents claimed that inefficient data processes force them to rely on human-led decision making 71% of the time. In fact, only 14% of them claimed to have reached advanced AI maturity, using general purpose AI to automatically make predictions and business decisions.

In addition, there is a significant financial impact, with respondents estimating that they are missing out on an average of 5% of global annual revenue due to models built using inaccurate or low-quality data.

Talent is wasted

The challenges associated with data movement, processing and availability also mean that the talent hired to build AI models ends up wasting time on tasks outside their main job. In the Fivetran survey, respondents claimed that their data scientists spend an average of 70% of their time preparing data. A whopping 87% of respondents agreed that the data science talent within their organization is underutilized.

According to Fortune Business InsightsThe global AI market is expected to grow from $387.45 billion in 2022 to $1,394.30 billion in 2029, growing at a CAGR of 20.1%

The mission of VentureBeat is a digital city square for tech decision makers to learn about transformative business technology and transactions. Discover our briefings.

Shreya Christinahttps://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

The Untold Truth of Tig Notaro’s Wife – Stephanie Allynne

Who is Stephanie Allynne? Born on September 19, 1986 in Claremont, California, USA, Stephanie Allynne is an actress, but possibly...

Are people throwing away your company swag? Five tips for better end-of-year gifts

Lou Elliott-Cysewski, co-founder and CEO of Coolperxthe world's first climate-neutral branded goods company. It's the dirty little secret of corporate...

How companies can accelerate transformation

Couldn't attend Transform 2022? Check out all the top sessions in our on-demand library now! Look here....

3 No-Brainer Stocks to Buy During the Bear Market

The stock market is definitely in bear market territory and is now flirting with new 2022 lows. Clearly significant...
- Advertisement -

NASA’s Artemis I Launch Has Been Officially Delayed Until November

Hurricane Ian arrived in Florida as a Category 4 hurricane, but weakened to a tropical storm by the time...

Meta plans workforce freeze, NASA shoots down an asteroid, and Elon’s tweets are made public • ukbusinessupdates.com

Hello all! Welcome back to Week in Review, the newsletter where we quickly list some of the most-read...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you