Share with your friends










Submit

Analytics Magazine

Data science critical for success, but enterprises slow to respond

New research by Continuum Analytics finds that 96 percent of data science and analytics decision-makers agree that data science is critical to the success of their business, yet a whopping 22 percent are failing to make full use of the data available. The research, conducted by the independent research firm Vanson Bourne, surveyed 200 data science and analytics decision-makers at U.S. organizations of all sizes and industries, to examine the state of open data science in the enterprise. Continuum Analytics also surveyed more than 500 data scientists to uncover similarities and disparities between the two groups. Topics ranged from the value of data science, challenges around adoption and how data science is being utilized in the enterprise.

Key takeaways and findings from the research include:

  • The benefits of data science in the enterprise are undisputed; 73 percent of respondents ranked it as one of the top three most valuable technologies they use. Conversely, findings show that a disparity exists between understanding the impact of data science and executing it in the enterprise – 62 percent said data science is used at least on a weekly basis, but just 31 percent of that group are using it daily.
  • When comparing the beliefs of executives/IT managers with data scientists, nearly all respondents from both groups agree on the critical impact of data science in the enterprise. However, a divide exists around where companies are in the data science lifecycle. Just 24 percent of data scientists feel their companies have reached the “teen” stage – developed enough to hold its own with room to mature – as opposed to the 40 percent of executives who feel confident they have arrived at this stage of development.
  • Despite the benefits offered by data science, 22 percent of enterprise respondents report that their teams are failing to use the data to its potential. What’s more, 14 percent use data science very minimally or not at all, due to three primary adoption barriers: executive teams that are satisfied with the status quo (38 percent), a struggle to calculate ROI (27 percent) and budgetary restrictions (24 percent).

While obstacles persist, an increasingly data-driven world calls for data science teams in the enterprise – it’s not a one-person job. Though 89 percent of organizations have at least one data scientist, less than half have data science teams. Findings revealed that 69 percent of respondents associate open data science with collaboration, proving that teamwork is essential to exploit the power of the data, requiring a combination of skills best tackled by a strong team.

“Our research shows that data science is no longer just for competitive advantage; it needs to be infused into day-to-day operations to maximize the value of data,” says Continuum Analytics Executive Vice President Michele Chambers. “Data science is business and the best run businesses run open data science.”

For more information, click here.

 

Related Posts

  • 79
    Save Save
    Tags: science, data, scientists, analytics
  • 76
    By Eric Siegel Note: This article is excerpted from Eric Siegel’s foreword to the recently released book, “Mining Your Own Business: A Primer for Executives on Understanding and Employing Data Mining and Predictive Analytics,” by Jeff Deal and Gerhard Pilcher. For predictive analytics to work, two different species must cooperate…
    Tags: data, analytics, business, science
  • 72
    Just one-third (33 percent) of CEOs have a high-level of trust in the accuracy of their data and analytics (D&A), a new KPMG survey has found, and 29 percent have limited trust or active distrust of their organization’s use of D&A.
    Tags: percent, data, analytics, science, business
  • 70
    The CUNY School of Professional Studies is offering a new online master of science degree in data analytics. The program prepares its graduates for high-demand and fast-growing careers as data analysts, data specialists, business intelligence analysts, information analysts and data engineers in such fields as business, operations, marketing, social media,…
    Tags: data, analytics, business
  • 69
    INFORMS member Brenda L. Dietrich, an IBM Fellow, vice president and leader of IBM’s data science group, was recently profiled by Forbes in an article headlined, “Meet 9 Women Leading The Pack In Data Analytics.” Dietrich is also an INFORMS Fellow and a member of the National Academy of Engineering.…
    Tags: data, analytics, science, business


Headlines

Challenges facing supply chain execs: leadership, labor, legacy technology

While most companies recognize the value of a digitally enabled supply chain – empowered by new technologies like artificial intelligence, blockchain, big data and analytics – many chief supply chain officers (CSCOs) are not leveraging their C-suite counterparts to help reinvent the supply chain function and transform it into an engine of new growth models and customer experiences, according to new research from Accenture. Read more →

Data Science Bowl: Using AI to accelerate life-saving medical research

Imagine unleashing the power of artificial intelligence to automate a critical component of biomedical research, expediting life-saving research in the treatment of almost every disease from rare disorders to the common cold. This could soon be a reality, thanks to the fourth Data Science Bowl, a 90-day competition in which, for the first time, participants trained deep learning models to examine images of cells and identify nuclei, regardless of the experimental setup – and without human intervention. Read more →

UPCOMING ANALYTICS EVENTS

INFORMS-SPONSORED EVENTS

INFORMS International Conference
June 17-20, 2018, Taipei, Taiwan

INFORMS Annual Meeting
Nov. 4-7, 2018, Phoenix

OTHER EVENTS

Advancing the Analytics-Driven Organization
July 16-19, noon-5 p.m.


Making Data Science Pay
July 30-31, 12:30 p.m.-5 p.m.


Predictive Analytics: Failure to Launch Webinar
Aug. 18, 11 a.m.


Applied AI & Machine Learning | Comprehensive
Sept. 10-13, 17-20 and 24-25

CAP® EXAM SCHEDULE

CAP® Exam computer-based testing sites are available in 700 locations worldwide. Take the exam close to home and on your schedule:


 
For more information, go to 
https://www.certifiedanalytics.org.