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

  • 96
    More than seven years ago, McKinsey & Company famously predicted that by 2018 there would be a shortage of 140,000-190,000 people with “deep analytical skills” (i.e., data scientists) in the United States. A year later, a 2012 article in the Harvard Business Review just as famously labeled data science “the…
    Tags: data, science, scientists, analytics, business
  • 80
    Features Why optimization models fail By Patricia Randall Supply chain and manufacturing: How to avoid chaos in the field by combining simulation and real-time optimization. AI: Path to an intelligent enterprise By Joseph Byrum Imagine a future guided by artificial intelligence: Augmenting human decision-making at the enterprise level to generate…
    Tags: analytics, data, scientists, business, science
  • 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

Headlines

Using machine learning and optimization to improve refugee integration

Andrew C. Trapp, a professor at the Foisie Business School at Worcester Polytechnic Institute (WPI), received a $320,000 National Science Foundation (NSF) grant to develop a computational tool to help humanitarian aid organizations significantly improve refugees’ chances of successfully resettling and integrating into a new country. Built upon ongoing work with an international team of computer scientists and economists, the tool integrates machine learning and optimization algorithms, along with complex computation of data, to match refugees to communities where they will find appropriate resources, including employment opportunities. Read more →

Gartner releases Healthcare Supply Chain Top 25 rankings

Gartner, Inc. has released its 10th annual Healthcare Supply Chain Top 25 ranking. The rankings recognize organizations across the healthcare value chain that demonstrate leadership in improving human life at sustainable costs. “Healthcare supply chains today face a multitude of challenges: increasing cost pressures and patient expectations, as well as the need to keep up with rapid technology advancement, to name just a few,” says Stephen Meyer, senior director at Gartner. Read more →

Meet CIMON, the first AI-powered astronaut assistant

CIMON, the world’s first artificial intelligence-enabled astronaut assistant, made its debut aboard the International Space Station. The ISS’s newest crew member, developed and built in Germany, was called into action on Nov. 15 with the command, “Wake up, CIMON!,” by German ESA astronaut Alexander Gerst, who has been living and working on the ISS since June 8. Read more →

UPCOMING ANALYTICS EVENTS

INFORMS-SPONSORED EVENTS

INFORMS Computing Society Conference
Jan. 6-8, 2019; Knoxville, Tenn.

INFORMS Conference on Business Analytics & Operations Research
April 14-16, 2019; Austin, Texas

INFORMS International Conference
June 9-12, 2019; Cancun, Mexico

INFORMS Marketing Science Conference
June 20-22; Rome, Italy

INFORMS Applied Probability Conference
July 2-4, 2019; Brisbane, Australia

INFORMS Healthcare Conference
July 27-29, 2019; Boston, Mass.

2019 INFORMS Annual Meeting
Oct. 20-23, 2019; Seattle, Wash.

Winter Simulation Conference
Dec. 8-11, 2019: National Harbor, Md.

OTHER EVENTS

Advancing the Analytics-Driven Organization
Jan. 28–31, 2019, 1 p.m.– 5 p.m. (live online)

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.