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.”
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