Explore Salesforce’s State of Data and Analytics report, unveiling key insights on AI advancements, data challenges, and strategies employed by global leaders. Discover how businesses navigate the evolving landscape of data governance and AI to harness its immense potential.
Salesforce, the leading provider of CRM solutions worldwide, recently unveiled its findings in the State of Data and Analytics report, drawing insights from a survey encompassing over 10,000 analytics, IT, and business leaders across 18 countries, with 600 respondents from Singapore.
The report delves into critical trends impacting data leaders, shedding light on strategies adopted to navigate the swift advancements in artificial intelligence (AI), the challenges organizations encounter in maximizing their data’s potential, and the approaches employed by analytics and IT leaders to handle the increasingly vast and intricate data landscape.
Key takeaways from this year’s State of Data and Analytics report encompass various facets:
- AI Progression Spurs Demand for Trustworthy Data: The rapid evolution of AI technologies intensifies the need for secure and reliable data. The swift pace of AI advancements, including the emergence of generative AI, has created an eagerness among companies to leverage its benefits. In Singapore, 84% of business leaders express concerns about missing out on these advantages, yet only 38% of them hold full confidence in their data accuracy. This disparity places considerable pressure on data management teams to ensure high-quality data fuels algorithms. Notably, 84% of analytics and IT leaders in Singapore prioritize data management due to AI advancements.
- Security Threats and Data Volume Overwhelm Data Potential: Realizing the full potential of data encounters obstacles such as security threats and the sheer volume of data. In Singapore, analytics and IT leaders identify security threats as their primary data challenge, while business leaders cite overwhelming data volumes as their biggest hurdle. Globally, companies are projected to generate 22% more data, on average, over the next 12 months.
- Leaders Harness Data Culture and Governance for Achievement: To maximize the value and trustworthiness of data, analytics and IT leaders rely on robust data governance. In Singapore, 87% of such leaders utilize data governance to ensure and validate baseline data quality. Additionally, 68% of these leaders plan to invest more in data training in the coming year to bolster internal data culture.
Regarding these findings, Gavin Barfield, Vice President & Chief Technology Officer, Solutions, Salesforce ASEAN Salesforce, remarked, “AI’s effectiveness is contingent upon the quality of the data fueling it. Companies need not just an AI strategy but also a comprehensive Data Strategy. Consolidating disparate data sources to form a holistic customer view is crucial for establishing a reliable foundation for AI. Embracing a data-driven approach will enable companies to harness AI’s significant potential. A strategic emphasis on robust data governance and fostering a strong data culture that empowers employees in handling data independently will be pivotal in reaping AI’s benefits.”
Salesforce’s State of Data and Analytics report illuminates the dynamic landscape of AI advancements and data challenges faced by businesses globally. The findings underscore the critical importance of robust data management strategies in unlocking the full potential of artificial intelligence. As companies navigate these challenges, fostering a strong data culture and embracing comprehensive data governance emerge as pivotal steps toward harnessing the transformative power of AI in the ever-evolving realm of analytics and technology.