59 percent of executives say big data at their company would be improved through artificial intelligence (AI).
It comes from studies conducted by PwC and reflects the growing belief among business leaders that AI can significantly enhance the management and use of big data within their organizations. This view is supported by the recognition that AI can improve processes like data analysis, pattern detection, and decision-making, making it easier to derive value from the vast amounts of data businesses collect.
The importance of this statistic lies in the fact that many companies struggle to fully capitalize on their big data investments. The tools and methods to extract insights from data have often been immature or difficult to scale. AI can bridge this gap by automating complex analytics tasks, improving data quality, and enabling more accurate predictions, helping organizations make data-driven decisions faster and with greater precision.
A data consulting firm can assist companies in this area by implementing AI solutions tailored to their specific needs. These firms can help integrate AI tools to streamline data processes, improve data governance, and ensure that data is prepared for AI use. Additionally, data consultants can provide the expertise needed to align AI initiatives with business goals, ensuring a higher return on data investments. They can also support organizations in overcoming challenges such as data silos, incomplete data, or bias in data, which are critical for successful AI implementation
- By 2025, more than a quarter of all data created will be real-time, with 95% of that data generated by the Internet of Things.
- The big data software market was worth $31 billion in 2018, growing 14 percent from the year before.
- 26 percent of businesses say data and analytics have significantly changed the nature of industry-wide competition.
- Only 7% of marketers surveyed report that they are currently effectively able to deliver real-time, data-driven marketing engagements across both physical and digital touchpoints.
- More than 30 percent of businesses say big data and analytics have fundamentally changed business practices in their research and development departments
- Data warehouse optimization is considered the most important big data analytics use case, and is considered critical or very important by 70 percent of businesses.
- Analytics leaders are nearly twice as likely as others to report enacting a long-term strategy to respond to changes in core business practices.
- 73 percent of businesses consider Spark SQL critical to their analytics strategies as a big data access method.
- 29 percent of investment professionals use search trends to derive data.
- The amount of data generated each second in the banking sector will grow 700 percent by 2020.
