Boston-based NewVantage Partners has published the outcomes of its annual Big Data and Artificial Intelligence Executive Survey. The 2019 Big Data and AI Executive survey called as, Data and Innovation: Leveraging Big Data and AI to Accelerate Business Transformation. This survey is NewVantage Partners’ 7th annual survey of senior corporate c-executives on the topic of Big Data and AI business adoption.
With 97.5 percent of C-executive decision-makers are the survey participants. About 65 Fortune 1000 or industry-leading firms are represented in this year’s survey, such as Capital One, Ford Motors, American Express, General Motors, Mastercard, Johnson & Johnson, and Met Life. The survey was first held in the year 2012 at the request of a group of Fortune 1000 business and tech c-executives who sought to comprehend the potential impact of Big Data and its implication for their businesses. As per said by Randy Bean, CEO and Founder of NewVantage Partners, Fortune 1000 companies have come to progressively identify that they must become more adroit at leveraging their data assets if they are contending effectively against highly-agile data-driven competitors. Fortune 1000 companies, as data volumes and data sources propagate at greater rates, have accelerated their investment in Big Data and AI initiatives. Bean further noted that for many, fear of disruption has been a motivating factor in boosting investment in Big Data and AI initiatives.
NewVantage Partners’ 2019 Big Data and AI Executive Survey found some key factors. Companies are ramping up their spending in Big Data and AI to speed up business agility. With 91.6 percent, leading firms are escalating the speed of their Big Data and AI investments, while 75 percent cited fear of disruption from data-driven digital competitors. 91.7 percent responded that investment is required to transform into agile and competitive businesses, and another 87.8 percent expressed urgency to invest. Leading firms are struggling with data-driven business transformation. Businesses are investing in Big Data and AI, but they are not seeing commensurate outcomes. Though 62.2 percent reported quantifiable outcomes from their Big Data and AI investments, while 47.6 percent replied they are competing on data and analytics, 31 percent have built a data-driven organization, and 28.3 percent have forged a data culture.