Some 93% of Israeli business leaders are deeply apprehensive about potentially missing out on the benefits of artificial intelligence (AI) advancements, according to Salesforce’s “State of Data and Analytics” report released on Monday.
The report, based on insights from over 10,000 analytics, IT, and business leaders across 18 countries, spotlights key trends that are shaping the data landscape, with a particular focus on the concerns of Israeli business leaders.
As AI continues its relentless evolution, companies are eager to capitalize on new iterations, including the transformative capabilities of generative AI. This apprehension places immense pressure on data management teams to fuel algorithms with high-quality data, as businesses recognize the pivotal role of data in unlocking the full potential of AI.
Data management takes center stage
Against the backdrop of rapid AI progress, the report underscores the increasing priority of data management for Israeli analytics and IT leaders. A substantial 88% of these leaders acknowledge that advances in AI elevate the importance of robust data management strategies.
The intricate nature of data management in the face of AI progress becomes evident, with companies recognizing the imperative need for effective strategies to navigate the challenges posed by these advancements.
Lack of data harmonization and trust pose challenges
The report sheds light on the obstacles hindering the realization of data potential, emphasizing a significant lack of data harmonization and trust. Only 41% of Israeli business leaders express complete confidence in the accuracy of their data.
For Israeli businesses, the foremost hurdle lies in the speed at which insights can be derived, while analytics and IT leaders pinpoint the lack of data harmonization as their primary challenge, underlining the winding path to unlocking data’s true potential.
Leaders turn to data culture and governance
In their pursuit of extracting maximum value and trust from data, analytics, and IT leaders are turning to data culture and governance. The report reveals that an impressive 85% of Israeli analytics and IT leaders leverage data governance practices to ensure and certify baseline data quality.
Furthermore, 77% of these leaders are set to increase investments in data training over the next year to strengthen internal data culture, showcasing the critical role played by education and governance in maximizing the potential of data.
“The AI revolution is a data revolution, and a company’s AI strategy is only as strong as its data strategy, with trust at its core,” noted Wendy Batchelder, chief data officer at Salesforce.
“Managing data is the most important action a business can take to successfully implement generative AI,” she said. “To effectively manage data, leaders must use data governance strategically and invest in a strong culture – now more than ever.”