Business leaders recognize the potential of unstructured data to increase operational efficiency, but the knowledge gap hinders progress
THE Qlik®, a global leader in data integration, analytics and Artificial Intelligence (AI), announces new research
which reveals that while businesses recognize the significant potential of unstructured data to improve operational efficiency and generate meaningful insights, many are struggling to effectively leverage this resource. The research shows that lack of knowledge and insufficient tools are the main barriers, with only a small percentage of companies dedicating more than a quarter of their AI budget to unstructured data initiatives.
“With many sources citing that unstructured data accounts for 80% of the world’s data, it’s no surprise that business leaders want more real value from this untapped resource,” said Brendan Grady, General Manager of Analytics at Qlik. “However, our research highlights that nearly 70% agree that their organization is not well equipped to understand how Generative AI can be leveraged on their unstructured data.”
“Enterprises are looking for solutions that enable the adoption of Generative AI without requiring them to overhaul their existing skill sets and technology stacks. The opportunity lies in finding ways to seamlessly integrate AI into current analytics environments, enabling organizations to extract the right answers from unstructured data and drive meaningful business outcomes.”
The survey reveals insightful data on how leaders feel and what they are doing to address the opportunities presented by unstructured data and GenAI:
– Concerns about data privacy and compliance are prevalent: 59% of respondents are very concerned about data privacy and 47% about regulatory compliance, significantly outweighing concerns about ROI (19%).
– Integration and cost are the top priorities for evaluating vendors: When evaluating vendors, system integration (55%), cost (50%), and governance capabilities (49%) are the top priorities, while vendor reputation is a low priority (16%). Respondents expect modest financial gains from using unstructured data, with 45% anticipating a 10% to 20% improvement in their revenue or profit.
– Interest in GenAI is high, but significant investment is lacking: Among those interested in using GenAI for unstructured data, two in three respondents plan to invest in a Generative AI tool for unstructured data. Despite widespread interest, only 22% of all respondents indicate that they are making “significant” investments in AI technologies.
– Unstructured data is seen as an essential factor for efficiency: A clear majority (62%) see unstructured data as an opportunity to improve operational efficiency, while only 31% believe it can drive innovation. Almost half (45%) describe a use case involving better search and query tools for searching internal documents.
– Traditional research tools are insufficient for unstructured data: There is strong agreement that traditional enterprise search tools are insufficient to maximize the value of vast document libraries. Only 16% have acquired a tool designed to provide insights from unstructured data, and most efforts remain in early or pilot stages.
“Our research findings highlight a critical challenge facing enterprises today: the knowledge gap needed to harness the full potential of Generative AI for unstructured data,” said Erik Bradley, Chief Strategist and Research Director at Enterprise Technology Research. “While the appetite to leverage unstructured data is great, the lack of specialized skills and appropriate tools is a significant barrier. To truly capitalize on the opportunities presented by Generative AI, organizations must invest in bridging this knowledge gap and integrating advanced AI capabilities into their existing analytics frameworks.”
The “Unstructured Data and Generative AI Survey,” conducted in April 2024 by Enterprise Technology Research (ETR) on behalf of Qlik, interviewed 200 enterprise technology decision-makers across multiple industries. For more information and to access the full survey results, visit https://www.qlik.com/us/resource-library/unstructured-data-benchmark-report
About theQlik
THE Qlik Qlik transforms complex data scenarios into actionable insights, driving strategic business outcomes. Serving more than 40,000 global customers, the Qlik portfolio leverages advanced enterprise-grade AI/ML and comprehensive data quality. Qlik is the leader in data integration and governance, offering end-to-end solutions that work with diverse data sources. Qlik’s intuitive, real-time analytics uncover hidden patterns, empowering teams to tackle complex challenges and seize new opportunities. Qlik’s practical, scalable AI/ML tools drive faster, better decisions. Qlik is a strategic partner, and its technology-agnostic platform and expertise make its customers more competitive. For more information, visit www.qlik.com.
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