While 40% of financial services firms are already seeing value from AI investments, a third of retailers haven’t implemented AI at all into their business.
Research from TheyDo flags a growing disconnect between enterprise ambition and AI readiness. Despite doubling down on data and AI, many large organisations are finding that the more they rely on data, the less equipped they feel to act effectively on it.
The research is based on a survey conducted by Sapio Research in the US, UK, and the Netherlands, featuring the opinions of 500 leaders in industries including financial services, healthcare, retail, and manufacturing.
These rely on an average of eight data points to measure performance, compared to 5.4 across all businesses. Meanwhile, they consider 52% of the data points they measure as “critical” to their business versus the average of 43%.
61% of enterprise leaders say they feel overwhelmed by data, 11% higher than the overall average of business leaders, despite most estimating they only effectively utilise around half of all insights in the business.
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Poor and inconsistent data quality was cited as the top reason among enterprises for not fully leveraging all data within their business, something that is reflected in their AI adoption concerns, with a lack of AI ready data ranking as the second biggest barrier for enterprises to effective AI integration. Not having AI ready data worried 39% of enterprise leaders versus a 28% average.
“Many businesses think they have a data problem, but what they often really have is a context and connection problem. Enterprises today are heavily reliant on data and dashboards to measure success, but at the same time feel overwhelmed by insights and that data quality is holding them back from both being more insights driven and unlocking the full value of AI,” said Jochem van der Veer, CEO and Founder at TheyDo.
“Without a shared view of insights across the full team and the ability to place data in context, even good data becomes noise or gets lost in analysis. Journey management is emerging as a critical solution for enterprises that are swimming in data but worried they aren’t able to see the bigger picture and fully utilise their insights. It’s uniquely designed to bring together varied datasets and inconsistent data.”
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Despite the increasing hype around AI, the research revealed only 28% of businesses believe they are fully utilising AI. Retailers are notably falling behind, while 40% of financial services firms are already seeing value from AI investments, a third of retailers haven’t implemented AI at all into their business.
The research also revealed interesting generational attitudes to data and AI within businesses, with trust emerging as a critical dividing issue. Outputs being untrustworthy was the second top concern for boomers, worrying 40% versus just 25% of Millennials and younger generations.
Similarly, while only 10% of millennials were unsure how accurate data and dashboards are at painting the bigger business picture, around two in five among older generations are unsure of the accuracy. As leaders get older, they are more likely to be concerned about missing business opportunities due to poor data too.
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