One of the main goals for organisations is to find new possibilities for growth. The ability to leverage data is one of the key levers businesses can pull to drive this growth – especially considering the current abundance of data, including in the public domain.
Driving tangible and measurable outcomes through data analytics, and predictive and actionable insights, sets companies apart and encourages data-driven decisions. The size and centrality of data to start-ups has given them somewhat of an advantage. Larger, established organisations face different challenges. Whether it be legacy systems, resource constraints, culture, or skills, put together these factors can make data revolution feel like an uphill battle.
It is then fundamental to take a step back and:
- Understand the current situation: where does your business stand?
- Assess your AI and data analytics maturity: where does data currently play a role?
- Identify the roadmap for an achievable plan of action that will drive your data strategy: where could data-focused thinking could help your business?
The business case
AI spending is projected to grow from $118bn in 2022 to more than $300bn in 2026. Infosys forecasts that there is more than $460bn of potential growth for the economy globally However, to achieve it, organisations must get their data right, regardless of the type of AI initiative targeted. Find out more
The data analytics and AI space is developing at such a pace that it is becoming more important than ever for businesses to understand their AI maturity level.
A recent Infosys global survey highlighted that:
- 81% of respondents developed their first AI system within the last 4 years
- 85% have not achieved advanced capabilities, with AI only being effective 25% of the time.
It shows that most organisations are just at the beginning of their exciting AI journey. It highlights the importance of continued investment in Data, Analytics, and AI, and underlines that there is not a single standard fit for all.
Gaining clarity on the current situation for your business involves understanding the complexities that exist within your organisations’ data management systems.
Infosys works closely with clients to identify the barriers they face, among which the common ones are:
- Not clear how to measure the value of data initiatives
- No previous experience running successful data analytics / AI projects
- Skills gap to lead successful data-driven initiatives and grow buy-in within the organisation
- Missing a clear strategy with a pragmatic approach for achieving organisation’s objectives
- Lack of understanding of the data the organisation owns
- No roadmap for creating the data foundation needed to build up the AI and data analytics capabilities
- Technology issues such as legacy systems, proliferation of data duplication, siloed sources of data.
Infosys partners with organisations to guide them through what can be a tedious but rewarding journey and offering support – through proven methodologies and a blended workforce – to accelerate the pace of change.
Infosys’s Data Maturity Assessment Tool is a free platform designed to help organisations assess their AI and data analytics maturity and benchmark themselves against their peers across five macro dimensions:
1. AI and Automation Strategy
How your organisation aligns the Data Analytics and AI strategy with the organisation business objectives and the role this strategy plays in your organisation’s way of working.
2. Talent and Organisation
How your organisation leverages Data Analytics and AI through technology adoption, automation, training, governance, and how this is embedded in your culture.
3. Operating Model
How the adoption of Data Analytics and AI solutions is reflected in your organisation’s operation, and how able the organisation is to track KPIs that measure the successes and progresses of your Data Analytics and AI journey.
4. Technology Strategy
How developed is your enterprise IT architecture to allow the adoption of Data Analytics and AI solutions across the wider organisation.
5. Data and Processes
How your organisation adopts, analyses, and capitalises on your data, for example, to improve processes, develop products, or to better understand customers’ and employees’ behaviours.
Your organisations can run the assessment on one, some, or all of the above dimensions, any number of times. Once completed, the tool will generate a personalised report that can be accessed online or downloaded.
The report, unique to your organisation, aims to highlight areas of improvement. It will also provide your business with a roadmap to overcome the challenges your business may be facing with respect to data.
The Data Maturity Assessment Tool correlates the maturity score with quantitative metrics therefore allowing you to benchmark your organisation against Infosys’ industry database. This tool strives to aid organisational understanding of where you are on your data journey and to strategically plan for the journey ahead. Find out more.
Access the Data Maturity Assessment Tool here, and find out how your business stacks up against the competition.