SEATTLE, WA, Nov. 30, 2023 (GLOBE NEWSWIRE) — TDWI Research has released its newest TDWI Best Practices Report: Harnessing the Power of Diverse Data for Business Growth. This original, survey-based report focuses on the factors driving today’s organizations to use diverse data and how they can successfully manage, analyze, and govern it.
The report’s author, TDWI’s vice president and senior research director for advanced analytics, Fern Halper, explains that those companies analyzing and using diverse data tend to be more successful with analytics. However, enterprises are struggling to unify diverse data for analysis, govern the data, and manage complex pipelines.
In the report, Halper points out that “respondents cite numerous opportunities for diverse data, [including] having more accurate analytics for better customer insights, improving operational efficiencies, creating a more data-driven culture, and improving innovation and collaboration.” The report explains the most common challenges enterprises are facing in managing and analyzing diverse data, and also explores the value of overcoming those challenges.
The report discusses the most common types of diverse data that enterprises are collecting and working with and the implications of new technologies for data analysis, including generative AI.
Report Highlights
Among this comprehensive report’s key findings:
- Most respondents are collecting structured data; text data is already mainstream while other unstructured data types are only beginning to enter mainstream adoption
- One-third (30%) of respondents are using data marketplaces to source diverse data; these respondents are more likely to monetize their data
- More than half of respondents (59%) are struggling with data quality issues; 42% said they lack necessary skills for analyzing diverse data
- Forty-eight percent of respondents agreed that generative AI might be a game-changer for analyzing unstructured data
The report concludes with best practice recommendations for ensuring success in using new data types.
This research was sponsored by Snowflake.
Download the report here.
Watch the live webinar on Monday, December 4, 2023, or sign up to watch on-demand here.
About the Author
FERN HALPER, Ph.D., is vice president and senior director of TDWI Research for advanced analytics. She is well known in the analytics community, having been published hundreds of times on data mining and information technology over the past 20 years. Halper is also coauthor of several Dummies books on cloud computing and big data. She focuses on advanced analytics, including predictive analytics, machine learning, AI, cognitive computing, and big data analytics approaches. She has been a partner at industry analyst firm Hurwitz & Associates and a lead data analyst for Bell Labs. She has taught at both Colgate University and Bentley University. Her Ph.D. is from Texas A&M University. You can reach her by email ([email protected]), on X/Twitter (twitter.com/fhalper), and on LinkedIn (linkedin.com/in/fbhalper).
About TDWI
For over 25 years, TDWI has provided individuals and teams with a comprehensive portfolio of business and technical education and research about all things data. TDWI’s in-depth, best-practices-based knowledge can be quickly applied to develop world-class talent across your organization’s business and IT functions to enhance analytical, data-driven decision making. TDWI offers major conferences as well as topical seminars, onsite education, membership, certification, live webinars, resource-filled publications, industry news, and in-depth research. See tdwi.org or follow us on LinkedIn at tdwi.org/linkedin.
About 1105 Media
1105 Media, Inc., is a leading provider of integrated information and media in targeted business-to-business markets, including specialized sectors of the information technology community; industrial health, safety, and compliance; security; environmental protection; and home healthcare. 1105’s offerings span print and online magazines, journals, and newsletters; seminars, conferences, and trade shows; training courseware; and web-based services. 1105 Media is based in Woodland Hills, California, with offices throughout the U.S.
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- TDWI Best Practices Report | Harnessing the Power of Diverse Data for Business Growth