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MIT Technology Review Report: Laying the foundation for data and AI-led growth

A new report from MIT Technology Review Insights, titled “Laying the foundation for data and AI-led growth,” offers understanding from a global survey of 600 CIOs, CDOs, CTOs, chief architects, and chief data scientists. Their plans include everything from data architecture to AI-enabled automation, as technology executives strive to find new efficiencies and new sources of growth. Meanwhile, the pressure to democratize the power of data and AI creates a renewed urgency to bolster data governance and security.

The report (free download), prepared in partnership with Databricks, also highlights best practices from C-level executives from world-class companies and organizations, including Starbucks, Condé Nast, Dell, GM, ADP, Regeneron, U.S. TSA, Razorpay, and Databricks. Key findings in the report include:

  • CIOs are doubling down on their investments in data and AI. Every organization surveyed will boost its spending on modernizing data infrastructure and adopting AI during the next year, and for nearly half (46%), the increase will exceed 25%.
  • Consolidation of data and AI systems is a priority. Among organizations with more than $10 billion in annual revenue, 81% operate 10 or more data and AI systems, and 28% use more than 20. Executives plan to reduce and combine systems, connecting enterprise data in unified platforms that enable AI initiatives to scale.
  • Democratization of AI raises the stakes for governance. Facing an increased demand for Generative AI, executives seek assurance that governance frameworks will provide data accuracy, integrity, privacy, and security. More than 60% of respondents say a single governance model for data and AI is very important.
  • Executives expect AI adoption to be transformative in the short term. Eighty percent of survey respondents expect AI to boost efficiency in their industry by at least 25% in the next two years. One-third say the gain will be at least 50%.
  • Lakehouse has become the data architecture of choice for the era of generative AI. Nearly three-quarters of surveyed organizations have adopted a lakehouse architecture. Ninety-nine percent of lakehouse adopters say the architecture helps them achieve their data and AI goals (74% say the help is “significant”).

Info Byte Source: TechnologyReview.com

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