Introducing the 12th annual Wavestone/NVP Data and AI Executive Leadership Survey, a benchmark in the industry since 2012. This year’s focus reveals a pivotal shift: AI, propelled by groundbreaking Generative AI tools, is reshaping work and creativity. Yet, Wavestone’s 2024 survey finds only 5% of market leaders have fully implemented GenAI at scale. Esteemed for its in-depth analysis and exclusive participation, the survey encapsulates the current landscape where Data & Analytics are a top investment priority, GenAI is seen as a transformative technology, and leading firms recognize the commitment needed for full integration of Data & AI. With 89.8% of respondents as top data and AI executives, the survey remains a critical resource, cited by leading business publications.
KEY TAKEAWAYS:
- The 2024 Wavestone Data and AI Leadership Executive Survey highlights the rise of generative AI, with 90% of organisations increasing their investments in this area.
- Despite the increased investment, only 5% of organisations have implemented regenerative AI on a grand scale due to a lack of necessary talent and concerns about misinformation, ethical bias, and job loss.
- The role of Chief Data Officer (CDO) or Chief Data & Analytics Officer (CDAO) has gained prominence, with 82.6% of organisations assigning this role in 2023, up from 12% in 2012.
- There is a strong commitment to investing in data and analytics, with 82.2% of CDOs/CDAOs affirming their organisations were increasing investments in this area.
- Data quality remains an issue for nearly 63% of organisations.
- Generative AI is seen as a top organisational priority by 62.3% of businesses, with 89.6% expanding their financial input.
- The transformation to being data-driven is a gradual process, with the main barrier being related to culture, people, process change and organisational alignment rather than technological limitations.
- 73.8% of organisations consider data and AI ethics their top corporate priority.
- Only 42.3% of organisations have firmly established policies and practices relative to data and AI accountability and ethics, and just 15.9% believe that the sector is doing enough to address data and AI ethical concerns.
SUMMARY:
The 2024 Wavestone Data and AI Leadership Executive Survey provides valuable insights into the current state of the data and AI sector. The rise of generative AI is a significant development, with most organisations increasing their investments in this area. However, the implementation of this technology on a grand scale is limited, primarily due to a lack of necessary talent and concerns about misinformation, ethical bias, and job loss. This presents a potential obstacle for recruitment activities within the sector, as there is a clear need for skilled professionals who can navigate these challenges.
The role of the CDO or CDAO has gained prominence, reflecting the increasing importance of data and analytics in organisational strategy. This trend suggests a growing demand for professionals in these roles, presenting a potential opportunity for recruitment within the sector. However, the high turnover and unclear role definitions indicate a need for clearer career pathways and role clarity.
Investment in data and analytics is a strong commitment among organisations, suggesting a positive economic context for the sector. However, data quality remains a significant issue, indicating a need for improved data management practices. The prioritisation of generative AI and the gradual shift towards a data-driven approach suggest potential growth opportunities within the sector.
Ethics in data and AI is a top priority for organisations, but there is a clear gap between this priority and implementing ethical policies and practices. This suggests a need for professionals who can help organisations navigate the ethical complexities of data and AI.
Wavestone’s role in transforming over 700 of the world’s largest enterprises and acquiring NewVantage Partners in 2021 highlights the company’s data, analytics, and AI strategy expertise. This suggests a positive economic context for Wave-stone and similar companies within the sector. However, the diversity of sectors and industries represented in the survey participants indicates that the challenges and opportunities identified may vary across different sectors.
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