A Qlik®, a global company in data integration, analytics, and Artificial Intelligence (AI), announces new research revealing that, although companies recognize the significant potential of unstructured data to improve operational efficiency and generate meaningful insights, many are struggling to effectively leverage this resource. The research shows that lack of knowledge and insufficient tools are the main barriers, with only a small percentage of companies dedicating more than a quarter of their AI budget to unstructured data initiatives.
"With many sources citing that unstructured data accounts for 80% of the world's data, it is no surprise that business leaders want more real value from this untapped resource," says Brendan Grady, General Manager of Analytics at Qlik. However, our research highlights that nearly 70% agree that their organization is not well-equipped to understand how Generative AI can be leveraged in their unstructured data.
“Enterprises are looking for solutions that enable the adoption of Generative AI without requiring them to overhaul their existing skill sets and technology stacks. The opportunity lies in finding ways to seamlessly integrate AI into current analytics environments, enabling organizations to extract the right answers from unstructured data and drive meaningful business outcomes.”
The survey reveals insightful data on how leaders feel and what they are doing to address the opportunities presented by unstructured data and GenAI:
– Concerns about data privacy and compliance are prevalent:59% of respondents are very concerned about data privacy and 47% about regulatory compliance, significantly surpassing concerns about ROI (19%).
– Integration and cost are the top priorities for evaluating vendors:When evaluating suppliers, system integration (55%), cost (50%), and governance resources (49%) are the main priorities, while supplier reputation is a low priority (16%). The interviewees expect modest financial gains from the use of unstructured data, with 45% predicting an improvement of 10% to 20% in their revenue or profit.
– Interest in GenAI is high, but significant investment is lacking:Among those interested in using GenAI for unstructured data, two out of three respondents plan to invest in a Generative AI tool for unstructured data. Despite widespread interest, only 22% of all respondents indicate that they are making "significant" investments in AI technologies.
– Unstructured data is seen as an essential factor for efficiency:A clear majority (62%) sees unstructured data as an opportunity to improve operational efficiency, while only 31% believe it can drive innovation. Almost half (45%) describes a use case involving better search and query tools for researching internal documents.
– Traditional research tools are insufficient for unstructured data:There is a strong consensus that traditional corporate research tools are insufficient to maximize the value of vast document libraries. Only 16% have already acquired a tool designed to provide insights from unstructured data, and most efforts remain in early or pilot stages.
"Our research findings highlight a critical challenge that companies currently face: the knowledge gap needed to fully leverage the potential of Generative AI for unstructured data," says Erik Bradley, Chief Strategist and Research Director at Enterprise Technology Research. Although the appetite for leveraging unstructured data is high, the lack of specialized skills and appropriate tools is a significant barrier. To truly capitalize on the opportunities presented by Generative AI, organizations must invest in overcoming this knowledge gap and integrating advanced AI capabilities into their existing analytics frameworks.
The "Unstructured Data and Generative AI Research," conducted in April 2024 by Enterprise Technology Research (ETR) on behalf of Qlik, interviewed 200 enterprise technology decision-makers across various sectors. For more information and to access the full survey results, visithttps://www.qlik.com/us/resource-library/unstructured-data-benchmark-report
