A Qlik®, global company in data integration, analytics and Artificial Intelligence (AI), announces new research that reveals that, although companies recognize the significant potential of unstructured data to improve operational efficiency and generate meaningful insights, many are struggling to effectively take advantage of this resource. The research shows that the lack of knowledge and the insufficiency of tools are the main barriers, given that only a small percentage of companies dedicate more than a quarter of their AI budget to unstructured data initiatives.
"With many sources citing that unstructured data represents 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.”
Companies are looking for solutions that allow the adoption of Generative AI without requiring a redesign of their existing skill sets and technology stacks. The opportunity lies in finding ways to seamlessly integrate AI into current analytics environments, allowing organizations to extract the right answers from unstructured data and generate 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 overcoming concerns about ROI (19%).
– Integration and cost are the main priorities for evaluating suppliersWhen evaluating suppliers, the integration of the system (55%), the cost (50%) and governance resources (49%) are the main priorities, while the supplier's reputation is a low priority (16%). The interviewees expect modest financial gains from the use of unstructured data, with 45% expecting an improvement of 10% to 20% in their revenue or profit.
– Interest in GenAI is high, but significant investment is lackingAmong 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 the 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 efficiencyA clear majority (62%) sees unstructured data as an opportunity to improve operational efficiency, while only 31% believe they can drive innovation. Almost half (45%) describe a use case that involves better search and query tools for searching internal documents.
– Traditional research tools are insufficient for unstructured dataThere is strong agreement that traditional corporate research tools are insufficient to maximize the value of vast libraries of documents. Only 16% have already acquired a tool designed to provide insights from unstructured data, and most efforts remain in early or pilot stages.
"The results of our research highlight a critical challenge that companies currently face: the knowledge gap necessary to harness the full potential of Generative AI for unstructured data", says Erik Bradley, Chief Strategist and Director of Research at Enterprise Technology Research. "Although the appetite to leverage unstructured data is great", 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 in integrating advanced AI resources into their existing analytics structures.”
A "Survey of Unstructured Data and Generative AI", conducted in April 2024 by Enterprise Technology Research (ETR) on behalf of Qlik, interviewed 200 decision-makers in business technology across various sectors. To obtain more information and access the full research results, accesshttps://www.qlik.com/us/resource-library/unstructured-data-benchmark-report
