Published on the 07/02/2024 | Written by Newsdesk

New research signals increased influence of AI, cybersecurity in data strategies…

SnapLogic, the leader in generative integration, has released its “State of Data and Analytics Australia and New Zealand 2023” report in partnership with Corinium, exploring the current challenges, opportunities and emerging trends as AI continues to transform the business landscape.

Key Insights:

• High Demand for Expertise: 86% of respondents reported a notable increase in the demand for data and analytics expertise, indicating a sustained need for skilled professionals in the field.
  
  
• AI Reshaping the Landscape: AI emerges as a transformative force, with 89% of data leaders expecting a reduction in full-time hours within their organisations due to AI adoption. An overwhelming 90% believe that AI will drive the single greatest change in their data strategy over the next three to five years.
  
  
• Collaboration with Cybersecurity: 98% of participants underscored the importance of closer collaboration between data leaders and cybersecurity teams, emphasising the need to safeguard data in an increasingly digital landscape.
  
  
• CEO Alignment: Only 6% of respondents report to their organisation’s CEO, highlighting the limited direct connection between data and analytics leaders and top-level executives.
  
  
• Cloud Data Warehouses on the Rise: The report reveals that 92% of respondents are utilising cloud data warehouses across multiple business functions, reflecting a growing reliance on cloud infrastructure for data management.
  
  

Digital transformation full speed ahead

Brad Drysdale, principal solutions engineer at SnapLogic, says the report sheds a positive light on A/NZ businesses and their digital transformation journeys. “The survey results not only demonstrate that organisations across the region are investing in data-driven initiatives to power the customer experience, but they’re also setting themselves up to support that with 92 per cent using cloud data warehouses, which is great to see.

“There is a concern here that the people who are entrusted with using data to drive the business forward […] don’t have the ear of the CEO directly.”

“They’re also starting to look down the barrel to the fact that AI, particularly generative AI, is playing a more important role in their organisations, purely as a way to deal with the volume of data that’s coming in.”

Security and privacy top of mind

Drysdale shares that security and privacy are especially top of mind for organisations given recent data breaches, with nearly all (98%) agreeing there’s a need for greater collaboration between data leaders and cybersecurity teams.

“Underlying that number is the fact that people are scared to inherently trust the data when it makes decisions for the business. They are concerned about the risk associated with using a higher volume of data that’s closer to the customer, meaning customers’ personal data and what that means from a privacy perspective,” he says.

“If you look at the key findings, 6 per cent of respondents report to their organisation’s CEO, and 98 per cent agree there’s a security, trust and privacy elephant in the room. It seems logical to assume that issues such as brand erosion, risk and the financial implications of security and privacy concerns should squarely fall within the CEO’s purview.

“There is a concern here that the people who are entrusted with using data to drive the business forward and with the privacy, security and trust associated with it don’t have the ear of the CEO directly. The 6 per cent finding, although not unexpected, serves as a warning. CEOs must be more invested in the ownership of data-related matters. I think when that 6 per cent goes up, that 98 per cent security concern will drop.”

Generative integration

SnapLogic CTO Jeremiah Stone said, “Strong data infrastructure and integration solutions are critical capabilities if organisations wish to gain competitive advantage through being data-driven and through automation and analytics.

“Organisations that are able to create a sustainable effort with data drive more impact and results.”

The report coincides with the release of SnapLogic’s GenAI Builder, the world’s first no-code generative AI application development product for enterprise applications and services. Uniquely compatible with both legacy mainframe data, modern databases and APIs, GenAI Builder leverages conversational AI to transform and simplify customer, employee and partner digital experiences

About the survey

This representative survey of 159 data-focused leaders was conducted in June and July of 2023. Of these, 75% were from Australia and 25% were from New Zealand. Respondents were selected from local and global enterprises with at least 500 employees and those responsible for their organisations’ data strategy functions.The report features contributing insights from:

• Pieter Vorster, General Manager, Data Platforms, Westpac
• Nonna Milmeister, Chief Data and Analytics Officer, RMIT
• Brian Ferris, Chief Data, Analytics and Technology Officer, Loyalty New Zealand
• Julian Delany, Chief Technology Officer, Data and Digital, News Corp Australia
• Nasca Peng, Head of Artificial Intelligence, Fonterra

The State of Data and Analytics Australian and New Zealand 2023 report, now in its third consecutive year, provides in-depth insights and analysis into the evolving data landscape. To access the complete findings and recommendations, watch the webinar or download the full report here.