Data Horizons Explored: Unlocking Insights and Trends in Team8’s 2023 Data Village Survey
Our Data Village is a thriving community comprising data executives and data leaders from global enterprises and domain thought leaders. Nearly a year ago, when we set out on this thrilling venture, our goal was clear: foster collaboration, share insights and create valuable opportunities in the ever-evolving landscape of data and analytics. Over the past year, the engagement within our Data Village, which already includes more than 120 members—more than 20 of whom are from Fortune 500 companies—has been nothing short of extraordinary. From the Village launch cocktail at the Gartner Data and Analytics event to virtual data huddles addressing pressing topics for data leaders and to thought leadership assets and our Data Industry Map) – we’ve built a community that delivers tangible value to all involved.
For us at Team8, this engagement is more than just collaboration; the Village is at the core of our company-building process, and it’s a strategic initiative. It enables us to identify real pain points, understand the evolving needs of large organizations, and channel our efforts into designing innovative solutions that align with market dynamics.
Today, we are thrilled to unveil a major outcome of the Village collaborative effort — a comprehensive survey encapsulating insights gathered from a survey and deep discussions with dozens of data and analytics executives and leaders. Our respondents spanned diverse industries, from scaling tech companies to Fortune 500 enterprises, offering a rich tapestry of perspectives on the key trends and challenges in their daily work.
Key Findings: Navigating the Data Landscape
Depite industry chatter about a potential slowdown, a whopping 60% of surveyed organizations are gearing up to increase their 2024 budgets compared to 2023, with some planning significant boosts of over 20%. The driving force behind this surge is the strategic push to operationalize AI and address the ongoing talent shortage through automation and advanced tooling.
Pain Points Persists:
While organizations invest heavily in data infrastructure and tools, there’s a prevailing challenge—most data remains underutilized, hindering companies from extracting its full value. Data democratization and improving data quality are top priorities for data and analytics leaders, both garnering 52% of respondents’ focus.
A standard architecture has emerged, with every surveyed organization adopting a data warehouse. Additionally, a majority have invested in ETL tools and BI. Looking ahead, nearly half of the respondents are prioritizing investments in ML tools and platforms alongside data observability, reliability, and quality tools.
The role of data and analytics leaders is evolving, and our survey reveals that the COO is the most common position for these leaders to report to, closely followed by the CTO. This shift reflects a changing paradigm where value creation takes precedence over being perceived as a mere cost center, demanding a new set of business skills for CDAOs.
We extend our heartfelt thanks to our villagers for their collaboration, enriching feedback, and unwavering support. The insights unveiled in this report are a testament to the collective wisdom of our community.
Download the full report here and join us in navigating the future of data and analytics!
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