Center for Applied AI and Business Analytics Provides Insight Into Data and AI Trends Through Research Partnership with Precisely

Economic uncertainty continues to disrupt businesses across industries as they face significant challenges in today’s rapidly changing environment. Rising costs in manufacturing and supply chains, along with the impact of technologies like artificial intelligence (AI), are pushing companies to rely on data to manage expenses and increase efficiency. At the same time, they must navigate growing global competition, stricter privacy regulations and heightened security risks.

To gain insight on these challenges, Drexel LeBow’s Center for Applied AI and Business Analytics continues its applied research partnership with Precisely, now in its third year. This year’s Data Integrity Trends and Insights survey gathered input from 565 global leaders across various sectors, including information technology, financial services, manufacturing and healthcare, representing small, midsize and large companies. The results provide benchmarking insights for companies, while offering valuable perspectives to business leaders and highlighting industry trends, needs and challenges.

The 2024 survey builds on previous years’ questions to facilitate a longitudinal study of data practices across organizations worldwide, while also introducing new questions focused on AI readiness and challenges. This approach aims to better understand how organizations are adapting to and integrating AI technologies.

“To fully realize their business potential with the use of AI, organizations should take a multidimensional approach by integrating people, processes, data, technologies and strategies,” said Murugan Anandarajan, PhD, academic director for the Center for Applied AI and Business Analytics and professor of decision sciences and MIS. “Our research explores how AI readiness is influenced by each of these verticals, from employee skills and data governance to financial resources and business operations.”

As in last year’s findings, respondents cite data-driven decision making as the top goal for their organizations’ data initiatives. Additionally, AI and advanced analytics are identified as the top two trends influencing organizations’ data initiatives, both of which have increased significantly since last year’s survey.

Challenges Across Organizations:

• The success of organizations’ data initiatives is inhibited by a lack of data literacy (41%).
• There is a shortage of skills and resources (42%), which has increased since last year’s survey.
• There is a need for greater awareness and adoption (45%) of analytics insights to solve business problems.

AI is playing a transformative role in the business world, reshaping customer interactions and opening up new possibilities for products and services. However, implementing AI in practical applications is not without its difficulties, especially when it comes to the need for reliable, high-quality data to support AI models.

“One of the key findings in the latest Data Integrity Trends and Insights report is a lack of skills and resources businesses need to carry out their data strategies — exacerbated by the rise of AI,” said Josh Rogers, Precisely CEO. “We’re proud to partner with Drexel LeBow’s Center for Applied AI and Business Analytics to identify these trends and help solve them by connecting business and college students in the classroom and beyond.”

The findings emphasize that the quality of data interpretation is only as good as the quality of the data itself, with 42% of organizations citing that their lack of skills and staff inhibits them from achieving high-quality data. Additionally, a lack of AI skills and training among employees significantly affects organizations’ readiness for AI initiatives, with 60% of respondents indicating they are unprepared in this category.

This significant theme across this year’s findings emphasizes that while organizations have clear interests and priorities related to data and AI for business outcomes, they lack the skills and talent required to achieve these goals. The Center’s expansion addresses this industry need, equipping LeBow’s students to bring AI skills and techniques to the workforce.

“Aligned with the Center’s expansion into both AI and analytics domains, these research findings reinforce the significance of the Center’s work in training students with the expertise that organizations need — addressing the widespread skills gap seen across industries,” said Diana Jones, executive director for the Center for Applied AI and Business Analytics.

To remain competitive, businesses need to adapt and innovate. Strategic investment in data programs is essential, as is addressing the shortage of specialized skills, particularly those required for AI initiatives.

“Now in its third year, the Data Integrity Trends and Insights report is relied upon by thousands of business and data leaders worldwide to benchmark their data programs and plan for the coming year,” said Precisely Chief Marketing Officer Kevin Ruane. “Our continued partnership with Drexel University’s LeBow College of Business allows us to connect the dots for industry and academia alike through this important joint research and other educational opportunities.”