Only 17 percent of professionals rate themselves as having a high level of data literacy, as reported in The Data-Driven Mindset Report, despite a growing demand for insights-based business development and artificial intelligence (AI). The data-driven advantage of companies starts with your employees.
NEW YORK, Feb.5, 2019 – A research study conducted by Mention and Mynewsdesk, The Data-Driven Mindset report examined how 1,050 marketers, PR professionals, and business leaders globally use data in both strategic and operational task within their roles. The report sought out to understand and explore the building blocks of what it means to be data-driven, and to what degree companies are prepared to execute an agile approach, by leveraging the data they collect. (Download Full Report)
Companies have access to data but don’t know how to use it
In 2019 data is key to business success, with one in five organizations having a consistent approach to data-driven decision making, it is evident that companies are deeply invested in data-rich technologies. However, what currently is lacking from companies is a marketing and communications workforce that is well equipped to unlock value from it.
The report shows that only 17 percent of respondents have a sufficiently good understanding of how to work with artificial intelligence (AI), and can’t actually explain to someone what AI is, and how to use it.
“There is a hype around AI which is predicted to revolutionize the PR and communications industry in the same way the internet did, but the problem is few know how to do that. AI makes it possible to process large amounts of data in real time, ”says Jonathan Bean, CMO at Mynewsdesk.
A shift in corporate culture can alleviate the data and AI skills gap
The move to data-driven decisions requires the right combination of corporate culture, technology, and competence. The results of the survey show that only one in five companies continuously make decisions based on data insights, and half of the respondents state that their corporate culture does not support agile processes that are required to be able to apply a data-driven approach.
“Being data-driven is something that many aim for, but few are actually able to achieve. We must keep in mind all the limitations of data and its bias – AI is based on the same algorithms designed by humans and is as smart as the people who coded it, “ says Joël Gaudeul, CMO at Mention.
“In order to action data in an intelligent way, you need to first acknowledge how treacherous data can be. Communicators need to develop the ability to read, challenge and learn for the huge amount of data they gather. Luckily enough, GDPR has helped companies reduce their volume data and focus on collecting and simplifying part of the equation, “ continues Joël.
PR and Communications: (21%) of professionals in their field state that they are active in their measurement process and act on new information. (49%) in the same professional group state that they passively monitor results and rarely adjust campaigns and other communication efforts on the result.
Lack of a Data Integrated Workforce: Only (5%) of respondents state that they work with data scientists, and (44%) of respondents report their company’s data is trapped in silos and inaccessible to those that need it.
Low Understanding of Artificial Intelligence (AI): AI promises to improve and speed decision making — a key area of competence for future-facing businesses–yet the research shows just (17%) have a “strong understanding” of AI and its applications (“strong understanding defined as competent enough to be able to explain the concept to another person.)
The survey was conducted in 2018 by Mantis Research on behalf of Mynewsdesk and Mention. Data collection took place between October and November with a total of 1,050 respondents.41% of the respondents stated that they work with PR and communication, 39% with marketing and 19% as CEO, manager or owner of a company. The majority of respondents work in Sweden (54%) and the rest are spread across Europe and the US.