Data science benefits in the enterprise are being ignored

New research announced by Continuum Analytics, the creator and driving force behind Anaconda, an Open Data Science platform powered by Python, finds that 96 percent of data science and analytics decision makers agree that data science is critical to the success of their business, yet a whopping 22 percent are failing to make full use of the data available. These findings are included in Continuum Analytics’ new eBook, Winning at Data Science: How Teamwork Leads to Victory, based on the company’s inaugural study that explores the state of Open Data Science in the enterprise.

The research, conducted by independent research firm Vanson Bourne, surveyed 200 data science and analytics decision makers at U.S. organizations of all sizes and industries, to examine the state of Open Data Science in the enterprise. Continuum Analytics also surveyed more than 500 data scientists to uncover similarities and disparities between the two groups. Topics ranged from the value of data science, challenges around adoption and how data science is being utilized in the enterprise.

Key findings

The benefits of data science in enterprise are undisputed; 73 percent of respondents ranked it as one of the top three most valuable technologies they use. Conversely, findings show that a disparity exists between understanding the impact of data science and actually executing it in the enterprise - 62 percent said data science is used at least on a weekly basis, but just 31 percent of that group are using it daily.

When comparing the beliefs of executives/IT managers with data scientists, nearly all respondents from both groups agree on the critical impact of data science in the enterprise. However, a divide exists around where companies are in the data science lifecycle. Just 24 percent of data scientists feel their companies have reached the “teen” stage - developed enough to hold its own with room to mature - as opposed to the 40 percent of executives who feel confident they have arrived at this stage of development.

Despite the benefits offered by data science, 22 percent of enterprise respondents report that their teams are failing to use the data to its potential. What’s more, 14 percent use data science very minimally or not at all, due to three primary adoption barriers: executive teams that are satisfied with the status quo (38 percent), a struggle to calculate ROI (27 percent) and budgetary restrictions (24 percent).

While obstacles persist, an increasingly data-driven world calls for data science teams in the enterprise - it’s not a one person job. Though 89 percent of organizations have at least one data scientist, less than half have data science teams. Findings revealed that 69 percent of respondents associate Open Data Science with collaboration, proving that teamwork is essential to exploit the power of the data, requiring a combination of skills best tackled by a strong team.

“Over 94 percent of the enterprises in the survey rely on open source for data science. Open Data Science is the Rosetta Stone to unlocking the value locked away in data, especially Big Data,” said Michele Chambers, EVP Anaconda Business Unit, Continuum Analytics. “Our research shows that data science is no longer just for competitive advantage; it needs to be infused into day-to-day operations to maximize the value of data. Data science is business and the best run businesses run Open Data Science.”