The ‘Human-Element’ Still Critical to Data Analytics Success
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New survey underscores the need for continued workforce development alongside the implementation of new analytics tools.
As reported by the American Lawyer earlier this month, the advent of automated technologies is deeply impacting the profession of law, and many now believe that legal support functions traditionally overseen by paralegals and junior attorneys could soon be handled by artificial intelligence (AI) platforms. According to the technology survey conducted by Altman Weil, 35 percent of law firm leaders said they could envision replacing first-year associates with law-focused computer intelligence within the next five to 10 years.
While artificial intelligence and data analytics platforms have the capacity to create a massive paradigm shift across all industries that could potentially see them take on repetitive predictable tasks, another survey conducted by Forbes Insights and EY shows that many executives still consider the human element of their organization paramount to the implementation of such technologies. Based on the research findings, it appears executives believe that personnel are as responsible for the empowerment of technology as technology is in empowering personnel.
The survey identified the top 10 percent of enterprises that had implemented data analytics and used them to gain a market edge, and then compared their strategies to other less mature data analytics users. According to the figures, more mature data analytics enabled enterprises to differentiate themselves from their lower-ranked competitors by focusing on codifying the use of data analytics into their organizational culture and making more effort to train them in the support of that effort.
Fifty-four percent of executives with leading analytics organizations report that analytics is central to their overall business strategy, and about half said they had made strides to implement an analytics-driven culture within their organizations.
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