Demand for AI-Ready Data is transforming Data Intelligence market
Master Data Management partner, Precisely, the global leader in data integrity has been recognized as a Leader in the IDC MarketScape: Worldwide Data Intelligence Platform Software, 2024* report.
This in-depth assessment highlights the strengths of the Precisely Data Integrity Suite in providing accurate, consistent, and contextual data to meet critical data intelligence needs and deliver AI-ready data.
What is Data Intelligence?
IDC defines data intelligence as a system that leverages business, technical, relational, and operational metadata to provide transparency into data profiles, classification, quality, location, lineage, and context.
This empowers people, processes, and technology to work with trustworthy and reliable data, answering fundamental questions such as who is using the data, where it is located and its origin, when it is accessed and last updated, why it exists and whether it should be retained, how it is being used, and what relationships exist within the data and with data consumers.
“You can have the most sophisticated AI and analytics tools in the world, but without data integrity, you risk generating sophisticated errors.
True data intelligence hinges on the trustworthiness of the underlying data,” said Gary Allemann, Managing Director at Precisely partner, Master Data Management.
The Demand for AI-ready data is transforming Data Intelligence platform
The data intelligence platform software market is undergoing rapid transformation, fueled by the growing demand for AI-ready data.
The 2024 Office of the CDO Survey revealed that a striking 83% of organizations have adjusted their data strategies in response to the emergence of generative AI (GenAI).
This shift represents a significant intensification of focus on data management, with over half of surveyed organizations reporting a substantial increase or even prioritization of data management efforts.
These efforts are primarily aimed at supporting AI initiatives by enhancing the quality of data and analytics products, while simultaneously bolstering data security and privacy.
Data intelligence software, encompassing crucial functionalities like data stewardship, data cataloging, data quality management, data lineage tracking, and data product hubs (internal data marketplaces), provides the essential capabilities needed to support these AI initiatives and deliver the necessary AI-ready data.
Why the Precisely Data Integrity suite?
The IDC MarketScape recognized several key strengths of the Precisely Data Integrity Suite:
- Shared Data Catalog: “Precisely’s data intelligence platform is built on a shared data catalog that natively harvests metadata from all services in the Data Integrity Suite. This enables greater data intelligence without expensive or time-consuming data integration configurations.”
- Modular Design: “The suite’s modular design allows customers to select needed capabilities, offering customers flexibility and scale in their data intelligence platform.”
- Geospatial Capabilities: “One of the key differentiators for Precisely is its geospatial data management capabilities, covering address cleansing and standardization as well as location-based data enrichment and analytics.”
- AI-Driven Data Quality: “Precisely utilizes AI to automatically assess and enhance data quality throughout the platform, employing machine learning algorithms for anomaly detection, data cleansing, and data integrity scoring.”
The IDC MarketScape evaluated 13 vendors offering data intelligence software platforms, defined as single products encompassing data definition, profiling, quality, lineage, cataloging, and stewardship (governance) capabilities.
The evaluation was based on capabilities and strategies aligned with customer requirements.
“Data integrity is not just a technical requirement; it’s the key that unlocks the true potential of data intelligence.
The IDC MarketScape’s naming of Precisely as a leader in data intelligence, specifically citing their capabilities in data governance, data quality and lineage, reinforces this connection.
By ensuring the accuracy, consistency, and context of our data—the very strengths that IDC recognizes in Precisely—we pave the way for genuine insights and transformative outcomes.” continues Allemann.
The modular Precisely Data Integrity Suite, built on the Data Integrity Foundation, offers comprehensive visibility into data intelligence, AI-enhanced data governance and quality, scalable support for hybrid environments, and unique geospatial capabilities.
To receive a complimentary excerpt of the report, download it here.
*IDC MarketScape: Worldwide Data Intelligence Platform Software 2024 Vendor Assessment, doc #US51467224, November 2024