Hakkōda State of Data 2024 Report: 94% of Organizations Need to Modernize Data Stack This Year

NEW YORK, Feb. 22, 2024 – Hakkoda, a cloud data engineering consultancy specializing in Snowflake, has announced the release of its State of Data 2024 report. The findings indicate new AI capabilities are quickly being integrated into business IT, with a substantial 50% of organizations actively implementing AI for limited use cases such as automation.

Additionally, every organization surveyed views generative AI as important, and nearly two in three organizations reported that generative AI will be very or critically important to their success by 2027.

The State of Data 2024 report surveyed 500 data leaders from large organizations across major industries. Respondents hold director-level or higher positions in IT and analytics roles at US companies with 1,000 or more employees in the following sectors: Distribution/Supply Chain, Education, Entertainment, Financial Services, Government, Healthcare, Manufacturing, Retail, and Telecommunications.

Among the survey highlights:

• 94% of all organizations polled say they need to upgrade their data systems this year.
• 70% of organizations have already deployed some of their data in the cloud.
• 64% of organizations intend to monetize their data in 2024.
• 45% of C-level are extremely confident their data team can build the generative AI capabilities they need, while only 28% of their VP-level counterparts feel the same.

To gauge how companies utilize their current data stack and prepare for the future in their respective industries, the State of Data 2024 report also differentiates organizational data maturity. Best-practice-based evidence of harnessing and optimizing data systems is used to classify four stages of sophistication in a company’s data journey moving from Chaos to Order to Insight to Innovation. Those stages of maturity produced notable variance in survey responses.

“The State of Data 2024 report underscores the imperative need for modernizing data strategies and a growing focus on AI integration,” said Erik Duffield, CEO of Hakkoda. “It also highlights a chasm between organizations that are leading in innovation and those playing catch up in chaos. Those who use managed services move further and faster. At Hakkoda, we are focused on bridging this gap.”

A detailed executive summary and the State of Data 2024 report is available here.

The study was conducted by Lawless Research in December 2023 as a blind survey. 20% of respondents came from organizations with less than $500M annual revenue; 29% with $500M to $999.9M annual revenue; 37% with $1B to $9.9B annual revenue; 14% with $10B or more annual revenue.

About Hakkōda

Hakkoda is a cloud data engineering consultancy specializing in Snowflake. We work with our clients to deliver powerful business outcomes across industries, with deep domain expertise in healthcare, financial services, and the public sector. We supply the talent and managed services organizations need to build strategic data architecture that streamlines the journey to data-driven innovation. To learn more, visit hakkoda.io.

Source: Hakkōda