Salesforce's latest State of Data and Analytics Report has unveiled key concerns and insights into the state of data confidence among Australian business leaders. The report, which surveyed over 10,000 analytics and business leaders globally, found that 86% of Australian business leaders are worried their companies are missing out on the benefits of generative AI due to data quality issues.

The report also revealed that 94% of global business leaders believe their organisations should be extracting more value from their data. However, only 42% of Australian business leaders have complete confidence in the accuracy of their data, highlighting a significant gap in trust.

Rowena Westphalen, Senior Vice President of Innovation at Salesforce APAC, commented on the findings, saying, 'It can be a case of garbage in, garbage out without trusted, high-quality data fuelling AI. It’s time for Australian IT leaders to get their house in order and invest in the technology and skills training to deliver the data quality needed to realise the productivity, efficiency and customer experience benefits of AI.'

The report also highlighted the struggle many organisations face in aligning their data strategy with business goals. In Australia, 81% of analytics and IT leaders reported this issue, suggesting a disconnect between data management and business objectives.

In response to these challenges, 74% of Australian analytics and IT leaders are investing more in data training and development. The report also noted a strong demand for trusted, secure data due to advancements in AI.

Despite these challenges, 83% of Australian analytics and IT leaders are utilising data governance to ensure baseline data quality. However, the biggest hurdle remains the lack of a single source of truth for their data.

The report's data was gathered from two double-anonymous surveys conducted from June 16 through July 31, 2023, generating 5,540 responses each from analytics and IT decision-makers and line-of-business leaders from 18 different countries.

The findings underscore the urgent need for Australian businesses to address data quality and governance issues to fully leverage the potential of AI and data analytics. As AI continues to advance, the demand for high-quality, trusted data will only increase.