For business leaders, the north star aspiration is to build a “model-driven” business. To achieve this
vision, leaders hope to weave models into the fabric of business operations to disrupt industries,
beat competitors, and drive unprecedented growth. And it is not a select few who see models as
essential. 75% of executives responding to a recent survey by Accenture believe that their
companies will most likely go out of business if they can’t scale data science successfully within the
next five years. But amidst the rush to become a model-driven business, leaders should ask: Am I
doing enough to prevent the real and serious consequences of bad models? Experienced
executives are well aware of the risk. A recent survey by Wakefield Research and Domino Data
Lab revealed that 82% of data executives at US companies with more than $1 billion of annual
revenue say their company leadership should be concerned that bad or failing models could lead to
severe consequences for the company.
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