Data Science and Analytics Trends In 2023
Data Science and Analytics Trends In 2023, In business, data is increasingly used to distinguish between winners and losers.
Today, information can be gathered from a variety of sources, and technology for extracting insights is becoming more widely available.
Data Science and Analytics Trends In 2023
Moving to a data-driven business model, in which decisions are made based on what we know to be true rather than “gut feeling,” is central to the wave of digital transformation that will sweep through every industry in 2023 and beyond.
It enables us to respond with certainty in the face of uncertainty, which is especially important when wars and pandemics disrupt the established order of things.
However, the world of data and analytics never stops moving. New technologies that provide faster and more accurate access to insights are constantly emerging.
And new trends emerge, bringing us new ideas on how to best apply them in business and society at large.
So, here’s my rundown of the key trends we believe will influence how we use data and analytics to drive business growth in 2023.
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Data Democratization
One of the most important trends will be the continued empowerment of entire workforces to use analytics, rather than just data engineers and data scientists.
This is spawning new forms of augmented working, in which tools, applications, and devices place intelligent insights in the hands of everyone, allowing them to do their jobs more effectively and efficiently.
Businesses will recognize that data is critical to understanding customers, developing better products and services, and streamlining internal operations to reduce costs and waste by 2023.
However, it is becoming increasingly clear that this will not be fully realized until frontline, shop floor, and non-technical staff, as well as functions such as marketing and sales, have the ability to act on data-driven insights.
Lawyers using natural language processing (NLP) tools to scan pages of case law documents, or retail sales assistants using hand terminals that can access customer purchase history in real time and recommend products to up-sell and cross-sell, are two great examples of data democracy in action.
According to McKinsey research, companies that make data available to their entire workforce are 40 times more likely to report that analytics has a positive impact on revenue.
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Artificial Intelligence (AI)
Artificial intelligence (AI) is likely to be the single most influential technology trend in the future of how we live, work, and conduct business.
Its impact on business analytics will be to enable more accurate predictions, reduce the amount of time we spend on mundane and repetitive tasks such as data collection and cleansing, and empower workforces to act on data-driven insights regardless of their role or level of technical expertise (see Data Democratization, above).
Simply put, AI enables businesses to analyze data and extract insights far more quickly than would be possible manually, thanks to software algorithms that improve as they are fed more data.
This is the fundamental principle of machine learning (ML), the type of AI used in business today.
AI and ML technologies include natural language processing (NLP), which enables computers to understand and communicate with us in human languages; computer vision, which enables computers to understand and process visual information using cameras, just as we do with our eyes; and generative AI, which can create text, images, sounds, and video from scratch.
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Cloud and Data-as-a-Service
We’ve combined these two because the cloud is the platform that allows data-as-a-service technology to function.
Essentially, it means that businesses can use cloud services to access data sources that have been collected and curated by third parties on a pay-as-you-go or subscription-based billing model.
This eliminates the need for businesses to develop their own costly, proprietary data collection and storage systems for a wide range of applications.
In addition to raw data, DaaS providers provide analytics tools as a service. Data accessed via DaaS is typically used to supplement a company’s proprietary data, which it collects and processes in order to generate richer and more valuable insights.
It contributes significantly to the previously mentioned data democratization by allowing businesses to work with data without the need to set up and maintain costly and specialized data science operations.
The value of the market for these services is expected to reach $10.7 billion by 2023.
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Real-Time Data
When delving into data for insights, it’s preferable to know what’s happening right now rather than yesterday, last week, or last month. As a result, real-time data is becoming the most valuable source of information for businesses.
Working with real-time data frequently necessitates more sophisticated data and analytics infrastructure, which means more expense, but the benefit is that we can act on information as it happens.
This could include analyzing clickstream data from visitors to our website to determine what offers and promotions to present to them, or in financial services, it could mean monitoring transactions as they occur around the world to look for warning signs of fraud.
Social media platforms like Facebook analyze hundreds of gigabytes of data per second for a variety of purposes, including advertising and preventing the spread of fake news.
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As more businesses turn to data to gain a competitive advantage, those with the most advanced data strategies will increasingly focus on the most valuable and up-to-date data.
As a result, in 2023, real-time data and analytics will be the most valuable big data tools for businesses.
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Governance and Regulation of Data
Data governance will also be a hot topic in 2023, as more governments pass legislation to govern the use of personal and other types of data.
Following in the footsteps of the European GDPR, Canadian PIPEDA, and Chinese PIPL, other countries are likely to follow suit and enact legislation to protect their citizens’ data.
This means that governance will be a critical task for businesses worldwide over the next 12 months as they work to ensure that their internal data processing and handling procedures are adequately documented and understood.
Many businesses will need to audit their information, including how it is collected, where it is stored, and what they do with it.
While this may appear to be extra work, the idea is that in the long run, everyone will benefit because consumers will be more willing to trust organizations with their data if they know it will be well protected.
These organizations will then be able to use this data to develop products and services that are more closely aligned with what we need at more affordable prices.
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