Moving to a data-driven business model is now optional but necessary to survive in the fiercely competitive environment of the digital age. The ability to use data to make smart business decisions is increasingly becoming the key differentiator between a successful business and a failing business. Smart, data-driven workflows and seamless interactions between humans and machines are expected to soon become as standard as the company’s track record.
As companies begin their journey to 2023 with renewed zeal, several trends in data science and analytics will impact their performance. This article examines five trends to watch in the new year.
1. Augmented Intelligence
So far, companies have mainly used artificial intelligence and machine learning to predict outcomes and self-driving applications. This trend is expected to gain momentum in 2023. Augmented intelligence powered by AI, ML protocols, and natural language processing (NLP) is expected to help businesses increase workflow efficiency. of work. NLP, coupled with data analytics, will help businesses monitor and track market information. Augmented intelligence also has the potential to transform data analytics with intelligent automation and actionable insights.
2. Data governance
There will be a lot of buzz around data governance in 2023 as governments realize the urgency of regulating the use of personal data and other types of data. For businesses, this means they will be busy auditing their data and streamlining how it is collected, stored and used. Other countries are expected to introduce data laws like the European GDPR soon. A study by Gartner predicts that by 2023, approximately 65% of the world’s population will be covered by regulations similar to GDPR.
3. Real-time data and analytics
The ability to process data in real time has become a key growth driver for global companies. The global big data analytics market is expected to reach over $650 billion by 2029. Companies like Facebook analyze hundreds of gigabytes of data per second for use cases such as ad serving and preventing the spread of fake news. In 2023, we can expect a greater focus on real-time data analytics as companies implement various strategies for competitive advantage.
4. Data as a Service (DAAS)
Businesses are increasingly using Data-as-a-Service software. Based on cloud computing technology, DAAS enables businesses to access, manage and analyze data from anywhere at any time. It also makes data storage and analysis more cost effective. In 2023, more companies are expected to implement DAAS tools. According to one estimate, the market value of DAAS is expected to reach $10.7 billion in 2023.
5. Data democratization
The democratization of data is another big trend to watch in 2023. Companies are realizing that the true potential of data can only be fully realized if the power to act on data-driven insights is available across different functions, including front line, workshops, non-technical, marketing and financial staff. The democratization of data is set to be a game-changer for many growth-focused companies in the future. Many companies around the world are already equipping all of their employees with the tools needed to make smart, data-driven decisions.
In the age of data, the challenge for businesses is not just to survive, but to thrive. The rapid adoption of data science and analytics tools is radically enabling many companies to gain an edge over their competitors. Moreover, the development of these technologies increasingly helps companies to increase human potential to reinvent business fundamentals and generate value in a profitable way. As 2023 approaches, the five key trends outlined above will result in accelerating change and expansive growth.
The opinions expressed above are those of the author.
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