Digital transformation has been impacting every industry, enabling enterprises to reinvent themselves and the way they do things. But the COVID pandemic followed by war was the ultimate catalyst forcing businesses to depend heavily on data and analytics to counteract the uncertainty of the times. The shift toward data-based business models has been universally accepted, and analytics will continue to evolve into 2023.
New technologies are being introduced and existing ones are being upgraded, helping businesses gain quicker access to more accurate insights. Insights that can be consumed with ease. Insights that can influence business decisions in real-time.
The data and analytics trends for 2023 are geared toward scaling analytics, optimizing operations, investing in sustainable solutions, and pioneering customer-focused initiatives. The following are some of the key analytics trends to look out for in 2023.
With the rapid evolution of technology, we are already witnessing the shift from Industry 4.0 to Industry 5.0. 2023 will herald the age of hyper-automation, and shift the focus back to the human element.
Advances in analytics and related digital technologies will automate operations from product development to supply chain management. The need for demand signals will help to respond rapidly to unique customer requirements or roadblocks in the supply chain. This heightened level of automation and integration with technology will foster a better understanding of customers, improved customer engagement, and positive customer experiences.
These are the core data, analytics, and technology trends that will shape business models and dictate business success in the coming years.
Central to the theme of digital transformation through data and analytics, is the evolution of AI technology. Artificial intelligence has had a major impact on our lives, our businesses and in revolutionizing analytics forever.
The introduction and adoption of automation, through AI-based technology such as machine learning (ML) and natural language processing (NLP), has had the greatest impact on analytics processes. With ML and NLP technologies projected to improve even further, businesses will be able to eliminate manual effort from the analytics process completely.
Automation will handle all the data gathering and data pruning, and AI will empower decision-makers with data-backed insights made available in real-time. Natural language querying will enable easier communication of insights, complemented by comprehensive visuals that maintain the accuracy of the insights.
Simply ask questions of your data, and access contextual insights which are actionable in real-time.
Augmented analytics is the manifestation of the advancements in AI-based technologies. It is the combined contributions of AI, ML, and NLP which are augmenting the analytics process as mentioned in the previous point. Automation is the key, and it is both the analytics and the analyst which are being augmented for insight generation.
Even though the technology has been introduced in the market, we are going to witness an increasing adoption of augmented analytics. This is simply because it can empower both qualified and citizen data scientists to leverage AI technologies to upgrade their analytics capabilities and connect with the data at a deeper level.
Automating the entire process from data identification, data preparation, and anomaly detection to delivering sentiment analysis, and smart recommendations through natural language querying; is going to revolutionize analytics. Augmented analytics is paving the way for greater adoption of data democratization, and data-based decision-making at every level of a business.
The most significant analytics trend that you need to get on board within 2023, is data democratization. As a by-product of advancements in AI and ML technologies, data democratization promises to empower decision-makers at every level of your organization irrespective of their analytics expertise.
Augmenting analytics and enabling your workforce to access automated analytics solutions, data democratization is at the heart of building your business to be completely data-driven. Easier access to accurate insights, through natural language generation and interactive dashboards that contextualize the insights; will enable you to ensure efficiency while making strategic decisions backed by data.
Related Read: Modernization of Insights
2023 will witness greater adoption of data democratization in an effort by organizations to expand their analytics initiatives, and better understand the market, the customers, and the competition. It will also foster the development of better products, streamlining of operations, optimization of inventory, and even influence strategies for the finance and marketing departments. Better decision-making at every level of the organization is the key to improving the entire business from the ground up.
Cloud platforms are the key to organizations being able to store and access data, whether it’s their internal data or an external platform where data has been compiled by third parties. You no longer need to invest in building and maintaining systems for curating and storing data. Simply shift your workload to a public cloud, and maintain a subscription with the vendor.
Cloud architectures are sustainable and scalable and offer security to confidential data sets. Moreover, they are compatible with analytics infrastructures and simplify data access and analysis for even non-technical personnel.
The adoption of cloud architectures is only going to keep increasing as it is intrinsic to data democratization and data as a service (DaaS). It simplifies the entire process from data collection and analysis, to the interpretation of insights and usage of the business intelligence (BI) gathered.
This is a technology that enables users to access and leverage data assets on demand, through a cloud infrastructure. It provides an organization with greater access to relevant data that can help shape business strategies and enhance operational efficiency. DaaS companies have witnessed a significant rise in adoption since the onset of the pandemic and will continue to grow over the coming months. This novel data science concept is anticipated to be valued at $11 billion by 2023 and is expected to keep growing.
You can now offer your data to relevant companies and generate a new revenue stream. Even small enterprises in the analytics space can enter the DaaS industry and be of greater relevance to the world of analytics. The cloud-based service will ensure that companies can broaden their analytics capabilities going into 2023, with no restructuring required for their existing analytics framework.
These are some of the major trends we will witness going into 2023. These technological advancements will also propel greater integration of analytics with IoT devices, better data governance, and superior data security and the analysis of the same. 2023 will also herald the adoption of in-memory computing as an additional feature to cloud-computing capabilities. Graph analytics will also be a prominent feature in transforming the analysis and visualization of data for easier consumption of insights.
But why should these upcoming shifts in the market be of consequence to your business?
Irrespective of your organization’s analytics maturity, there is always room for optimization. Whether you need to enhance product development, manage investments better, or improve your ROI; this is the right time to align the analytics trends with your business goals.
If your organization lacks the resources to facilitate and maintain an in-house analytics structure, you have the option of partnering with an analytics outsourcing vendor. Entrust an analytics service provider with your enterprise data, and allow them to provide you with insights that align with your business objectives. You get to optimize your analytics investments and reap the benefits of having access to actionable insights that drive business decisions.
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