Data Management
Top Trends 2023 - Data Analytics
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Overview
Eric Schmidt, the former CEO and executive chairman of Google, famously stated that we created 5 exabytes (that’s 5 billion billion bytes!) of information between the dawn of civilization till 2003 but the same amount of information was being created every 2 days now. For additional context, this is a quote from 2010, almost pre-historic times, considering the pace of digital innovation. Today, the same amount of data is created in hours. Hence, strategies and actions based on data have become the lifeblood of modern businesses – without it, we might as well use candles for light and letters for communication!
However, what exactly makes data so valuable? Well, its ability to capture trends, patterns and signals allows us to glean pristine and accurate insights on micro and macro levels. However, to use data you need to be up to date with the latest data strategies. Presenting for your reading pleasure; the top 5 Data Analytics Trends of 2023 you need to know!
However, what exactly makes data so valuable? Well, its ability to capture trends, patterns and signals allows us to glean pristine and accurate insights on micro and macro levels. However, to use data you need to be up to date with the latest data strategies. Presenting for your reading pleasure; the top 5 Data Analytics Trends of 2023 you need to know!
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We bet some of you remember the 1983 movie, WarGames. The movie shows the United States Air Force developing a fully-autonomous supercomputer that was programmed to run war simulations. It continuously ran predictive models/ simulations and analyzed the data to identify the best strategy to win wars. We believe it is one of the most realistic depictions of data analytics, a field that has found wide acceptance in areas where humans cannot manually sift through information and analyze it.
Today, data analytics is being deployed in diverse processes across industries for data-driven decision-making. Last year, trends such as augmented consumers, Artificial Intelligence integration and better data discovery tools improved this arena. Yet, businesses are still looking for innovative ways to enhance their data analytics operations and we’re here to help! Here are the top 5 Data Analytics Trends of 2023!
Read on!
Trend 1: Data-as-a-Service (DaaS) Will Be In Demand
SaaS (Software-as-Service) models have gained popularity in the business landscape due to their various advantages. Soon, data analytics will take the same route as DaaS (Data-as-a-Service) offerings. In 2023, businesses will choose cloud-based solutions that will help with data analytics; from sourcing and managing data to generating insights for business intelligence.
The Data-as-a-Service market is expected to reach a valuation of USD 11 billion by the end of 2023. This trend will enable smaller firms and entrepreneurs to leverage data analytics and formulate better strategies through data-backed decisions. For large enterprises, it will reduce the operational overhead of data analytics and allow users across verticals to derive higher value from business data.
Since it’s quite similar to SaaS models, that is pay-as-you-go approach, businesses will only pay for the data services they use. Hence, DaaS will be a cost-effective solution to scale analytics operations across industries. Moreover, with 5G deployments enabling access to high-speed internet, it is expected that online data services such as DaaS will have a wider reach in 2023.
TechDogs’ Opinion: The cloud has offered several benefits for data analytics, yet we expect DaaS to be the most disruptive of them. Most business data is already in enterprise clouds. Hence, cloud-based solutions such as DaaS will allow users to quickly access, analyze, review and share data online. We believe this will bring a significant change for data analytics across industries, as DaaS will offload the time-consuming and expensive tasks (such as installation, maintenance, validation, etc.) of traditional analytics software to third-party vendors. DaaS will enable businesses to enhance the entire lifecycle of data analytics operations through modular, reusable data engines that will improve speed-to-insight and scalability. #StayOnTopWithDaaS
Trend 2: The Migration To Cloud Will Continue
Every business stores some data on the cloud. Yet, as data analytics is quickly moving to the cloud, we expect enterprises to continue moving more business data to the cloud in 2023. It is estimated that roughly 60% of the world's corporate data is stored in the cloud. This is because it enables enterprises to get better access to business data, higher uptime and better scalability of data storage. Moreover, enterprises get to choose between private and public clouds, as well as hybrid cloud deployments, depending on the sensitivity and required access to the data. Cloud migration of data is expected to ramp up in 2023, as businesses will also move their analytics workloads to cloud infrastructures for better compatibility and reliability.
The biggest advantage of migrating data analytics to the cloud is that it will offer real-time, high-throughput analytics with minimal levels of uncertainty. This will also mean that businesses will have access to data on-demand as required for their analytics operations. Due to these advantages, more companies will continue migrating their digital assets to the cloud and become more agile in their analytics operations.
TechDogs Opinion: It is a fact that the cloud has become the new frontier for data. We expect that very soon, all data analytics operations will be migrated to the cloud for processing (remember DaaS from Trend 1?). Hence, we recommend businesses focus on cloud-native technologies that will offer robust solutions for cloud-based analytics infrastructures. As the role of analytics constantly evolves to face the changing business needs, it will lead to more data being moved to the cloud for analytics. It will be imperative to integrate robust cloud tools that allow non-technical users to interface with the cloud. Without the right tools to support the migration to the cloud (during and after), cloud data will remain siloed for many non-technical stakeholders. #AreYouOnTheCloudYet
Trend 3: Businesses Will Automate Data Analytics
We all know that automation technologies have been growing for some time now. However, in 2023, businesses will keenly adopt automation to reduce the reliance on manual analytics operations. This will give rise to faster, more accurate and more reliable analytics across industries.
Automation of data analytics will include several tasks and processes that currently rely on human effort. For example, automation of data mining or ticketing of incomplete or outdated datasets will improve the overall effectiveness of analytics. This trend will have a significant impact on the productivity of data-driven enterprises as processes that are handled manually can be outsourced to software and tools. A rising solution is analytics process automation (APA) which will deliver a wealth of automated insights and predictive capabilities to organizations, hastening decision-making processes.
Naturally, Artificial Intelligence (AI) will lie at the heart of these automation solutions. It will result in higher efficiency of analytics, insight generation and time-to-action. Businesses that automate their data analytics pipeline will see an improved ROI and higher data utilization.
TechDogs’ Opinion: We believe that working with data can be an exhausting job. By automating repetitive processes, businesses will improve the productivity of their workforce. We are sure that augmented analytics will be at the forefront of this movement, as it uses Machine Learning and Natural Language Processing (NLP) to automate analytics requests, process data and derive insights from it. These tasks would normally be handled by a data scientist or specialist, however, with augmented analytics even non-technical users will be able to perform thorough data analytics. We think this will not only improve the reliance on data-driven decisions but also reduce the reliance on technical experts to perform analytics. #AutomateYourDataAnalyticsOperations
Trend 4: The Cloud Will Enable Self-Service Data Analytics
We’re sure you already know that Business Intelligence (BI) relies heavily on data analytics. However, continuously performing data analytics to drive BI strategies can be challenging, Hence, deploying self-service data analytics platforms will become the next big thing in 2023.
Self-service analytics is an emerging form of business intelligence where various professionals will be trained and encouraged to perform data analytics independently. There will be nominal support from IT teams and data experts, as the workforce will be fully data-driven. Business leaders are adopting this movement by investing heavily in cloud-based solutions that allow users to have direct access to the information they need. These self-service data analytics portals will put data straight into the hands of the user who needs it. This trend is expected to introduce more granular insights as analytics will be performed by ground-level workers more often.
The self-service business intelligence market size was valued at USD 4.73 billion in 2018; a number that is projected to reach roughly USD 14.19 billion by 2026. It is being driven by the demand for easier access to data analytics capabilities. Self-service data analytics tools will ultimately transform every business by allowing teams to conduct their own data discovery, analysis and validation.
TechDogs Opinion: Self-service data analytics is what every modern worker needs! We believe it will be the next driver of efficiency in data-driven workplaces. Self-service data analytics solutions will boost a business’s competitive advantage and increase the reliance on data-based decisions. This trend will enable users with 24/7 access to business data, not limited by business hours or the availability of in-house data scientists. Hence, we suggest businesses invest in cloud-based self-service solutions that are easy to set up and secure. By developing self-service strategies, businesses will cater personalized data access to various teams and individuals, becoming more data informed.
Trend 5: Data Democratization Will Come To The Fore
The biggest challenge with data analytics in the current business climate is that only a small segment of the workforce is data-driven. This is due to poor data literacy, as most businesses struggle to leverage enterprise data across teams and verticals. Hence, in 2023, the democratization of data will be in the spotlight to help businesses inform employees how to work with data, regardless of their technical background.
To analyze and use data effectively, employees need to have access to data instantly (self-service portals) and the relevant skills to identify critical insights. While businesses are working towards better data access, democratization will be essential in allowing stakeholders within the organization to use data to generate better decisions. This new-age thinking says that regardless of the role or vertical within the company, employees must have access to data and the skills to leverage it effectively for analytics and business decision-making.
Democratization of data will lead to higher effectiveness and flexibility across the enterprise. Business teams will operate on real-time data insights instead of outdated ones. It will ensure that data analytics becomes the core element of each decision-making process, which will enhance business outcomes and revenue.
TechDogs Opinion: We expect data democratization to be one of the most significant changes in how businesses work with data. It will begin by improving data literacy across the enterprise, especially in key roles. Businesses should invest in training their workforce to upskill them with relevant data-related skills and acumen. When the workforce becomes data literate, they will also be data-driven. As an outcome of this, we believe employees with access to business data will consistently analyze and understand insights to arrive at more accurate decisions. We believe that a democratized data environment will soon become an essential aspect to realize the full potential of business data. #DemocracyWinsEverywhere
To Sum Up
We know that data is the new oil. Yet, it is data analytics that tells you if it’s cooking oil or motor oil! This year, we expect businesses to continue migrating data and analytics workloads to the cloud, automate analytics operations and provide self-service solutions to their employees. DaaS will be the new standard, while calls for data democratization will be answered in 2023. Till then, #KeepAnalyzing
Wed, Dec 28, 2022
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