Data is increasingly the differentiator between winners and also-rans in business. Today, information can be captured from many different sources, and technology to extract insights is becoming increasingly accessible.

Big data analytics is one of the most powerful technology trends and is revolutionizing multiple sectors globally, from healthcare to the fourth industrial revolution. Thanks to cloud applications, companies can now monitor and analyze data in real time and make improvements faster than ever.

Data Science And Analytics Trends In 2023 And Beyond

This technology will undoubtedly be the talk of the internet in the next few months, so let’s take a look at the top trends for data and analytics in 2023.

Data Democratization

One of the most important trends will be the continued empowerment of entire workforces – rather than data engineers and data scientists – to put analytics to work. This is giving rise to new forms of augmented working, where tools, applications, and devices push intelligent insights into the hands of everybody in order to allow them to do their jobs more effectively and efficiently.

In 2023, businesses will understand that data is the key to understanding customers, developing better products and services, and streamlining their internal operations to reduce costs and waste. However, it’s becoming increasingly clear that this won’t fully happen until the power to act on data-driven insights is available to frontline, shop floor, and non-technical staff, as well as functions such as marketing and finance.

Some great examples of data democracy in practice include lawyers using natural language processing (NLP) tools to scan pages of documents of case law, 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. Research by McKinsey has found that companies that make data accessible to their entire workforce are 40 times more likely to say analytics has a positive impact on revenue.

Data as a Service (DaaS)

Estimates indicate that the data as a service (DaaS) market will reach 11 billion in revenue by 2023. This sector has reached a point where even smaller players can easily enter the sector and generate revenue. Even the most extreme niches can derive value from data.

If the data generated in your company can offer value to others, data as a service could be an interesting way to generate revenue. So it’s a great time to rethink your data offering and discover new ways to contribute.

Artificial Intelligence

Artificial intelligence (AI) is perhaps the one technology trend that will have the biggest impact on how we live, work and do business in the future. Its effect on business analytics will be to enable more accurate predictions, reduce the amount of time we spend on mundane and repetitive work like data gathering and data cleansing, and to empower workforces to act on data-driven insights, whatever their role and level of technical expertise (see Data Democratization, above).

Put simply; AI allows businesses to analyze data and draw out insights far more quickly than would ever be possible manually, using software algorithms that get better and better at their job as they are fed more data. This is the basic principle of machine learning (ML), which is the form of AI used in business today. AI and ML technologies include 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.

Big Data to Aid Climate Change Research

In order to make progress in the fight against climate change, it is absolutely imperative that the debate and actions to be implemented are data-driven.

Backing up the predictions of organizations fighting climate change with solid data will help to move beyond debate and start collaborating globally to implement the actions needed to combat this threat.

Big data provides an unbiased source of information about what is actually happening on the planet and, in combination with technologies such as AI and analytics, will help determine the most effective actions to coordinate efforts between governments and businesses.

Data Governance and Regulation

Data governance will also be big news in 2023 as more governments introduce laws designed to regulate the use of personal and other types of data. In the wake of the likes of European GDPR, Canadian PIPEDA, and Chinese PIPL, other countries are likely to follow suit and introduce legislation protecting the data of their citizens. In fact, analysts at Gartner have predicted that by 2023, 65% of the world’s population will be covered by regulations similar to GDPR.

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