Data analytics is the one field that can make or break a company in this tech-heavy age we live in. It’s receiving more support, research, and attention now than ever before, and naturally, the field’s growth results in an ever-increasing loop of trends popping up every year. If you’re a data analytics aficionado, you probably already know what to keep your eyes on. However, for everyone else, this might be a bit more tasking.
So, instead of chasing and reading up on all the different trends, let us direct your attention to the five most exciting ones we believe you should be focusing your attention on. It has, after all, become a tradition here at the B EYE blog to make these trend lists at the end of each year and spark a discussion with our dear readers.
Augmented Analytics and Scalable AI
Last year in our Top 6 Data Trends for 2022 article, we predicted that Small Data would gain more traction throughout 2022, and we were right to a degree. We didn’t account for how that would progress, though, and the answer was, in fact, Artificial Intelligence (AI). That’s right! Many platforms turned to various machine learning (ML) and AI methodologies that were set to handle smaller sets of data, which in turn helped speed up analysis and offered a quicker return on investment. We’re expecting this trend to go towards the scalable route and to have the option to apply these same fast methodologies to bigger sets of data.
And in the meantime, we’ve got to keep our eyes on Augmented Analytics and the guided approach they offer to companies all over the world. You see, by leveraging the power of natural language processing (NLP) and ML, users get to generate all kinds of insightful reports that usually require skilled data scientists to pull off. And by empowering all departments with the ability to identify patterns and trends and act on them, we essentially speed up the decision-making aspect of all companies taking advantage of this trend.
Augmented Analytics and AI as data analytics trends had quite a strong start, and it’s very much worth keeping an eye on their development, as their major boom is yet to arrive but, in fact, due any time now.
With ML and AI expected to make a big splash as top 2023 data analytics trends, it’s only logical that Decision Intelligence (DI) would follow. After all, what defines DI is the process of utilizing technologies like the aforementioned ML and AI to enhance your company’s decision-making process by bringing efficient, significant, and timely insights to the table. Essentially, DI brings unique benefits to your business and upgrades it with improved data-backed decisions on a whole new level.
DI can cover any business use case, from selecting the best new hires to go with to real-time risk assessment and recommendations. At the end of the day, utilizing data to make proper decisions is the cornerstone of data analytics and even business intelligence as a whole. So, this shift to decision intelligence is quite natural and will drive the analytics field forward in more ways than one. After all, companies are already aiming to drive the best decisions with the available data, and this trend will only further enhance this.
Data as a Service (DaaS)
By now, you may be wondering if any of these trends are fit for your business since they often require tons of data to make the most out of them. Well, ok … “tons” might be an exaggeration, but it’s true that small businesses may find it harder to take advantage of these next-gen trends and technologies. And that’s where this next trend on our list comes in handy!
In the past, we talked a lot about SaaS as an exciting trend to keep an eye on, and that’s still true for 2023, but we believe data as a service (DaaS) is definitely on that list of exciting data analytics trends. After all, what is more exciting than getting on-demand data through cloud-based platforms or APIs? This way, even small businesses can have a chance to stay competitive versus the big titans that generate tons of data daily. Additionally, it can be a way for some smaller, more niche companies to generate extra revenue by offering their gathered data to others.
Overall, DaaS will stay on our radar throughout 2023 since the collaborating options it brings to the table are nothing to scoff at. Our avid readers know that we’re, in fact, huge proponents of data sharing, so we’re quite excited to see this trend flourish and augment the future of data analytics in general.
Now with all this talk of sharing and acquiring data, it’s natural to be a little concerned about security. Things like breaches and leaks happen all the time anyway, so when companies start selling parts of the data they’ve gathered to other businesses, it’s bound to attract some attention. And that’s why we believe that data security will be increasing up the ranks of the data analytics trends list and will likely progress hand-in-hand with services like DaaS.
The thing we ought to realize is that the more data security becomes a concern, the more resources will be poured into that area to improve and boost it. Protecting data from any unauthorized access or misuse will likely be a top concern of any DaaS platform that chooses to offer its services to the masses. After all, no one wants to become a victim of their own data or an instigator of their own downfall, so data segregation will surely be pushed to new heights.
It’s intriguing to see how the industry will respond and how far data security will be pushed to ensure smooth sailing in terms of pure collaboration and data transactions. As with DaaS, we’re excited to see where the future of data analytics will be by the end of 2023 and how far it’ll push the industry as a whole.
And finally, we’re back here again at the last spot on our trend list. Feels a bit nostalgic seeing how we’ve put data literacy on our future-year trend lists for a while now. And it’s with good reason again! All these innovative and exciting technologies and trends we have listed so far need to have data-literate users piloting them to take full advantage of their functionality. So, that’s why we predict that data literacy will continue to be a strong trend in 2023, if not even stronger than in past years.
It’s more important than ever to understand analytics, data sources, and their role in predicting and delivering better business outcomes. We believe that all team members, regardless of department or decision-making authority, need to go through data literacy training. After all, without the ability to understand what the data represents and how it correlates with each other, we’re just blindly pushing buttons on a screen considering all the outcomes and insights as set in stone.
Every advancement we make toward a better overall understanding of data is a step in the right direction. So, we’re eagerly awaiting 2023 and the improvements that will come with it so that we can all move sooner into that better and brighter future of data analytics.
Happy holidays dear readers, and be sure to always let your data talk!