Businesses continue to generate massive amounts of data, largely from eCommerce, social media, and even the IoT. However, it becomes difficult to glean critical information from all this data to drive an informed decision-making process. It remains a major reason companies leverage data analytics to gain that extra advantage over their competitors. Understanding the latest trends in data analytics and science helps your business take advantage of its data assets. So let’s take a look at where the concept of data science is headed in 2023 and beyond. Expect AI and machine learning to continue to make a significant impact in this area.
How Can Data Analytics Be a Differentiator for Businesses?
The Democratization of Data in The Workplace
Data analytics typically resided as the sole domain of the data scientist or top-shelf data analysts. However, the recent trend aims at making data analytics something easy to use for non-technical employees. In fact, many tech pundits call this democratization of data at businesses a top data trend for 2023.
The newfound popularity of ChatGPT provides some insights into this future of data analytics. Picture a conversational AI-powered chatbot able to understand natural language questions related to a company’s data store. An interface like this provides the means for companies to find crucial information within their data easier than before. Simply stated, improving accessibility to data remains the key to unlocking its value.
The Growth of Cloud-based Data-as-a-Service Providers
Somewhat related to improved access to data, the Cloud helps companies quickly adopt a remote or hybrid working model. The importance of this approach became apparent in the wake of the COVID-19 pandemic. So businesses increasingly leverage data-as-a-service (DaaS) providers to facilitate access to data for remote employees and more. Not surprisingly, the market for DaaS is predicted to increase to $10.7 billion in 2023.
Notably, some of these providers also include data analytics functionality in their service offerings. So keep this in mind when vetting DaaS companies for your business. This approach also plays a critical role in the democratization of data.
The IoT Highlights the Growth of Real-Time Data Analytics
The Internet of Things (IoT) is finally making an impact in the business world. Remote sensors on a network generate a ton of data. Interestingly, relevant use cases for the IoT abound in manufacturing, healthcare, logistics, and more.
Of course, that proverbial need to derive business information from this data raises demand for real-time data analytics platforms. Expect this trend to continue as the adoption of the IoT expands.
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