The year 2020 brought in the most unexpected changes, nothing of what was experienced last year was ever witnessed before. Therefore, it became imperative to bring in new technological trends to keep up with the changing atmosphere. Organizations had to come up with new analytics and data science strategies and action plans hastily to retain their consumers. The focus shifted from the distribution of goods to make it available on the internet so it is accessible to everyone and the business does not suffer.
With the ascent of digital transactions, the need for data and data-driven insights increased tenfold. Therefore, leading to increased responsibility of the analytics department. Below we are mentioning few key data and analytics trends that will play a major role in 2023:
Age of Artificial Intelligence
Artificial intelligence and data science has made problem-solving and decision-making a quicker process. AI in today’s time has found its place in every segment of the market. From virtual assistants to automated emails, AI has transformed the lives of users massively by making everyday tasks easier. AI has also aided a systematic and efficient customer support system that helps solve millions of problems each day. In 2023 there will be an increased demand for personalized AI experience, this will surely increase the responsibility of data professionals to maintain the quality of the experience.
Rise in Data Monetization
The new data platforms that are available now have made it very easy for companies to monetize the data. Many important decisions will be taken in less time depending on insights, this will create a lot of burden on the analytics team. Here is where the cloud data warehouse will come into the picture, with limitless capacity to process data for business analytics. The self-healing database is touted to play a big role in the process of data management. The data today is not only processed in its traditional form i.e. on computer systems, with the onset of edge computing it is possible to access data anywhere anytime.
Stricter Privacy & Security Regulations
There have been several privacy breaches in recent years which has made consumers anxious about sharing their personal information online. This will continue to impact the trends in 2023 as there may be more regulations applied on data analytics professionals. The decision will be based on the following factors - CCPA, GLBA and HIPAA. The cyber security and data analytics professional will now need to be extra careful handling consumer’s personal information and their important data.
All in all the shift of the consumers in the digital world will lead to a surge in need of an efficient data analytics system that can process bulk information. Privacy & security of an individual must not be compromised for anything. One must remain open to introducing technologies for the smart functioning of the business. 5G is arriving at the doorsteps soon with increased demand for data warehouses and advancement of analysts for business.
We at Syscraft are always working towards being abreast with current trends and providing the best technical support to our clients to help them grow their businesses.