Info-Tech Research Group on Thursday released its Data and Analytics Trend 2023 report, a document that delves into leading-edge trends organizations and IT leaders will need to prepare for over the coming months.
“As we enter a new era of data and analytics, a data-driven culture and embracing emerging technologies are essential for organizations to remain competitive in the digital age,” said Chris Dyck, advisory lead for the firm’s data, analytics, and enterprise architecture practice.
“The changing landscape can be overwhelming, but technology leaders that leverage these trends will be able to identify opportunities to optimize their data strategies, unlock the full potential of organization’s data assets, and drive better business outcomes.”
Authors of the report have identified the following key trends for the coming months:
- Data gravity – Data gravity is the tendency of data to attract applications, services, and other data. A growing number of cloud migration decisions will be made based on the data gravity concept.
- Democratizing real-time data – Data democratization means data is widely accessible to all stakeholders without bottlenecks or barriers. Success in data democratization comes with ubiquitous real-time analytics.
- Augmented data management – Augmented data management will enhance or automate data management capabilities by leveraging AI and related advanced techniques. It’s possible to leverage existing data management tools and techniques, but most experts have recognized that more work and advanced patterns are needed to solve many complex data problems.
- Identity authenticity – Veracity is a concept deeply linked to identity. As the value of the data increases, a greater degree of veracity is required. For example, more proof is provided to open a bank account than to make friends on an online social platform. As a result, there is more trust in bank data than in social media data.
- Data monetization– Data monetization is the transformation of data into financial value, and demands an organization-wide strategy for value development. However, this does not imply selling data alone. Monetary value is produced by using data to improve and upgrade existing and new products and services.
- Adaptive data governance – Adaptive data governance encourages a flexible approach that allows an organization to employ multiple data governance strategies depending on changing business situations. The other aspect of adaptive data governance is moving away from manual and often slow data governance and toward aggressive automation.
- AI-driven storytelling and augmented analytics– AI and natural language processing will drive future visualization and data storytelling. These tools and techniques are improving rapidly and are now designed in a streamlined way to guide people in understanding what their data means and how to act on it, instead of expecting them to do self-service analysis with dashboards and charts.
“In today’s data-driven world, organizations increasingly rely on data and analytics to drive decision making and gain a competitive edge,” an Info-Tech release about the study said. “However, keeping up with key development and new technologies in this rapidly evolving field can be challenging.
“By staying informed about these trends, technology leaders and organizations can better leverage their data assets to drive growth and innovation in the months ahead.”
Additional information is available via this link.