Data management and analytics have become crucial components of modern business strategy. With the exponential growth of data, businesses need to have the ability to process and analyze data effectively to make data-driven decisions.
Gartner also believes 60% of organizations will use analytics technologies that are composable. Additionally, a McKinsey report found that data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable. Forbes says Meta-data-driven data fabric will continue to rise.
In recent years, several trends have emerged in the field of data management and analytics, driven by technological advancements and the changing business landscape. In this article, we will explore the top trends to watch in data management and analytics in 2023.
- Artificial intelligence (AI) and machine learning (ML): AI & ML are becoming increasingly important in data management and analytics. With the growth of big data, businesses need to be able to quickly and efficiently analyze large amounts of information. AI and ML tools can help automate many of the tasks involved in data management, such as cleaning and organizing data, and can also be used to identify patterns and make predictions based on large data sets.
- Cloud-based data management and analytics: Such solutions are becoming more popular. Cloud-based platforms offer a number of benefits over traditional on-premise solutions, including lower costs, greater scalability, and easier collaboration. Cloud-based solutions also allow businesses to easily integrate data from a variety of sources, including social media and IoT devices.
- Data governance: is becoming increasingly important. As the amount of data being collected and analyzed continues to grow, it’s becoming more important for businesses to have a clear understanding of how that data is being used and managed. Data governance frameworks can help ensure that data is being used in a responsible and ethical manner, and can also help businesses meet regulatory requirements.
- Self-service analytics: It is changing the way businesses approach data management and analysis. Self-service analytics tools allow users to easily access and analyze data without needing specialized technical skills. This can help democratize data within an organization, allowing more people to make data-driven decisions.
- Data privacy and security are becoming top priorities for businesses. With the increase in data breaches and cyber attacks, businesses are recognizing the importance of protecting their data. As a result, we are likely to see an increased focus on data encryption, access control, and other security measures.
- Regulatory Requirements for Data Protection: Data protection regulations are becoming increasingly stringent, and businesses are facing hefty fines for non-compliance. The introduction of GDPR in 2016 marked a significant shift towards greater protection of customer data, and breaches now result in much stricter disciplinary action. Big companies like Google and Amazon have already faced massive fines for data breaches. The regulatory regime is also becoming increasingly localized, with several countries introducing data sovereignty laws. This means that businesses must stay up-to-date with changing regulations and take adequate measures to protect customer data.
- Data Fabric: Modern companies require dynamic data processes that can adapt to the ever-changing business environment. To address this need, businesses are moving towards a decentralized approach to data management. There are multiple tools available including SCIKIQ which is a leading Data fabric. This approach is characterized by data democratization, data fabric, and data mesh. By putting more responsibility on individual teams or departments, it allows for faster decision-making and more power for end-users.
- Real-Time Data Analytics: Real-time analytics involves applying logic and mathematics to data to provide insights for making better decisions quickly. This can be achieved through on-demand or continuous real-time analytics, which alerts users or triggers responses as events happen. This is becoming foundational in building new modern applications. However, stream processing requires low latency and the right infrastructure in place to support large quantities of data being transmitted, with Apache Kafka being the most well-known player in the streaming space.
- Low-code/No-code data management platform: Low-code/no-code apps for data management allow more users to participate in data processes without requiring advanced coding skills. Examples include SCIKIQ, MS Powerapps, Airtable, and Notion. Ataccama Data Observability and ONE Data are low-code applications that enable data monitoring and management, while localized apps can solve specific problems for individual teams. Decentralized organizations benefit from the ability to customize these tools to suit their needs.
In conclusion, data management and analytics continue to be critical components of modern business strategy, and the trends we have discussed in this article are set to shape the landscape in 2023. From the growing importance of AI and ML, to the need for better data governance and security, to the rise of real-time analytics and cloud-based solutions, it’s clear that businesses must be prepared to adapt to a rapidly changing landscape. Additionally, the emergence of low-code/no-code data management apps is democratizing data and allowing more users to participate in data processes. As businesses continue to generate increasing amounts of data, staying ahead of these trends will be key to unlocking its true potential and staying competitive in the market.
SCIKIQ, the native data fabric platform developed by Data and Analytics Services Pvt Ltd, has been recognized as a Notable platform in the augmented business intelligence (BI) platforms landscape Q1 2023 report by Forrester Research.
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