23 Data & Analytics Predictions: Insights from Data Leaders and Industry Influencers
It’s no secret that data is more important than ever before. It powers modern business and drives digital transformation. And as we start the new year, many organizations are shifting their perceptions of data and committing to finally becoming data-driven.
Having clean, integrated data is a cornerstone of data-driven enterprises. But too often, organizations fail to deliver. Their internal data is dirty and incomplete, making it difficult for business users to trust.
The good news, however, is that times are changing. Organizations are realizing that to become truly data- and analytics-driven, they must think differently about how they perceive, manage, and invest in data. And as a result, we’re seeing new roles and technologies emerge and new trends gain hype.
We spoke with 17 data leaders and industry influencers, and they agree that change is underway in four key areas:
It’s a well-known fact that data-driven organizations do things differently. They mandate that data is the responsibility of everyone in the organization – not just the CDO and the data team. They treat data as their most valuable asset by managing it as a product. And they always ask “is data in the room” when making business decisions.
As we head into 2023, data cultures will continue to change. But mindsets must change too, both in focus and perception. We’ll see existing roles converge and expand, new roles emerge, and the focus of data leaders shift. As well, organizations will not just recognize that data is their most valuable asset, but take meaningful steps to manage it that way.
According to a recent Tamr survey of data leaders, improving holistic data quality is the #1 thing organizations can do to become more data-driven. And to do that, they must invest in the right modern data technologies and forgo the hype associated with others.
This year, technologies such as AI and machine learning will continue to rise, but so, too, will the recognition that machines alone are not enough. Keeping humans in the loop is a critical step to ensuring your data is clean, curated, and continuously-updated. And ensuring that technology investments solve real business problems remains paramount.
Data governance isn’t new. But how organizations will approach data governance moving forward is changing. Many predict that a shift will occur – moving away from source-based governance which mostly focuses on data cataloging and moving towards consumption-based governance.
This shift signals a change in focus towards how people are consuming the data, and ensuring they are using data appropriately and safely based on the information access policies in their organization and the consent of the data owners.
We’re also entering a new era for data privacy, with our current, conservative environment here to stay. But like data governance, the focus is shifting to data consumption rather than data sources in order to protect the privacy of the data.
Data inside most organizations is messy. Data silos proliferate, the data is constantly deteriorating, and the task of integrating data across the organization is difficult, if not impossible.
New approaches to manage the data chaos are emerging, but organizations need to separate the hype from the overhyped. Many emerging data architecture strategies claim to provide the “silver bullet” organizations need to become data-driven. But buyer beware: anything that feels like a panacea is probably wrong.
With these four topics, our experts shared 23 predictions for the year ahead. They share their thoughts on what changes are coming and advice for what you can do to prepare.
It’s time to make 2023 the year you (finally!) become data- and analytics-driven. Download our e-book now to see what our experts predict and the actions you can take in the year ahead.