With 2022 behind us and 2023 already underway, there’s no better time than now to prepare for what’s coming next in the world of data analytics.
Information technology and the world of data analytics is constantly evolving, with multiple websites and social media highlighting a new data trend virtually every day. Despite the never-ending development cycle, the end-of-year period provides the perfect moment to assess your business and identify areas for improvement.
At Vizlib, we build value-added products that help businesses to solve their problems and move forward with confidence. As such, we don’t believe in shying away from change and evolution.
Looking towards the year ahead, we’ve highlighted a number of ways that we believe your business can prepare for the future of data analytics in 2023 and beyond. Over the course of this article, we’ll be looking at the importance of creating a data-driven culture, discussing data democratisation, and well highlighting the importance of using data analysis to make data-driven decisions that you can rely on.
So without further ado, this is Vizlib’s guide on how to be prepared for the future of data analytics in 2023, and beyond.
Establish a data culture
Back in 2018, McKinsey & Company explained why data culture matters; we also wrote our own blog on the subject, highlighting the five must-have elements of a data-driven culture. While the world has changed a lot since then, one thing that has remained the same is that a data culture is still intrinsically important to virtually every organisation.
Best described as a type of organisational culture, data culture is becoming an increasingly fundamental part of every business as companies become ever more reliant on data to make timely (and accurate) decisions.
A data culture is what drives most major brands forward and empowers them to make industry-leading (and industry-disrupting) decisions. For example, Netflix uses data mining to evaluate what you watch and how long you watch it in order to help them make predictions about what shows they should green-light in the future.
In 2023, we believe that data culture and the use of historical data will continue to be the trend that dominates the discussion in boardrooms. And ultimately, businesses that embrace data culture will be able to leverage their data sources to offer better customer service.
At Vizlib, we provide best-in-class solutions to organisations that enables them to offer a better experience for their customers. Whether our clients are in the financial sector, healthcare, retail, or other industries, we give them the tools to unlock their data and remain at the forefront of innovation.
Embrace data democratisation
According to Gartner’s Chief Data Officer Survey, teams that increase their data sharing are 1.7 times more effective at showing demonstrable, verifiable value to data and analytics stakeholders.
But demonstrating the value of things such as predictive analytics and data management can be tough. When trying to get buy-in from stakeholders within your organisation, you must be able to prove its value.
Data provides more value to a business when it’s democratised. In 2023 and into the future, one of the major data analytics trends we expect to see is the further promotion of data as being accessible and, therefore, approachable by anyone – from data experts to general business users.
Historically, businesses inhibit access to data (often unintentionally!). Organisations have preserved their data silos and made data sharing complicated or impossible via the use of outdated or inefficient processes. But to get the most value from your business’s data, these silos must be broken down, and data must be made available to everyone in the organisation.
One of the barriers to accomplishing this objective is making data digestible to all users. Your organisation will need to find the right tools to help translate complicated streams of data into comprehensible insights that are accessible to employees and teams across your company.
Vizlib empowers your organisation to create rich and visually striking data dashboards that can appeal to everyone, from data scientists to the average business user. Vizlib can also help to democratise your data thanks to a no-code solution that allows any user to analyse data and gain valuable insights without requiring advanced data literacy or technical experience.
Enhance tech infrastructure
For your data to be truly democratised, it’s important to have the proper infrastructure in place that allows non-technical users to access and analyse data without needing a dedicated DataOps team to guide them through the process.
In addition to enabling a smooth transition for your organisation’s less technical staff, businesses must also look towards future-proofing their current infrastructure in order to support the tech of today as well as the tech of tomorrow.
For all but the largest of organisations, transitioning to Cloud-based platforms is vital for creating a cost-effective digital transformation while maintaining a modern infrastructure.
Strengthening your infrastructure will also help your IT team distinguish your data management strategy. As you strengthen your tech stack, you will also want to look for solutions that allow you to adapt and scale, giving you the flexibility to pivot your business strategy in order to weather uncertainties and navigate an ever-changing environment.
Invest in AI & Big Data analytics
Data analytics, and the harnessing of Big Data has proven essential for businesses in recent years, and looking into the future, the emphasis on Big Data is only going to become greater.
Due to the tremendous scale of data that businesses need to process, more and more companies are beginning to implement Artificial Intelligence (AI) technologies. New AI-powered features such as machine learning are helping businesses to accelerate their Big Data management and simplify the process of gaining valuable insight from tremendous volumes of data.
According to a report by Capital Economics for the Department for Digital, Culture, Media and Sport, around 15% of all businesses in the UK (approx 432,000) have adopted at least one AI technology within their workflow. It’s estimated that businesses are more likely to adopt AI as they grow, with 68% of larger companies in the UK already using a form of AI.
In 2023 and beyond, your organisation should prioritise its focus on AI & Big Data analytics to ensure your business remains ahead of the curve. However, when it comes to Big Data, a key issue that businesses need to keep in mind is data governance. Data security should also be a top priority when collecting large sums of personal consumer data. Whether it’s your business’ historical reports or data from third parties (such as social media), there must be clear processes in place for storing and accessing sensitive information.
Use business analytics to create data-driven strategies
Gartner predicts that by 2023, more than 33% of large organisations will have analysts practising decision intelligence. Using business analytics to drive decision-making across your organisation will help your business to push forward new strategies that grow revenue and boost your customer experience.
When done correctly, data analytics will help your organisation to create actionable insight from your raw data, allowing you to make confident and reliable decisions that accelerate innovation and benefit your end users.
As with data culture, data analytics should be the backbone of your business in 2023. Whether you’re looking to implement new AI technologies, transition to the Cloud, or improve internal processes with greater efficiency, data analytics is key to developing and delivering new offerings to meet your customer’s evolving needs.
Data analytics will be the cornerstone of any successful business strategy in 2023, and clever use of data will set your organisation apart.
Shift seamlessly to modern analytics
Ready to get a headstart on the competition? Shift your business into the modern era with data analytics tools powered by Vizlib. Start your free trial and see how Vizlib + Qlik can help your business democratise your business data and move towards the future, with confidence and clarity!