Analytics Trends to Keep on Your Radar for 2023
We are well past the halfway mark in 2022! As we begin the countdown for the next year, it is time to start exploring the upcoming tech trends.
Data analytics generates maximum interest among marketers and has redefined the way business is done. Big Data and Artificial Intelligence are dominating the business landscape. Big Data alone is projected to be a $103 billion industry by 2027.
Most experts believe that Data Science is reshaping the post-covid world. Before the pandemic, 65% of businesses, especially smaller ones, didn't categorize or analyze their stored data. But that has changed as the global healthcare catastrophe forced businesses toward a digital-first approach. The next few years would be exciting in the world of data analytics as competition increases. Knowledge about customers, their aspirations, and mapping their buying journey would hold the key to success.
Biggest Analytics Trends for 2023
Big Data Automation
Automation has triggered transformative changes for businesses, and we are set to see increased automation in big data analytics. This will trigger faster and better decision-making among businesses by unlocking the true potential of predictive and prescriptive insights. In the past analytics tools were handicapped by their inability to handle multiple streams of data at one go and all that would change with automation.
Marketers would be able to spot trends early and steer their campaigns in the right direction. Big data technologies would see increased scalability with enhanced computing power. Automation in big data analytics shall boost productivity for organizations. It will increase the value of data that has so far been locked in silos. This would result in an environment where organizations can make faster and better decisions.
Conversational Analytics
Big Data, Artificial Intelligence, and Machine Learning have pushed the boundaries of our technological interaction. Natural Language Processing (NLP) is lending a new meaning to how users interact with technology. Online searches and interactions with chatbots have moved from keyword-based interactions to conversational queries and responses. Analytics tools are preparing for this change with conversational analytics which we expect to reach a major inflection point next year.
With conversational analytics, marketers would gain deep insights into complex data combinations. Even the most basic search query would return relevant results from complex data with this new feature. This would let businesses rely on chatbots and other virtual assistants to gather more information about users and design personalized campaigns in the future. The use of machine learning has already made chatbots smarter and conversational analytics would help them understand and serve the users better.
Real-time Analytics
Google Analytics 4 or GA4 has ushered in many new changes in the analytics world. Real-time analytics is one of them and we are likely to see more of it in the industry next year. Like smart surveillance cameras, analytics is slowly evolving into real-time data analysis. This allows marketers to know the pulse of the market. They will have deeper and quicker insights into how customers engage with campaigns.
Analytics tools would enhance the capabilities of organizations to process large volumes of live data across devices and customer touchpoints. This would allow decision-makers to react to emerging trends in the market without any delay. It is a major shift from the existing batch-style analytics that mostly deals with historical data and can take hours to present the real picture.
Augmented Analytics
Machine Learning and AI are part of the business process in most organizations. They are helping organizations prepare data, generate insights, and turn them into actionable information. We are expected to move into the next stage where these enabling technologies would help in the faster interpretation of complex data. This is known as Augmented Analytics which takes a data analyst’s ability to interact with complex data to the next level.
Though it shares similarities with Big Data automation that we have discussed earlier there are major differences between the two. While automation is centered around reducing the need for human intervention in decision-making, augmented analytics has human intervention at the center of the methodology. It would guide users to discover what they are unlikely to have found with traditional analytics practices.
Data Governance
There has been increasing talk about the importance of data governance in the world of analytics and data science. General Data Protection Regulation (GDPR) guidelines and other legislations have increased the compliance needs of businesses. Data analytics tools would have to navigate through this challenge when there is a thin line between the information they can capture and what stays protected by privacy laws.
2023 would be a watershed moment in how data is procured, stored, and analyzed. Data governance would become the base for data analytics in the future. The focus would be on making organizations more data privacy compliant by improving data integration from various sources. Businesses would implement the best practices of data governance to improve their outcome with analytics and avoid breaching the law.
Wrapping Up
Data Analytics will experience massive transformation in 2023. You must prepare your organization for the new challenges and opportunities that lay ahead. In the dynamic world of data science, it is easy to be left out of the race. Extended data analytics capability is important to retain your pole position in a data-driven world. Most of the trends we have mentioned are already in motion and you must start embracing them.
To leverage these data analytics trends and set your business on the right course, you need a team that can implement these changes. You need people with high levels of data literacy to handle your complex data and marketing automation campaigns. If you are looking for such a team, Growth Natives can help. We let you embrace the latest trends in data analytics and data science.
We are a full-stack digital and marketing automation agency specializing in analytics and data sciences. Our data analysts are experienced in problem-solving and implementing the latest trends in data analytics. To be part of the change and take data analytics to the next level, set up a free consultation with our team by writing to us at info@growthnatives.com.
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