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December 8, 2023
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5
 min read

5 Emerging Trends in Data Analytics Everyone Should Watch in 2023

5 Emerging Trends in Data Analytics Everyone Should Watch in 2023
Fig.1: They recognize the importance of impactful and easily comprehensible data visualization beyond mere aesthetics. (Photo by cottonbro studio on Pexels)

Data analytics is about analyzing raw information. It's supposed to make companies work smarter and take safer risks. Of course, it doesn't have to be just a company that processes the data. It can even be a government organization. But for now, let's go through companies to illustrate. While there have been big promises about making businesses more data-focused, it's still tough for many to get useful insights from their data. Things like visualizing data or using modern technology help, but often, data is stuck in separate places and hard-to-read screens. Also, it's tricky for IT teams to access this data, and insights from analysts don't always make it into how companies actually work. But things in the world of data are always changing. New tech keeps coming, making it quicker and more accurate to understand data. And each year, new ideas about using data analytics trends in better ways show up. Here are the emerging trends in data analytics.

Contents

  • Why Is Data Analytics Vital Today
  • Artificial Intelligence
  • DaaS
  • Augmented Analytics
  • Edge Computing
  • Data Democratization

Let’s dive in! 

Fig.2: People working with computers

Why Are Data Analytics and Data Analytics Trends Vital Today 

Using data analytics in product development means understanding what customers will want in the future. Companies use these techniques to know how their products fit in the current market. They create new products that match what people want. Sometimes, companies want to hire new people who know about data analytics. To do this job well, you need to learn all the skills and tools for data analytics and data analytics trends. This helps understand what a company needs for new products. Every company has specific customers they aim for. They always want to create new plans to understand their customers better. Making new advertisements helps a company grow in today's market. A data analyst helps create the best ads. Companies compare their old and new campaigns. Creating ads that don't cost a lot can bring a company many benefits. It saves money and helps connect with customers. It is obvious that all these efforts make things better for the company and improve how customers consume. 

Data analytics also helps find ways to fix problems and make more profit. Sometimes, it's good to remove unnecessary data. Companies always try to find ways to make more money. They use data analysts to understand what's not working and find solutions. There are tools that help find mistakes and show the best results. Companies check these areas and try to make them better. This helps them adjust things to make more profit. For these reasons, emerging data analytics trends play a crucial role in nearly every industry. Staying updated on this issue is the only thing that will always put you one step ahead. Therefore, it is of utmost importance that you follow the data analytics trends. Let’s check these trends together now. 

Artificial Intelligence

Artificial intelligence (AI) is a tech trend that will hugely change how we live, work, and do business. In business analytics, AI makes predictions more accurate, saves time on routine tasks like collecting and cleaning data, and helps everyone in a team act on data-driven insights, no matter their job or tech skills. AI helps businesses analyze data much faster than people can, using smart software that learns more as it gets more data. This idea is at the core of machine learning (ML), the kind of AI used in business right now. It would not be wrong to say that this technology, which is now almost integrated into our lives, seems to be one of the biggest trends not only for 2023 but also for the years to come. 

Fig.3: Colleagues working on physical data

DaaS

Making data more standardized and creating reusable data systems is crucial for quickly meeting the needs of analytics and reporting. By using Data as a Service (DaaS), customers can lead complex changes in analytics, involving the business right from the start. The advantages of using DaaS are remarkable. It helps companies keep their data systems flexible, speeds up the time it takes to get insights, and makes their data more trustworthy. In fact, DaaS supports every step of data analytics, letting companies build and manage reusable data systems. This approach is key for fast analytics and reporting.

Augmented Analytics 

Augmented analytics involves using AI/ML for tasks like getting data ready, finding insights, and explaining those insights. Normally, making sense of data needs lots of people and isn't very systematic. But augmented analytics speeds up how quickly we explore and put data together. This is especially helpful for big companies that collect data from many different systems in different ways. Augmented analytics helps analytics experts focus more on helping the business rather than just sorting through data. The main difference between AA and AI is, Augmented analytics focuses on the tools that humans can work on. 

Fig.4: Data analytics involves examining raw data to draw conclusions about the information it contains

Edge Computing

Numerous powerful big data analysis tools are available today, yet the challenge of handling vast data volumes persists. This has led to the emergence of quantum computing, leveraging the principles of quantum mechanics to dramatically accelerate data processing while consuming less bandwidth. Notably, it offers improved security and data privacy. Quantum computing, particularly using a processor that operates on quantum bits, can solve problems within a mere 200 seconds, outperforming classical computing. However, before Edge Computing can be widely adopted, it requires substantial fine-tuning. Despite this, given its rapidly increasing market traction, it's poised to become an indispensable element of business operations in the near future.

Data Democratization

And the last one. A crucial trend involves empowering entire workforces—beyond just data engineers and scientists—to leverage analytics effectively. This evolution leads to enhanced working methods, where tools, apps, and devices deliver intelligent insights to everyone, enabling them to perform their roles more efficiently. In today’s age, companies will realize that data is key for understanding customers, improving products, and cutting costs. But this will only work if everyone, from shop floor workers to marketing teams, can use data to make decisions. For instance, lawyers can use special tools to read lots of legal documents quickly, and salespeople can access customer info instantly to suggest products. 

In other words, in many companies, data is isolated within specific departments, causing other business users to miss out on its value. This makes data democratization a significant trend for businesses. It means making information accessible to everyone in a company, regardless of their technical skills.

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