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As we move further into 2023 we can see how data trends are rapidly evolving and shaping the way businesses make decisions. From advancements in AI and machine learning (hello ChatGPT!) to increased focus on data privacy and security, there are a number of key trends that will have a major impact on the world of data in the months and years to come.
Let's explore some of the most important data trends for 2023 and what they mean for businesses and individuals alike:
1. Data Literacy remains a barrier
As businesses look to leverage data for decision-making in the new year, a significant obstacle remains: data literacy.
While many companies recognise the importance of data, they struggle to extract the full value from it due to the lack of data prowess across their workforce. This prevents companies from making informed decisions and taking advantage of the insights that data can provide.
Companywide data literacy is a crucial tool for businesses to address order to stay competitive in the current market.
2. Data Governance will become a key focus
The volume of data generated by businesses is increasing at an unprecedented rate. Along with this growth comes the challenge of managing and protecting sensitive data in compliance with the evolving regulations and consumer expectations around data governance and privacy.
Effective data governance requires organisations to have a comprehensive framework that covers all aspects of data management, including data security, privacy, quality, and reporting.
Working with us to build a robust data governance framework, businesses can better manage their data, minimise risk, and ensure regulatory compliance while enhancing the overall value of their data assets.
3. Artificial Intelligence (AI) and Machine Learning (ML) efficiencies
The launch of Chat GPT in late 2022 demonstrated the incredible capabilities of artificial intelligence and machine learning. This is just the beginning of a trend that is set to gain momentum and we will start to see it embedded more into our daily work lives, resulting in huge efficiencies in coding and content generation.
At Data Insight, we recognize the power of AI and ML in driving innovation and business growth. We leverage these technologies to provide businesses with cutting-edge solutions that enable them to achieve their goals faster and more efficiently.
Our team of experts can help businesses harness the power of AI and ML to drive smarter decision-making, enhance customer engagement, and gain a competitive edge in today's fast-paced digital landscape.
4. Sustainability & Environmental, Social, and Governance (ESG) Data
As the pressure to reduce carbon emissions mounts, companies will be required to measure their impact on the planet. This is particularly challenging given that much of this data is often captured in non-traditional sources, such as supply chain or transportation data. As a result, businesses need to find ways to effectively source, combine, and report this information.
Data Insight has a sister company, Generate Zero, who have developed a cutting-edge tool that enables businesses to calculate their carbon footprint more efficiently. Generate Zero streamline the process of aggregating and analyzing data from multiple sources, allowing businesses to track their carbon emissions more accurately and make informed decisions about reducing their environmental impact. Find out more here >
5. The Importance of Customer Retention
Given the bleak economic outlook for 2023, both in New Zealand and globally, customers are beginning to reconsider their spending habits. As a result, businesses will need to prioritise customer retention as their customers start to seek out better rates and deals.
By keeping customers loyal and engaged, businesses can ensure a steady revenue stream and reduce acquisition costs.
To help address this challenge, our team has developed a customer churn platform called Retain. Retain uses advanced technologies like AI and machine learning to analyze customer data and identify those who are most likely to churn.
By detecting these customers early, businesses can take steps to retain them before it's too late.
6. Process Optimisation & Automation
In 2023, the business environment will be challenging due to economic uncertainties, evolving customer demands, and changes in the competitive landscape. As a result, companies will need to improve their efficiency and productivity while minimising costs, doing more with less.
Process optimisation and automation can assist in achieving these objectives by improving the quality of products and services, minimising the time and resources allocated to non-value added tasks, and increasing adaptability to changes in the market. By embracing these strategies, companies can maintain their competitiveness and stay ahead of the curve.
7. Unlocking the Power of Data Sharing
With the increasing focus towards data privacy, accessing good quality, informative data is only going to get harder. Google, for example, have announced they will be stopping capturing third party cookies by the end of the year. To overcome this challenge, data sharing is a potential solution.
By collaborating with other organisations to share data and insights, businesses can gain a more comprehensive understanding of their customers and market trends. This can improve marketing campaigns, product development, and overall business performance.
Additionally, data sharing can provide insights into emerging trends and opportunities, which can inform business strategy and drive innovation. Overall, data sharing can help companies navigate the shift away from third-party cookies and generate greater value.