2023: 5 Trends to Follow in Data Science and Analytics
Data has also been a critical element of business success, but the digital revolution has changed the way it’s collected, handled, analyzed, and used. For example, with innovations like the Internet of Things (IoT), data can be pooled in real-time and used to increase performance and prevent issues. The way data is analyzed has also been digitized, with computer systems quickly churning through enormous amounts of data and presenting it in different mediums, which only leaves interpretation and application. Below, we dive into the data science and analytics trends shaping 2023.
The chances are that you’ve heard of artificial intelligence (AI) in 2023 because the technology has exploded into the mainstream. Aside from the fun side of AI, with platforms like the upcoming AIDoge allowing you to generate memes, AI is revolutionizing the world of data science and analytics. When it comes to data science, AI algorithms are allowing data to be analyzed faster than humans possibly ever could, and this leads to why data democratization (below) has become such a prevalent trend in 2023.
Data is being used at every point across a business’s operations, so it’s become counter-intuitive for analytics to be left exclusively for data scientists and engineers. This is why more businesses are educating their wider workforce about the inner workings of data science, a task made easier with a readily-available online MSAE degree. Having the unique insights of an entire workforce paves the way to higher efficiency and access to a plethora of perspectives.
Data-as-a-Service and the Cloud
Cloud-based systems aren’t anything new, but they’ve allowed for the development of Data-as-a-Service (DaaS), which is why they’re bundled together. Essentially, this growing industry allows businesses to access data pools collected by third-party companies, which can save heaps of money for businesses of all sizes. As well as offering primary data, DaaS providers supply innovative analytic systems, which saves even more money.
Data Regulations and Governance
With businesses able to harness more data than ever before, there’s growing pressure from the public to make sure that data is handled properly and securely, which calls for tight regulations. On the back of legislation like GDPR, Chinese PIPL, and the Canadian PIPEDA, it’s expected that more countries will join the ranks and regulate data usage.
Past data is a powerful tool for businesses, but nothing compares to data collected in the present, as events are happening. Equipped with this knowledge, businesses are putting together complex data analytics infrastructure to capture and make use of data in real time. The investment in real-time data is high, but its use cases far outweigh the cost. For example, a business can analyze all transactions as they happen, which can reduce instances of fraud.
The data science and analytics landscape has shifted considerably over the last few years. In 2023, the industry is focused on implementing new technology like AI, regulating data usage, educating employees on data interpretation, and collecting data for events in real-time.