In the early months of 2023, AI and other data technologies made constant headlines, leading many to ask what the future may hold.
While fears of sentient computers are unfounded, businesses and consumers alike may wonder how current data analytics trends may affect them. Below, we’ll take a peak at the unique data analytics technologies that are already driving diverse markets, as well as those that may arrive in the wake of new technologies.
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Data Democratization and Literacy for All
Data democratization is one of the driving trends in data analytics. Democratization means giving data access to all members of your staff. Ideally, the result will be more informed business decisions overall – data-driven decisions as opposed to decisions based on intuition alone.
To facilitate democratization, data literacy is also important. Staff must be familiar with principles and techniques for working with data. Many companies are investing in classes or training to equip employees to utilize new technologies.
What does this translate to in the real world? Examples include easy-to-use A/B tests for article headlines, advertisements, and email subject lines, as well as companies making data publicly available through application programming interfaces (APIs).
Data as a Service
Since the onset of the COVID-19 pandemic, we’ve seen a shift towards remote work and a gig economy mentality, even for essential business-to-business services.
Data analytics is already experiencing this shift, and it will become more pronounced in the near future. Consider: in the past, companies hired teams of data engineers and analysts to create data pipelines, analyze the data, and present it through data visualizations.
Today, though, data-as-a-service (DaaS for short) tools—cloud-based software—are reducing the expense and opening data solutions to smaller companies.
Artificial Intelligence
A consequential number of people—data analysts included—have wondered if the increased use and affordability of artificial intelligence (AI) technologies will result in their losing jobs to computers.
According to Tom Gadsby, a senior data scientist, this worry is largely unfounded. “The best A.I. out there will help support human creativity and productivity rather than replacing it,” he says. “In 2023 and beyond, data analysts will increasingly rely on machine learning solutions to help them do their jobs more productively.”
Even now, AI-driven technologies are making many jobs easier. For example, Github Copilot, helps users write code faster than ever before. Natural language processing programs allow them to write descriptions in plain language, which are then translated into code. This opens up coding opportunities even to those not fluent in coding languages.
Likewise, smart tooling programs can convert “unstructured data” in a spreadsheet or document into SQL-structured databases. This relieves much of the tedious work data analysts must perform at the beginning of a project.
Trends Dependent on Future Technology
We’ve seen how training, DaaS, and AI are already making much data-driven work more efficient. What further advances can we expect in the years to come?
Advancements in AR and VR technology will help data analysts communicate their findings. How so? These devices “provide new ways for users to visualize and understand data,” according to Gadsby.
After this technology becomes readily available, consumers will be able to learn about products and services via embedded analytics – data available through their AR or VR device. Instead of stopping to perform a Google search, users will access information within their natural workflow or daily activities.
For example, a busy mom might access recipes and nutritional information simply by looking at an item through her AR headset, without taking time to do discrete research. This convenient ingress will further propel data democracy, discussed above, as it will make decision-guiding facts and figures accessible to more people.
Advances in VR technology will also revolutionize remote work. “Virtual boardrooms” with realistic, emotive avatars may recapture some of the human connection – such as body language and eye contact – that is lost when meeting through a Zoom screen.
Gadsby further notes that data analysts will be able to “use data geometrically and interactively and three-dimensionally” rather than through a Powerpoint presentation, helping coworkers to gain a fuller understanding of the information conveyed. Data visualization will take the form of creative, immersive solutions yet to be envisioned.
Key Takeaways
The field of data analytics changes rapidly. In 2023 and beyond, companies will increasingly make data-driven decisions, equipping their staff through data literacy and democratization. DaaS and AI tools will make data analysis quicker, more affordable, and accessible to smaller businesses.
As the industry progresses, AR and VR technologies will bring the benefits of data democratization and visualization to remote teams and individual consumers.
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