5 Business Data Trends to Look Out for in 2023
The big data market is expected to reach revenue of USD77bil in 2023, as companies continue to invest in business intelligence and analytics solutions to address key business challenges.
Data is now a platform which is empowering business across the world, and a major source of competitive advantage for enterprises in telecoms and beyond. As we look forward to 2023, we want to explore what data trends and business intelligence tools might look like in the year ahead, and identify 5 business data trends which will transform the future business data landscape, and where, and how, Neural Technologies’ solutions align with those trends.
Automated data visualization and reporting
According to research by Sigma Computing, more than three-quarters (76%) of data experts say almost half of their time is spent preparing ad-hoc reports for business teams, and one-in-four have given up on finding an answer because analysis took too long. This shows the significant pressure on manual data reporting to deliver critical business insight.
Effective business analytics solutions will increasingly look to utilize automated data visualization and reporting in future, tackling the pressure on data analysts and helping inform timely decision making for executives and decision makers. Neural Technologies’ Optimus Platform is designed to integrate data of all types, overcoming key barriers to data visualization and reporting, and ensuring all insight is delivered in a user-friendly data reporting portal.
Building a data culture
Data isn’t just about technology and technical skills, it’s about building a culture that empowers individuals with data-driven decision making. Achieving this goal isn’t easy, with a study by NewVantage partners revealing less than one-in-five (19.3%) of companies had established a true data culture.
A data culture is about enabling and empowering employees with the tools and understanding to enable a data-driven business, but also delivering personal development that can help employees achieve those aims. Just over one in five employees believe their employer is preparing them for a more data-oriented and automated workplace (21%), according to new research from Qlik.
Embedding and amplifying a data culture will be critical to enterprises in 2023, and provide a key foundation of business success.
Competition for top talent
Competition for data talent will remain strong in 2023, and present continued challenges for appropriate business intelligence and analytics. A 2021 report by McKinsey stated that the U.S. alone has a shortage of more than 190,000 data science professionals, and this challenge is echoed around the world.
This competition for top talent is expected to grow in coming years, with the US Bureau of Labor Statistics projecting the number of jobs requiring Data Science skills is expected to grow by 27.9% by 2026.
Neural Technologies’ solutions are designed to deliver data-driven insight that is easily implemented and integrated with existing systems, providing automated solutions that don’t require a heavy resourcing burden.
Addressing the growing challenge of unstructured data
According to a recent report published in Forbes, 95% of businesses face the need to manage unstructured data, with 40% of businesses saying they must do so on a regular basis. That presents huge issues for legacy data systems as they struggle to manage the 6 Vs of Big Data.
Unstructured data often means large datasets with no organizing structure, and can include elements such as digital images, emails, and more. Unstructured data is growing at a rapid rate, with some analysis showing it growing at up to 65% annually, compared to just 12% for structured data.
Systems such as our own Optimus Data Portal are critical for enterprises looking to address this challenge in 2023 and beyond, providing a path to integrate both legacy and fresh data sources, and both structured and unstructured data, providing valuable business intelligence tools to power up your decision making.
Data To Tackle Expanding Fraud Risk
Fraud challenges are likely to grow in 2023, as the difficulties of a post-pandemic recovery face economic headwinds of global energy, food, and inflationary pressures.
There are clear indications that times of economic hardship can increase fraud risks, with a study of the impact of the 2008-2009 Global Financial Crisis by the Associated of Certified Fraud Examiners (ACFE) revealing that more than half (55.4%) of companies saw slight or significant increases in levels of fraud during the period of recession.
As the world continues to struggle with the economic fallout of the Ukraine crisis, and the legacy of COVID-19, these fraud risks are likely to be prominent in 2023. Tackling them will require robust fraud management systems prepared to adapt and scale to a challenging fraud landscape.