Data is at the heart of today’s organization. Enterprises that take full advantage of data succeed while businesses that struggle to extract useful insights from huge data sets tend to lag far behind in the race. If you are one of those businesses that belong to the latter category then you should create a data strategy.
How can you create a successful data strategy when you don’t know about the latest data strategy trends? You can’t. That is why it is important to learn about the data strategy trends that will make a huge impact in the future. That is exactly what you will learn in this article.
In this article, Anti DDoS will learn about six emerging data strategy trends that will dominate in 2023.
6 Data Strategy Trends Your Business Should Jump On In 2023
Here are six data strategy trends you can not afford to miss in 2023.
- Data Fabric and Data Mesh
One of the biggest advantages of adopting data fabric and data mesh technology is that it allows your business to take full advantage of your entire tech stack. Irrespective of how many elements there are in your tech stack or hierarchy, you can get the best out of all of them. That is why their popularity is growing rapidly and their adoption rate is accelerating with each passing day.
Data mesh allows you to extract actionable insights from huge data sets that too without disrupting your process or making major changes to it. On the contrary, data fabric unlocks the world of opportunities when it comes to end-to-end integration. It seamlessly consolidates data from different data pipelines and platforms with the help of automation. This allows your business to connect the dots and create a more integrated architecture where data flows smoothly irrespective of devices, platforms, and systems.
When you combine the benefits of both data fabric and data mesh, you can not only ensure smooth data flow but can also take smart decisions based on that data. This makes your data more accessible, and secure and makes data analysis a breeze at the same time. This does not mean that you can do away with your DNS DDoS protection as it offers basic security.
- Data as a Product
In an age where everything is being offered as a service, data will become a product. If you are serious about solving real-world problems, you must blend all the data you have to come up with a solution to these problems. Data can deliver immense business value if you understand how to apply it.
From setting the right KPIs to developing a successful product roadmap, data can be your best friend. Moreover, it can also minimize your maintenance costs by alerting you when equipment or machine in your production line needs repair. This saves your product from getting disrupted and saves a lot of time and money.
- Sophisticated Real-Time Data
The word “Real” in real-time data will start to find its true meaning in 2023. The sheer volume of data organizations use these days and the amount of new data that becomes part of their system every day forces businesses to get better at capturing data and making sense of that data. With these capabilities becoming a compulsory part of every business, real-time data can become the difference maker.
Enterprises that can process real-time data better can easily gain an upper hand over their competitors who don’t possess those capabilities. Real-time data can help you identify customer needs before other competitors can identify them. As a result, you can create a product or service to cater to their needs. This could attract some of your competitor’s brands toward your brand.
- Data Visibility Leads To Innovation
To realize the full potential of data at your disposal, you will have to make it accessible to everyone in the organization. This data visibility will create transparency and pave the way for innovation. You should ensure tight control over the data coming in and going out.
This will help your data team ensure a continuous flow of data through the data pipeline and allows them to identify issues and fix them before they can lead to any disruption. Monitoring data inside the application is critical as it will determine how your application performs.
If poor-quality data make its way to your application or you fed poor-quality data to your application without realizing it, your application will start to misbehave and start to show odd outcomes and results. Poor quality data can have a negative impact on your team’s productivity while decreasing employee trust in data.
- Internal Data Accessibility Is In The Spotlight
Gone are the days when only data analysts have access to the data. Today, the voices demanding data accessibility are getting louder and business leaders have to pay attention to them. The demand for in-house data accessibility has never been higher. Whether you work in marketing or sales, human resource or operations, everyone needs access to data especially when it comes to decision-making.
Due to this, more and more IT leaders have started investing in data solutions that enable businesses to consolidate data from dozens of different sources at one place and make sense of it. The regulatory and compliance requirements are also forcing businesses to take data privacy seriously.
- Cross-Functional Data Teams
The concept of cross-functional teams has been around for quite some time now but in 2023 we would see the emergence of cross functional data teams. In order to use data as a product that delivers business value, you need cross-functional teams that work closely with other departments.
It is time businesses change their approach regarding data. Instead of looking at it from a traditional standpoint, you should treat it as a separate functional unit just like any other department. That is when you start to see data from a unique perspective of a physical product. Which data strategy trends will create the biggest splash in 2023? Share it with us in the comments section below.