What trends will 2023 hold for data and technology?
As the advances in technology and data industries continue to evolve, 2023 will undoubtedly see further growth and innovation.
Three members of our senior management team; CEO Joseph George, Chief Commercial Officer Gerry Goodwin and Consulting Director Mike Haresnape share their perspectives on the biggest data trends for 2023 and beyond, including data prioritisation, security, talent, big data and the potential for those businesses looking to invest.
Data strategy
Privacy and security
Data privacy and security will continue to be a major concern for organisations in 2023. As the amount of data being collected and shared increasingly grows, businesses need to have robust security measures in place to protect this data from unauthorised access and misuse. This will likely involve the development of new technologies and strategies, such as encryption and secure data storage, to help protect sensitive information.
Read our recent article on GDPR for guidance on how to ensure your business complies.
Data prioritisation
Data prioritisation and literacy are key business assets. In 2023, more businesses will realise that data is an under-used asset and begin to prioritise it, recognising that data should have its own strategy, both as a subset of and aligned with the overall business strategy. This will provide a roadmap to becoming more data-driven and will help businesses to reach their goals quicker. Business-wide education should be provided to ensure everyone is on the same journey towards a data-driven culture, not just those in data teams.
In addition to data prioritisation, getting the data foundations right will be crucial to business success. Investment in good platforms, engineering, data pipelines, data governance and quality is where businesses will see the biggest growth over the next year. Getting the foundations right sooner rather than later will allow businesses to get ahead and start driving insights and advanced analytics at scale across all parts of their business.
Those businesses that continue to prioritise their data and analytics capabilities will have the opportunity to build better customer experiences, drive more efficiencies, access greater growth opportunities, gain competitive advantages and future-proof their strategies. Those businesses that don’t invest, limit their investment or delay it will be left behind and may lose their market share.
Data and technology
Big Data
One trend that is likely to continue is the growth of big data. With the increasing amount of data being generated by connected devices, businesses will need to find ways to manage and analyse this data to extract valuable insights and drive decision-making. This will require the development of new technologies and techniques, such as machine learning (ML) and artificial intelligence (AI) to help process and understand large volumes of data. This trend is also recognised in Gartner’s Top 10 Strategic Technology Trends for 2023, as businesses are predicted to optimise their IT systems to maintain the value and integrity of their AI for greater reliability.
Finally, data visualisation tools will become more widely used, allowing for easier interpretation of data and making it much easier for businesses to make informed decisions.
Keep an eye out on Dufrains LinkedIn for our data visualisation playlist coming soon.
IoT
Another trend that is likely to continue is the rise of the Internet of Things (IoT). As more and more devices become connected, the amount of data being generated will continue to grow. This will create new challenges and opportunities for businesses and organisations as they try to find ways to integrate this data into their existing systems and processes whilst further adapting their cyber security.
Read Forbes trends for IoT in 2023
Talent shortages
According to Computer Weekly, almost 70% of businesses are held back by talent shortages.
2023 will continue to demonstrate the need for greater focus on people and skills as the worldwide shortage of data professionals impacts companies of all sizes. Due to constraints in the UK talent supply, businesses will need to consider other geographies or models to be able to scale beyond current capabilities and access experienced talent in the short term. Recent research by Business Leader shows that a quarter of UK businesses are looking to hire tech talent globally to meet this need.
Leaders need to recognise that scheduling, aligning budgets and prioritisation are becoming increasingly necessary. Businesses will also need to work with their supply partners more strategically to not only secure the right resources but to also ensure that they are informed on best practice, the latest technologies and innovations to stay ahead of the competition.
There will also be an increased ambition from large companies to create in-house teams of specialists, largely to offset the worldwide skills shortage. The practical challenges resulting from this ambition will lead to an increase in build-operate-transfer initiatives with specialist suppliers, creating both onshore and near/ offshore teams.
Potential investments
With considerable short-term market pressures on many technology and services businesses that require funding for growth or investment, opportunities will be created for those with the capital behind them to get ahead of the pack.
Large enterprises could see further investments. We could experience Fintechs being consumed by major companies like banks now that some Fintech solutions have matured, albeit in a very short space of time, and banks have the capital to spare.
Overall, the future of data in 2023 is likely to be characterised by continued growth, innovation, and the development of new technologies and techniques to help manage and analyse large volumes of data.
While it’s impossible to predict the future with certainty, it’s clear that data will continue to play a vital role in driving business decisions and direction.
Follow Dufrain on LinkedIn and stay up to date with the latest insights and perspectives. To discuss how you can begin your data prioritisation journey with one of our experts, contact us today.
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