6 Key Data Management and Intelligence Predictions for 2023
Learn why data intelligence and management trends companies should focus on to execute their data strategy.
As businesses look to gain a competitive advantage, a key strategy is to use data to achieve success. As we head toward 2023, Satyen Sangani, CEO and co-founder, and John Wills, Field CTO at Alation, share a few key data intelligence and management trends companies should focus on to execute their data strategy.
The modern organization looks for every competitive advantage possible and new ways to evolve into a more successful enterprise. A key strategy is using data to drive growth, increase productivity, and mitigate business risks simultaneously. Here are the key trends we expect enterprises to double down on next year to execute this strategy. Further, here is how data intelligence can help companies weather the economic storm and how building a strong data culture is at the center of that success.
Companies Will Need Data To Counteract Economic Uncertainty
Economic uncertainty will continue into 2023, and it will plague the private sector with long-lasting high-interest rates, expensive and illusive capital, and rising workforce costs. Leveraging the wealth of data at a company’s fingertips — once deemed a complex and daunting task — has emerged as modern enterprises’ strongest asset in the good times. In 2023, companies will also recognize the power of data in the bad times.
Finding, understanding, and using reliable data will serve as a significant competitive advantage as companies navigate the challenging economic landscape. Those who ignore their data will struggle to thrive. Even startups will be held to a different standard amid challenging times. As the adoption of collaborative technology rapidly accelerates and organizations, regardless of size, recognize their data’s immense value, startups and large-scale organizations alike will need to upskill data literacy to become truly data-driven.
Enabling the Non-technical End-user Will Become Critical to Survival
Many of today’s data platforms were built for the data literate. There remains a considerable gap between people who have questions about data and those with the answers. In 2023, companies will need to enable end-users to disseminate knowledge across teams, departments, and employees. More employees need to use data in their day-to-day jobs.
Platforms will need to be built for the non-technical data user, breaking down silos by connecting everything and being easily adoptable and engaging so all users, regardless of role, can find, understand, and use data collaboratively. The platforms that do not execute this level of cross-organizational data governance and data democratization will become obsolete.
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Chief Data Officers Will Turn Their Focus To Building a Data Culture
The main challenges faced by chief data officers in years past have included budgetary constraints and a poor definition of what their role actually entails. While those challenges will remain in 2023, the biggest challenge chief data officers will be tackling is trying to build and institute a data culture within their organization.
Improving data literacy is already an important part of the chief data officer’s role, but 2023 will be the year when improving every employee’s understanding of the importance of data becomes the number one priority. Instituting a data culture at every level will help to overcome some of the foundational causes of other data challenges while also ensuring that the data innovations of the past few years can be properly leveraged by business users. There are platforms that can help provide their employees with shared institutional knowledge needed to weather the storm.
Organizations Will Start To See Data Intelligence Platforms as Crucial Platforms for Retaining Institutional Knowledge
Over the past few years, many organizations have experienced a higher rate of turnover as employees took advantage of the work-from-home (WFH) world to seek out new opportunities. Dubbed “The Great Resignation,” this higher rate of turnover put added strain on already tapped businesses as they lost talented employees and the crucial institutional knowledge that often went with them.
For organizations that do not have strong data retention systems in place, the information lost with employees can be hard, if not impossible, to replace. As businesses look to avoid such losses in the future, more will turn to data intelligence platforms that can store, organize and surface key knowledge to mitigate the impact an employee loss can have on a business.
The People Part of the Equation Will Receive More Attention
While many organizations have been investing in technical solutions to manage and utilize data, many will turn to the other side of the equation: their people. Achieving higher levels of data literacy will allow organizations to fully realize the benefits of the platforms and systems they have put in place to manage data and help unlock new ways of doing business.
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Next Year Will Be the Year of “Data Bootcamps” as Organizations Fight To Attract New Talent
As organizations increasingly recognize the power of data, finding great data professionals is becoming more and more difficult. In 2023, the organizations that will win the war for data talent will be those who elevate the importance of data to signal to data professionals that their work will be at the core of the business.
This means that in addition to a greater focus on data literacy, next year will be the year of data boot camps. Here, organizations will increasingly turn to external data training services to upskill employees, helping both to improve the overall quality of data talent while also elevating the importance of data and creating an attractive data culture.
Data-literate organizations using data-based decision-making will be the winners during 2023 and emerge stronger and better positioned for future growth.
What, according to y/ou, are the key data management and data intelligence trends in the coming year? Share with us on Facebook, Twitter, and LinkedIn.
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