Top Trends 2023 - Big Data

Do you know it costs US organizations and businesses around 3.1 trillion USD every year to deal with bad data? Yes, this happens irrespective of the size of the data! Imagine how hard it must be for companies such as Amazon and Google which are operating on even larger data sets. The more the data, more the chances of having poor-quality data!

It's quite simple…

Every time you buy something from a website, they store your information such as preferences, mode of payment, location and age. Whenever you receive an update on your devices, it's based on this information that is recorded while they are using the website. Not just websites, every bit of information the company stores finally takes the shape of Big Data, which is too gigantic that it becomes hard to handle by traditional means.

As a business, you must understand the preferences and other metrics of your customers. No doubt, handling Big Data will be critical to be in front of competitors. However, knowing what’s happening in the world of Big Data is equally important. That’s why we are here with the top 5 Big Data Trends of 2023 that every data-driven business must know.

Let’s start!
 

Trend 1: Big Data Will Soon Be At Stores Near You

 
Big Data has been critical for decades but now it will be a big part of departmental and retail stores – but there’s a twist. It will be used for price optimization, individual targeting, personalized offers, sales forecasting and consumer recommendation engines. That’s a different kind of shopping fantasy, isn’t it? Anyway, the major trend for Big Data in 2023 will be that it is coming to every store near you – and that includes online stores.

If you think this technology is new, then you would be wrong! Nine out of ten stores in the US that are currently using Big Data as Data-as-a-Service (DaaS), enabling quick and easy integration of data strategies in almost every process. According to data experts, this adoption by retail businesses, both online and offline, will bring in USD 10.7 billion in revenue by the end of 2023. Retail sector businesses will leverage Big Data across various touchpoints for consumer personalization, product feedback and sentiment analytics.

TechDogs’ Opinion: Having Big Data in business processes will be vital for departmental stores. It is definitely not a new concept but there will be high adoption of this technology given the extreme competition. We believe there will be a higher collaboration between Big Data vendors and retail stores that will enable more tailored experiences. Soon, when you shop in stores, better recommendations and offers will be available to consumers. Even if you shop online, Big Data is will follow you! We are sure even smaller stores are going to record consumer information to serve you better. #LevelUpWithBigData
 

Trend 2: The Pharma Sector Will Be Driven By Big Data

 
After what has happened in the recent past, healthcare is the new priority for everybody. People in the pharmaceutical sector are on their toes to identify the best technology to use when it comes to public health welfare. This is why Big Data will be the newest way to make processes easy and highly effective in pharmaceutical businesses. Current work in the medicinal sector will see a boost as Big Data adoption grows in the industry this year.

Undoubtedly, healthcare is moving quickly and pharma businesses need technologies to keep up. When it comes to data risk, an extremely critical area, Big Data will offer various solutions. The US has recorded an expense of about 17.7% of its nation’s GDP (as of 2019) for healthcare and other countries also show increased spending on healthcare initiatives.

Considering how fast the numbers are increasing with new medicinal data increasing across the world, Big Data will be necessary to scale with it. It is no surprise that major companies such as Johnson & Johnson recently invested in 60 Big Data applications, Bayer with 12 applications and Thermo Fisher Scientific has invested in 9 Big Data applications. More pharma companies are expected to invest in Big Data and develop better data strategies for developing medicines and cures.

TechDogs' Opinion: Healthcare is the core of public welfare – and without Big Data, it will be challenging to scale. Big Data will come in handy, not just in medical crises but everywhere from drug research to personalized and precision medicine. We think businesses involved in medical fields should start by understanding how each of their processes can be integrated with Big Data to invite speedy results. Moreover, with all the accumulated data in storage, breakthroughs can be made as Big Data would link siloed data across sources. We think Big Data will reduce the time for research and lower the cost of medicinal development. #BigDataInPharma
 

Trend 3: Businesses Will Focus On Big Data Governance

 
Do you know what GDPR is? That’s General Data Protection Regulation (GDPR) that was introduced in 2018 to implement data governance policies across the world. It was pivotal for businesses handling gigantic data and guidelines that protected them from fines and penalties by being more compliant. This trend will continue in 2023, as consumers increasingly aim to limit what data companies use about them and how they use it.

Businesses using Big Data will need to be more aware of compliance and regulations around data privacy. According to studies conducted in 2018, 70% of businesses surveyed worldwide were unable to fulfill requests from individuals seeking copies of their personal data within the one-month time frame outlined in the GDPR. This lack of compliance highlights the need for companies to prioritize data governance practices and ensure they are meeting the requirements outlined in the regulations. In 2023, we expect more businesses to identify better compliance rules and put them into practice to gain consumer loyalty and trust.

TechDogs’ Opinion: Customer information is available everywhere today. Therefore, companies are bound to use this data for better sales and outreach tactics. However, they will need to ensure they do it more appropriately thanks to laws such as GDPR. We believe that customers will soon authorize what personal information can be shared and how their information is handled by businesses. Wouldn’t it be best for both the company and the customers? We are sure that businesses that have trustworthy data practices will attract more consumers. On the other hand, consumers know that their information will not be sold to third-party services or advertisers. Hence, companies that store valuable consumer data should look into data governance in 2023. #BigDataNeedsGovernanceToo
 

Trend 4: Big Data Will Supercharge Driverless Technology

When we talk about driverless cars, we bet the first thing that pops up in your mind is Tesla! Yet, autonomous driving technology is much larger and still needs a few more years for successful deployment. Therefore, just like other products under development and research, driverless technology will be revolutionized through Big Data. It will help in decoding the data collected by the thousands of sensors in driverless cars, making innovation much faster.  

Apart from Tesla, Apple has been making strides in developing multiple tests to bring their self-driving vehicle to the market. Companies like Walmart are developing prototypes, as they rely on driverless trucks to transport their products from the warehouse to various pick-up points. Autonomous vehicles collect a wide range of data from a variety of sources and in diverse formats, such as sensors, maps, traffic, vehicle health, and so on. Without Big Data, recording and analyzing all of this data would be nearly impossible. The adoption of self-driving cars will generate even more massive amounts of data, which will need to be processed in real time by onboard computers. This means driverless tech will heavily rely on Big Data.

TechDogs' Opinion: We think Big Data analysis will play a major role in the development of self-driving cars. It will change the way we commute as the car will use sensors to make decisions independently. However, that will only work when we can use the insights generated in real time. Hence, we expect Big Data adoption to be key in the development of autonomous vehicles. Imagine a future where travelers can relax as the car calculates the distance, fuel needed and route to the destination through a well-defined system based on data analysis! #FutureMobilityNeedsBigData
 

Trend 5: Actionable Big Data Will Lead To Better Decisions

 
It isn't surprising to see how a small to medium size company spends $10,000 to $1,00,000 on data analysis. As BARC research found out, using Big Data can increase business profits by 8% and cut down overall costs by 10%. Yet, on the other hand, businesses also realize this investment can turn into an absolute waste if the analysis is not done right. Hence, using Big Data to gain credible, actionable insights for better decision-making will be in focus in 2023.

Research by Harvard Business Review shows that 86% of companies agree with the idea that extracting valuable insights from existing data sets is very important. In fact, 75% of these companies find it is “essential” to deliver employees with highly actionable and intelligent insights so they can help businesses using improved and informed decision-making. So, no matter how much you spend on collecting the data, the whole thing will be worthless if there is no actionable information. Hence, businesses should identify metrics that tell them if their Big Data analysis is helping them add value to decision-making processes and not leading to sub-par or irrelevant insights. This fine-tuning of business decision-making will be key in 2023.

TechDogs' Opinion: Having actionable data through Big Data analysis has the power to change the business outlook entirely. Just having a data analytics process is no longer enough. We believe businesses need to assess whether it helps in better decision-making or not. This will affect the company's revenue by eliminating unwanted insights that usually contribute nothing to the business. When there is constant access to actionable data, employees will be more likely to have better performances. We think in 2023 companies should realign their decision-making insights and data pipeline to offer better customer experiences. #IsYourDataActionable
 

To Sum Up

We cannot stop talking about Big Data no matter the industry. That’s all because Big Data is not just managing files with massive volumes of information; it is something that brings in the best decision-making and data utility for any business. However, the critical part is being aware of what’s new in the world of Big Data and aligning your business strategies with it. These upcoming Big Data Trends will surely change the way you deal with data across various processes. So, keep up with the top Big Data Trends to ace the game!