5 Data Trends Impacting Your Business in 2020
Discover the latest data trends that are changing the business landscape in 2020
We create 250 billion terabytes of data every day. In 2019, we’ve seen a rise in the number of IoT devices worldwide and an increased demand for skilled data professionals. We’ve reached an exciting turning point in the data-driven business world. But innovation and development mean the data space is constantly evolving. Here we roundup five key data trends to ensure you’re ready for what 2020 has in store.
1. CDOs Take the Lead
Data and technology are increasingly integral to organisations’ processes and decision making. From 2012 to 2018, the number of Fortune 1000 companies with a CDO rose from 12% to 67.9%. It’s no surprise then that when it comes to organisational strategy, Chief Data Officers (CDOs) are fulfilling higher level roles than in the past.
CDO’s technology skills, responsibility for data governance and seniority vary from business to business. But as strong communicators and agents of change, CDOs will be taking central roles in defining new initiatives for their organisations. So, once data analytics truly sits as the heart of organisations’ central operations, expect to see CDOs taking their place in boardrooms worldwide.
2. Dark Data
Although we now create more data than ever – we still haven’t capitalised on all the existing sources of data we already have. According to a NewVantage report, 85.5% of organisations stated that implementing data throughout their business was a key priority. However, because of a lack of usable data and understanding, 63% failed to actually implement their data. Across the world, many databases are undigitised, remaining in analogue form – a state the prevents organisations from accessing analytics from this data. 2020 promises a major push to digitise this dark data. Paper files and historical records are two common sources we can expect to see converted into a format that we can extract relevant business insights from. Once unlocked, this formerly dark data has the potential to increase the types of trends we’re able to predict.
3. The Rise of IoT
The expansion of 5G is set to take 2020 by storm. And this means that more IoT devices can connect. Thousands of organisations are already using IoT devices to carry out tasks such as, monitoring stock on shelves, tracking orders, and controlling heating and lighting to save money and go green.
With greater access to key data points, organisations can optimise their efforts and drive efficiency. Organisations should be able to seamlessly monitor their operations with the increased power 5G affords them and their IOT devices.
4. Data Management Regulations
GDPR was only the start of increases in data management regulations. Government bodies and customers themselves demand greater clarity surrounding where and how data is stored and used. 2020 promises to see the California Consumer Privacy Act (CCPA) come into effect. Following in the footsteps of Europe’s General Data Protection Regulation (GDPR), the CCPA forces U.S. organisations to implement better data governance, security and privacy practices.
These regulations will ensure organisations are more careful about how they collect, store, process and use data. Data governance and information security go hand in hand here, and it’s likely that Business Analysts and Data Scientists will take the lead to ensure compliance with these regulations, whilst protecting consumer data from misuse.
5. Natural Language Processing
In the same way that we use natural language to input our queries into online search engines, the same is gaining traction for data queries. This year, Tableau (an analytics software vendor) acquired ClearGraph (a developer of natural language processing) to enhance its visualisation platform. It’s then not necessary to have the technical ability to query complex data. Instead, using words and phrases will allow the user to get analytics results that are easy to understand.
Of course, to truly make the most of their data, organisations need strong data teams in place. Alongside CDOs, Data Analysts and Data Architects will be delving deeper into data to drive efficiencies and spot issues and trends that are currently beyond the scope of natural language processing for analytics.
Today’s emerging workforce are well-equipped to support organisations’ data strategies. Having always lived in a digital and data focused world, their inherent understanding of technology means they are suited to driving transformation. At GRAYCE, we bolster this understanding with our Development Programme. Over three years, GRAYCE Analysts gain the accredited qualifications, training and career-coaching to add value to change programmes from day one. Using top graduate talent to support change programmes nationwide, GRAYCE provide a low cost, low risk way to solve organisations’ resource challenges. As well as addressing short term capacity challenges, GRAYCE help to build organisations’ capability with clear talent pipelines.
GRAYCE have been partnered with public and private sector organisations since 2013. Our growing Analyst Community are supporting cutting-edge change programmes in banking, cybersecurity, law, insurance, IT, retail – and much more. Working on industry-leading projects nationwide, our Analysts bring the technical skills and adaptability that’s vital in the fast-paced world of transformation.
Find out more about our client partnerships here.