When companies want to take advantage of the power of data and data analytics, they have two main options — public clouds and private clouds. A private cloud, also referred to as an enterprise cloud or internal cloud, is a cloud computing solution that resides entirely on the infrastructure that the company owns. The company is responsible for the costs of managing, supporting, and upgrading or replacing this infrastructure with private clouds.
By contrast, public clouds relieve companies of the responsibility of managing this infrastructure. The public cloud provider hosts and manages the infrastructure. Companies are then able to use the provider’s cloud data warehouse to store their data in exchange for a fee. Public cloud analytics is an increasingly popular choice for business leaders who want to extract value from their data without worrying about hosting that infrastructure in-house.
Looking ahead to 2023, here are some of the trends in cloud analytics that you can expect to see:
7 Trends in Cloud Analytics for 2023
Sharing Data Across Organizations
There was a time when companies only tasked data scientists and data analysts with reviewing and analyzing data. However, increasingly, leaders are realizing that making your data accessible to your entire workforce — not just dedicated data teams — can produce better results. One trend expected in 2023 is greater data democratization. When data is democratized, all members of an organization are empowered to interact and draw insights from the company’s data. Even non-technical users will be able to analyze data without help from data experts through data democratization, and businesses will be better off for it.
Emphasis on Ethical Data Practices
Data breaches happen often, and when they do, they can be disastrous for companies. Beyond the financial losses associated with data breaches, experiencing a breach can also permanently damage the trust your customers have in your brand. To safeguard against this, organizations will emphasize ethical data practices in 2023.
Ethical data practices are all about making the protection of customer privacy a priority and being transparent about the ways your organization uses that data. These practices help companies stay compliant with data regulations and retain the trust of their employees. To implement ethical data practices, business leaders should ensure a company-wide approach and establish high standards for using company data.
Greater Data Analytics Automation
Automation in the data analytics space is nothing new, but expect to see an even greater focus on data analytics automation in 2023. Data analytics automation is the process of automating tasks in the data analytics process to reduce human involvement. The less time that employees have to spend completing tasks in the data analytics process, the more productive an enterprise can become. Automation frees up team members to spend more time finding and applying insights from your data.
Separate (but related) to automation is artificial intelligence (AI). In cloud analytics, companies can use AI for data-based decision-making. AI helps businesses make more accurate predictions, reduces the time spent on tedious tasks like data cleaning, and adapts to changing needs within a business. As investments go, investing in AI for data analytics is a great way to see strong returns for your company.
If you’re trying to gain insights from data and make data-based decisions, the best data for the job is real-time data. The older the data you’re analyzing, the more likely it is that the decisions you reach will be outdated and less than ideal for the current circumstances. That’s why real-time data will only continue to grow as business leaders’ go-to source for making data-based decisions.
Processing and analyzing real-time data isn’t easy, however. It often takes more sophisticated infrastructure to handle the real-time flow of data. Finding a cloud analytics provider with infrastructure that’s optimized for real-time data will be key to deriving accurate, up-to-date insights from your data.
Growth of Data Visualization
Data visualization is a technique of creating visual representations of data sets such as charts, dashboards, and graphs, to help organizations glean actionable insights. As businesses rely more and more on big data to inform business decisions, data visualization is an ideal way to present and understand that complex data. Data visualizations go hand-in-hand with data democratization since they help everyone gain a better sense of the information in your data sets.
Data as a Service
Data as a Service, or DaaS, is becoming more popular in the world of cloud analytics. This service allows companies to access data sources that a third party collects and curates by paying a subscription fee or pay-as-you-go price. This data augments the proprietary data that companies collect and allows them to reach even more valuable insights. Some of the data sources that Data as a Service providers may offer to customers include retail data, social media data, weather data, transportation and traffic data, business and consumer economic data and more. Combined with your business data, this data can elevate your cloud analytics strategy.
Stay Ahead of the Cloud Analytics Trends in 2023
Data analysis is a field that’s constantly evolving. As a whole, companies are quickly becoming more and more data-focused, a broad trend that’s very likely to continue into 2023. It’s vital to stay on top of these trends and remain aware of changes in the industry to be as competitive as possible.
Companies trying to stay ahead of their competitors with respect to data analysis may struggle to do so alone in 2023. Even with a large devoted data analytics team, you still need the right tools to assist in data analytics and outpace your competitors. The solution? A next-generation cloud analytics solution developed for the modern enterprise.
Live Earth is a SaaS business intelligence solution that aggregates your business data and third-party data from a variety of sources for actionable insights. The live data streams and real-time alerts make it possible to detect and react to changes in your business environment immediately for greater results. Contact us today to see Live Earth in action and get a sense of how the platform can help your enterprise in 2023.