Everywhere you look, enterprises seek new ways to process data to improve business operations or resolve problems. As every business relies on data for decision-making, the demand for (and adoption of) data science is at an all-time high. With the data analytics market poised to grow by $21.4 billion between 2023 and 2027, it is crucial to stay abreast of the latest developments in data science.
Whether you are looking to improve the accuracy of demand forecasting, enhance the effectiveness of your equipment, or unearth problems your workforce is facing, you need to embrace the latest innovations to improve decision-making. That said, here are 8 data science trends to look out for in 2023:
What Is Driving the Growing Business Adoption of Multi and Hybrid Cloud Solutions?
Data democratization will top the list of data science trends in the coming year. For organizations looking to achieve the company-wide insights they strive for, the democratization of data will make data science tools accessible to more users – thus enabling them to do more with data.
There will be greater adoption of low and no-code applications, and self-service will increasingly become prevalent across industries. This will enable new processes and devices to push intelligent insights into the hands of data scientists and citizen users so that they can do their jobs more effectively and efficiently.
Efforts Toward Data-Driven Consumer Experience (CX) Will Increase
Emerging geopolitical pressures have caused many organizations to shift their focus from CX. But that’s about to change in 2023. Amid rising customer expectations and a worsening economy, in 2023, more and more businesses will realize that data is critical to understanding customers, developing better products and services, and streamlining internal operations.
CX programs that deliver compelling and relevant customer experiences will enable businesses to meet customers’ evolving needs while pivoting to market and competitive forces with agility. Data-driven CX will allow companies to provide exceptional, interconnected experiences across channels throughout the customer lifecycle, thus supporting the era of experience-driven business.
The Focus on Data Governance Will Grow
The trend of data democratization will lead to a laser focus on data governance. In today’s hyper-regulated business environment, several organizations need to consolidate their data with a governance suite that provides controlled access to everyone. Data governance will become a pressing necessity from being a nice-to-have function emerging as a competitive advantage in 2023.
Taking a proactive approach to maintaining awareness and control of data assets will be a de facto requirement for any enterprise that wants to leverage data to its advantage: right from what data to collect, where to collect it from, how and where to store it, what business rules will govern it, and how to make it accessible to users to derive business value from it.
AutoML Solutions Will Be in Demand
Another data science trend that will be big in 2023 is AutoML. Providing methods and processes to make machine learning (ML) available to everyone in the organization, AutoML solutions enable easier adoption of ML capabilities that anyone can use without expert knowledge. Since these solutions can transfer data to algorithms and search for the best neural network architecture for the problem, companies can save a huge amount of time, reducing processing time from several hours to just a few minutes.
Hyperautomation Will Become the Mainstay
Hyperautomation initiatives will continue to grow relentlessly in 2023, enabling businesses to simplify operations and eliminate traditional silos. As an advanced technology that uses a combination of AI and RPA, hyper-automation will help improve operational effectiveness across a range of processes: from employee training to process design, data management, cybersecurity, and more. By empowering businesses to undergo profound digital transformation, hyper-automation will help minimize manual labour and augment competitive advantage.
The Demand for AIOps and Adaptive AI Will Grow
Data science trends such as AIOps and adaptive AI will also make it big in 2023. Combining big data and ML to automate IT operations, these trends will improve the accuracy and timeliness of event correlation, anomaly detection, and causality determination. Using AIOps, for instance, businesses will be able to:
Better collect and aggregate ever-increasing volumes of data from multiple IT infrastructure components.
Identify significant events and patterns related to application performance and availability issues, diagnose their root cause or even resolve them without human intervention.
These AI-related technologies will allow operations teams to proactively respond to slowdowns and outages with end-to-end visibility and context in the coming year.
Virtual Agents Will Get More Popular
In 2023, as achieving competitive advantage becomes more complex, the dependence on virtual agents will grow. Organizations will increasingly outsource various tasks to virtual assistants, from administrative duties to email management, content creation to research, and more. Such outsourcing will enable the workforce to focus on developing the business strategy or working on high-level projects.
NLP-Based Systems Will Further Expand
The coming year will also see further expansion of NLP-based systems. Focusing primarily on how humans and computers interact, these solutions will become more competent at recognizing, interpreting, and analyzing a significant quantity of data from natural languages. As businesses use data to build their future strategies in 2023, NLP will play a bigger role in monitoring and tracking market intelligence, extracting crucial information from human text and speech using techniques like syntactic and semantic analysis.
The Way Forward with Data Science Services
The convergence of the digital world with AI, cloud, and IoT has brought about a massive transformation in the world of technology. In today’s data-driven world, if you want to extract maximum value from your data and deliver the proper business outcomes but don’t have the expertise or experience, we can help!
At Ellicium, we deliver end-to-end Data Science Services: from putting together the right datasets to creating algorithms and integrating analytics. We provide solutions around conversational AI, chatbots, and text/speech-based assistants to automate communication, lower manual efforts and help you achieve highly personalized customer experience. Through our managed services offering, we can help you make the most of your data while ensuring that you stay ahead of emerging trends.
Contact us today to start your data journey in 2023 with confidence!