Top 10 trends Data Excellence 2024

From strategic decision-making to operational efficiency; insights from data add value to every aspect of an organisation. Developments are rapid and constantly evolving, making it difficult to see the forest for the trees. IMPROVEN lists the most important 10 trends for achieving data excellence.

1.Using AI and Machine Learning for efficient operations

Artificial intelligence (AI) and Machine Learning (ML) are gaining ground and transforming the way organisations analyse and use data. These technologies enable organisations to perform predictive analytics, understand customer behaviour and automate processes, leading to more efficient operations and better decisions. Our colleague Michel outlines the biggest benefits and challenges of implementing AI.

2.Deploying data for sustainability objectives

Where previously the focus of reporting was mainly on financial issues, we see a need for data on a broader level. This is also increasingly demanded from legislation, for example by the Environmental, Social & Governance (ESG) and the Corporate Sustainability Reporting Directive (CSRD). Organisations value more what they do to improve working conditions, biodiversity, climate change or the reduction of emissions, waste, energy and water use. Understanding these aspects contributes to making responsible choices and can also be of strategic importance.

3. Importance of data embedded in organisation's culture

A data-driven culture is perhaps most important of all given that it is prerequisite for organisations that want to benefit from their data investments. Fortunately, we are seeing more and more attention being paid to this by organisations. Think about promoting data literacy among employees, encouraging data-based decision-making and integrating data into the core of business strategy.

4. Data governance prerequisite for data success

With the rise of AI & ML, among others, also comes a challenge: how do I ensure that my data is properly managed, administered and used properly and securely. Data volumes are increasing, while the importance for data protection is also growing. This importance is fuelled by the need for organisations to comply with regulations such as GDPR and CCPA. Data governance defines the frameworks and ground rules for working with data in an organisation. This is crucial to keep a grip on big data and compliance with laws and regulations. This allows value to be extracted from the data in an organisation in a controlled way.

5. Easy and smart data use and management with Data Fabric

Data fabric is the fifth trend that more and more organisations are embracing and excels for its simplicity. It is a smart network that connects all the different places where data is stored (such as databases, cloud storage, or systems). It also combines multiple data solutions such as data integration, - warehouse, - virtualisation and - governance. An end-to-end solution is formed that easily extracts value from data by making it available and usable everywhere. In addition, data management becomes much easier as data does not have to be managed in different places. This future-proof and sustainable solution can offer a lot of added value, which is why we see more and more organisations making use of it.

6. Gain competitive advantage with Real-time Data Analytics

Real-time Data Analytics, as the name suggests, always provide the most up-to-date insight of your data. Changes in source systems are instantly communicated and included in analytics. This enables organisations to react immediately to changing circumstances. This is crucial in sectors where acting fast is essential, such as logistics and healthcare.

7. Attention to Data Ethics

The growing role of data in our lives facilitates a lot of processes and makes them more efficient. However, problems can also arise if this use of data is not used ethically. Think, for example, of discriminatory algorithms in the detection of criminals or in the allocation of subsidies. By proactively performing ethical checks on data applications and regular reviews, the ethical application of smart data solutions can be ensured.

8. Finding and understanding data in Data Catalogs

Data catalogues are tools that allow metadata to be organised and managed. Namely, they record what data is available and what it means. This is done in a business-friendly way. One of the goals is that users in the business know what data is available and what it means. Thus, use cases can be devised for deploying data in operations, the place where data can add the most value. In addition, governance can be simplified by having a central, categorised and organised place for documenting and managing data assets.

9. Data accessible using Data virtualisation

Data virtualisation technologies make it possible to integrate data from different sources without physical data movement. This simplifies data management, improves accessibility and speeds up time to insights. In the process, it eliminates data silos by eliminating the need to consider the physical location or format of the data. This makes it possible to access and analyse data in real-time. Many financial services organisations, for example, use data virtualisation to quickly combine customer data from different systems and create a complete customer profile, leading to better service and targeted marketing.

10. Data access and use for everyone in the organisation

Data was long seen as something for specialists. Due to the sheer volume of data (and sometimes poor quality), some prefer to leave the work to the experts. Yet we see a shift taking place, namely data democratisation. This means that data is accessible to all employees within an organisation, regardless of their technical skills. This democratisation is linked to technical and cultural developments. On the technical side, user-friendly tools are being developed that support in making data insightful, as described in trends 5, 8 and 9. On the cultural side, the organisation itself is at the helm with increasing data literacy among their employees, as described in trend 3. IMPROVEN expects the trend of data democratisation to continue in the coming years.

With these trends in mind, organisations can leverage data to gain competitive advantage and achieve strategic objectives. Clearly, the role of data within organisations continues to evolve, and those at the forefront of these trends will begin to reap the benefits.

Wondering how IMPROVEN can help capitalise on these trends?