You may have heard of the quote, “Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway”, by Geoffrey Moore. Well, this statement most certainly has truth. Analytics has become the foundation of any good business strategy and by moving to a data-driven business model where decisions are made based on what we know to be true rather than “gut feeling”, is fundamental to achieve true digital transformation in 2023 and beyond.
Capturing data helps us to create the best strategy for our business. It helps us to act with certainty instead of speculation. There are always new and exciting developments emerging within analytics and 2023 is going to set the stage for some even better ways to capture key data insights.
In this blog we explore 3 smart analytics trends in 2023.
Introducing Data Democratisation
According to Forbes, one of the most important trends of 2023 will be Data Democratisation, which happens when an organisation makes data accessible and transparent to all employees and stakeholders, and educates them on how to work with data, regardless of their technical background. This way of working is opening new forms of augmented tech, where tools, applications and devices push intelligent insights into the hands of everybody, enabling each person to do their jobs more effectively.
A great industry example of how data democratisation has been used is in the legal profession. Lawyers are said to be using natural language processing (NLP) tools to scan pages of documents of case law. Text summarisation uses NLP techniques to digest huge volumes of digital text, and create summaries and synopses for indexes, research databases or busy readers who don’t have time to read full text. Saving lawyers hours if not days of research time. NLP has many uses. For instance, you can label documents as sensitive or spam and create subsequent processing or searches. IBM offers a full breakdown and also provides various NLP use cases here.
Another way in which this method is helping businesses is in relation to the effects of the pandemic, which has influenced a change in the way we now work. With just 1 in 5 back to working fully in-person, many organisations have had to find ways to ensure their employees can be effective while working remotely. Data democratisation enables users to access the information they need easily and instantly, so decisions made outside the office are equally trustworthy and sound.
Artificial intelligence (AI) is the simulation of human intelligence processes by machines, especially computer systems. AI helps analytics to enable more accurate predictions and reduces the amount of time we spend on mundane and repetitive work, like data gathering. We recently covered AI developments in a blog post and one application that really stood out was in the form of fraud prevention.
There is a huge amount of data being generated in the banking sector, and as criminals are becoming more sophisticated in their approach, Smart Analytics captures big data to enable banking officials to easily study, analyse and detect any illegal activities, such as money laundering, misuse of credit cards and unusual activity.
This type of technology is referred to as Machine Learning Artificial Intelligence, and it works to help banks avoid loss and most importantly, keeps their customer’s money safe.
At Facit we’ve used machine learning to develop our analytics applications. After plugging our AI tool into your existing CCTV network, you can share this data with as many users as you like internally in order to determine factors such as real-time and accurate headcounts of people in buildings or venues, identify when queue levels are peaking, be alerted when safety hazards become a problem or give insight into how to optimise sales or experience factors, such as improving the physical customer journey route through store.
Depending on employees’ skillset or job roles, you can tailor internal teams access rights accordingly. For example, you may offer more access to your Data Controllers, Safety Managers or Operational teams than you would to teams on the shop floor, who may just require the technology’s alerts and updates.
Data security essentially means protecting digital data, such as those in a database, from destructive forces and from the unwanted actions of unauthorised users, such as a cyberattack or a data breach.
The implementation of privacy regulations such as the GDPR (General Data Protection Regulation) in the EU, the CCPA (California Consumer Privacy Act) in the USA, and the LGPD (General Personal Data Protection Law) in Brazil have set building blocks for data security and management of customers personal information.
Businesses have been forced to invest in security to stay compliant with regulations, and to also protect themselves from cybercrime. It is expected that global cybersecurity spend will reach a whopping $1.75 trillion in the next 5 years. Why? According to Gartner’s Cybersecurity Predictions for 2022-2023, by 2026 50% of c-level executives will have risk-related requirements written in their employment contracts as a way to increase accountability for cyber risk management.
How could it help your business?
With more people choosing to work remotely, cybersecurity becomes a priority for businesses.
Pre-pandemic, when we were all office-based, it was simple for security departments to regularly check and update company laptops and smartphones. In 2023, when workers are more likely than ever to use personal devices to remotely connect to work networks, a new set of challenges has emerged.
Having the right software to protect your data is key for 2023
The future of cybersecurity is being formed by the demand for companies to secure their networks and data.
At Facit, compliance is vital. Our document privacy software does not just redact (mask) sensitive data, it removes data entirely from documents. Therefore, we commend Facit data privacy software to you as the most effective SARs-fulfilment tool. Maintain your data privacy safely in-house and know that when you share data with third parties, it is 100% compliant.
The Facit solution is very simple to use and guarantees fast, cost-effective compliance. Identity Cloak video redaction software is becoming the ‘go-to’ technology as the number of video DSARs continues to rise. The software also has the capability to extract audio files in order to add context and clarification to data.
All three of these trends are empowering businesses, and we are excited to see how they are further developed throughout 2023!
If you’d like to know more about these topics and how we can help your business deliver better data democratisation, implement artificial intelligence and Data Security then please do get in touch with our team for a free discussion today.