Creating a competitive edge by harnessing valuable data

January 4, 2023

In these new times, leveraging data to create significant value is no longer just a dream but a possibility that is well in reach for those capable of harnessing data purposefully. There are opportunities for global leaders across various industries to transform their approach towards data and convert it into a competitive advantage over other organisations. Data today can be the factor between winners and losers in business. Information from multiple sources is combined with technology to deliver accessible and valuable insights. Despite the advantages of big data solutions, there remain several untapped possibilities in the data scene.

Big data is emerging as a critical component in the world of technology. Nearly every company has access to data sets that leverage and deliver new processes and products. With the growing popularity of AI, big data has become even more accessible. Businesses invest considerable money in integrating big data solutions into their services. Businesses must understand industry-specific issues to benefit from the potential of big data.

With most businesses containing large information flows, innovations create quicker access to more accurate insights. These new trends generate new thinking, offering the best ways to apply it to work across the business. Technological progress is supporting businesses in enhancing their product’s performance further. Big data is creating several new growth opportunities, giving rise to a new segment of companies that measure and aggregate industry data.

Predictions for 2023

Businesses are moving into a data-driven business model, enabling them to make decisions based on generated valuable insights rather than intuition. This period of digital transformation will likely impact every industry throughout 2023, allowing companies to respond confidently in uncertain times.

Data governance in 2023

There are various reasons why the future is likely to hold more restrictive data governance for companies. The main one is the increasing demand for data protection and privacy regulations. Growing demand for data-driven decision-making encourages businesses to introduce more transparent plans around data. To comply with new regulations and data policies, companies must integrate augmented data management frameworks to survive and continue growing this year and beyond.

The demand for enhanced data security

Data breaches have become more frequent, and they’re likely to continue for some time. Businesses are exploring new techniques and investing in data security measures to stay ahead of escalating threats. According to Statista, during Q3 of 2022, internet users experienced around 15 million data breaches, a 167% increase compared to last year. Industry leaders place significant value on data security as these potential threats pose considerable risks to customer information.

The rise of predictive analytics

Predictive analytics is becoming increasingly popular within the big data scene. Businesses are widely implementing predictive analytics to understand how customers respond to specific services and products and to predict future trends. The predictive analytics framework applies to various industries for tasks like detecting credit fraud or determining when customers may default on payments.

A big data future

Big data is considered a big part of the future of all businesses and is critical for organisations to remain in touch and competitive with new and emerging trends in the field. Many companies are integrating big data systems in various ways to explore new opportunities, improve their existing business models and stay competitive in today’s changing landscape. Implementing big data has been critical for many companies to beat other businesses, and many emerging companies are adopting data-focused strategies to compete, acquire and innovate.

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