May 12, 2023 By: JK Tech
Progressive businesses utilize data in various ways and thus rely on data for making smarter business decisions. Data also acts as a catalyst for digital strategy and transformation as it enables faster, more accurate, and more relevant decisions in a dynamic business environment. Thus, it becomes imperative to take a closer look at the latest Data Management trends that are set to shape the business landscape.
The following are some of the most promising Data Management trends of 2023 that you should be watching out for:
Augmented Analytics
Retailers face a multitude of challenges in their daily operations, from inventory management to customer experience optimization. Augmented Analytics, which leverages machine learning and artificial intelligence algorithms, can help retailers address some of these challenges.
Gartner predicts that by 2025, augmented analytics will account for more than 40% of all new acquisitions of analytics and business intelligence (BI) products. By analyzing vast amounts of data from various sources, Augmented Analytics can provide insights into consumer behavior, product trends, and inventory optimization. It can also help retailers identify potential issues before they become major problems, such as stock shortages or excess inventory. With these insights, retailers can make data-driven decisions that improve the customer experience, increase sales, and reduce costs. Augmented analytics can also help democratize data analysis by making it accessible to non-technical users, allowing them to make data-driven decisions without relying on data scientists or analysts. Augmented analytics is a powerful tool that can help retailers navigate the complex and rapidly evolving retail landscape.
Data Virtualization
Retail businesses often encounter problems when it comes to managing their data, including issues with data silos, data duplication, and data integration. Data Virtualization, a technology that allows businesses to access and use data from various sources without having to physically move it to a central location, can help retailers address these challenges. By using Data Virtualization, retailers can create a unified view of their data, enabling them to analyze and use it more effectively. For example, retailers can use Data Virtualization to integrate data from various sources, such as inventory systems, customer databases, and sales data, to gain a better understanding of their customers’ preferences and behavior. They can also use Data Virtualization to reduce data duplication, which can help to save storage space and improve data accuracy. Ultimately, it can help retailers to streamline their data management processes and make more informed business decisions.
Cloud-based Data Management
Cloud-based data management solutions can help retail organizations solve many challenges related to data security, scalability, and cost-effectiveness. For example, retailers can leverage Cloud-based Data Management to store large amounts of data securely and efficiently, without having to invest in costly on-premises hardware and infrastructure. Cloud-based solutions also offer greater flexibility and scalability, allowing retailers to easily scale up or down depending on their needs. Additionally, cloud-based solutions can offer advanced analytics and machine learning capabilities, enabling retailers to derive valuable insights from their data. This can also help retailers to improve collaboration and data sharing across different departments or locations. Cloud-based Data Management solutions allow retailers to be more cost-effective, scalable, and secure, while also improving their decision-making capabilities.
Conclusion
Enterprises are expected to face a growing demand for advanced Data Management solutions in order to extract meaningful insights from the ever-increasing volume of data generated during routine business operations. This pressure from the market will compel them to prioritize effective Data Management. Over the next three to five years, more technologies and tools are expected to emerge that will support the ability to manage and analyze unstructured data.
At JK Tech, we understand the importance of Data Management, and our team of experts is always up to date with the latest trends and technologies. We specialize in Business Consulting Services for various industries such as Retail & CPG, Healthcare & Life Sciences, and Insurance. Our team works closely with clients to assess their unique Data Management needs and develop customized solutions that are tailored to their specific requirements. JK Tech’s services are designed to improve data quality, increase efficiency, and reduce costs, while ensuring compliance with relevant regulations and standards. With a track record of successful Data Management projects, JK Tech is a trusted partner for businesses seeking to harness the power of their data to drive growth and innovation.
