The Top Business Data Trends to Watch Out For in 2021
As we move into a new year, it’s important for businesses to stay up to date with emerging data trends. With advances in technology and increased consumer focus on data privacy, there are several key trends to keep an eye on in 2021.
1. Increased Focus on Data Governance
Data governance refers to the overall management of the availability, usability, integrity, and security of the data used within an organization. With increased concern for data privacy and security, businesses are putting more effort into their data governance policies. This includes implementing stricter controls around data access, actively monitoring data for quality and compliance, and using automation to streamline the process.
2. Rise of Remote Workforce Analytics
With many companies moving to remote work in response to the pandemic, tracking and analyzing employee productivity and performance has become a top priority. Businesses are leveraging data analytics to gain insight into their remote workforce and ensure that they are meeting their objectives. This includes tracking employee activity and KPIs, building employee engagement, and optimizing communication and collaboration.
3. Increased Use of Artificial Intelligence and Machine Learning
Artificial intelligence (AI) and machine learning (ML) are becoming increasingly prevalent in the business world, with applications ranging from customer analytics to fraud detection. In 2021, we can expect to see further advances in AI and ML, with businesses using these technologies to gain a competitive edge in their markets. This includes using predictive analytics to identify potential opportunities and threats, automating routine tasks, and leveraging natural language processing to analyze customer feedback.
4. Growth of Data Ecosystems
With the sheer amount of data generated by businesses, it’s becoming increasingly important to effectively manage and share this data with other stakeholders. In response to this, the concept of data ecosystems is gaining traction. A data ecosystem involves an interconnected network of businesses and individuals who are able to access and share data in a secure and controlled manner. This allows businesses to exchange data with partners, suppliers, and customers, enabling better collaboration and innovation.
Conclusion
In 2021, businesses that keep up with emerging data trends will be better equipped to make informed decisions and gain a competitive advantage. From increased focus on data governance to the rise of remote workforce analytics, businesses must leverage data effectively to drive innovation and growth. As we look forward to the coming year, it’s clear that data will continue to play a critical role in shaping the future of business.
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