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The Modern Data Company 2023 Predictions: Unified Data & Ethical AI will Lead


Industry executives and experts share their predictions for 2023.  Read them in this 15th annual series exclusive.

Unified Data & Ethical AI will Lead

By members of The Modern Data Company

These days, data is accelerating businesses forward in countless ways. But with the increase in data and the dependency on data-driven intelligence, we've seen an onslaught of data management tools that all promise the moon - and instead, leave businesses with more complexity and hours lost.

As we usher in a new year, it's clear that managing overly complex data infrastructure is so yesterday. To make effective decisions, tomorrow's business leaders need integrated infrastructures that are capable of data-driven decisions, ethical, and overall better for the environment. Here are predictions from The Modern Data Company on the future of the data industry:

What app stores did for smartphone usage; data apps will do for data usage

Srujan Akula, The Modern Data Company co-founder & CEO

2022 was a crucial year for addressing the complexity of current data management approaches. This year we saw businesses began to move away from "point-solutioning" their modern data stack and turning to more unified approaches like data fabrics and unified data ecosystems like Dataplex. This has the potential to transform non-digital native enterprises completely - they'll finally be able to focus on value creation instead of just managing an overly complex data infrastructure in this next year.

In addition, 2023 will be the beginning of the end for constant integrations. Unified approaches to data are increasing, so the emergence of data apps intended to accelerate the deployment of capabilities will likely follow. The result will be the rise of a new type of business leader with the ability to make quick, data-driven, and, therefore, trusted decisions. I believe what app stores did for smartphone usage; data apps will do for data usage.

Just as some trends will begin to emerge in 2023, some trends will - and should - begin to lose popularity as well. One of those trends is the unnecessary lifting and shifting of any and all data to the cloud as a prerequisite for data modernization. As businesses realize they haven't been properly and efficiently making use of the cloud, we're certain to see this shift in behavior.

We'll also see an increase in the adoption of things like data fabrics and knowledge graphs. With those gaining traction, I expect analytics hubs to be the next emerging category.

Ethical AI will be pervasive in 2023-2024

Vishal Venkatram, The Modern Data Company field chief technology officer of customer solutions

The pivot from point solutions to solve data issues to the emergence of the data fabric/mesh/integrated approach to enterprise data operationalization has been the most impactful development from a technology perspective.

From a CFO's office perspective, increased scrutiny on data programs and associated ROI have emerged in 2022. The C-suite is starting to question if the entire "data cycle" has been overhyped. IT needs to take this seriously and make sure that "data" does not become just another four-letter word.

The biggest movement in 2023 will be the emergence of data apps and a true semantic business model that abstracts the complexity of the underlying data chaos. The ushering in of customer-owned and defined models to accelerate value creation will change the way the industry operates.

In addition, ethical AI and knowledge-based data products will be pervasive in 2023-2024. Data will be seen as a social object with an operating system. We'll also have the first app store-type capability for data come into existence.

Data will enable successful ESG efforts

Langdon Morris, The Modern Data Company's Head of ESG and Net Zero

Enterprises are beginning to realize that data is integral to successful ESG efforts. You can divide the enterprises interested in ESG into a few categories - those that really are committed to action, those that are not sure but are thinking about it, those that see ESG as a greenwashing opportunity, and those that are not engaged. Those committed to action are the ones we'll see start taking a unified approach to data.

To do this, they'll need a master plan - which consists of multiple elements seen in an integrated fashion. These include defining specific goals, an overall strategy to reach those goals (which will inevitably involve many parts of the organization thinking through problems and opportunities), committing to making the system and process changes necessary to implement that strategy, a plan to convince their stakeholders that this is the right thing to do, and then the action.

Data will underlie each of these steps - it is a critical enabler of success.


Published Thursday, December 08, 2022 7:34 AM by David Marshall
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