By the end of this year, Forrester predicts that data-centric organizations stand to make $1.8 trillion annually. In addition, a recent Experian study found that 81 percent of business leaders believe data democratization is a key initiative in the data-driven enterprise.
With that in mind, let’s take a look at five trends in data democratization that you should be aware of now and in the months ahead:
- Self-Service Analytics are Shaping Organizational Strategy
Self-service analytics platforms that require low-code/no-code tools and offer intuitive interfaces are becoming increasingly important. Not only do these features streamline workflows and open up data analytics to a wider user group, they also help companies address the challenges of the tech worker shortage.
Data analysts and engineers are among the most highly sought-after roles, and being able to bypass these experts for key tasks like data visualization enables organizations to deploy data science talent in a more impactful way.
- Medical Records as Individually Owned Assets Will Disrupt the Health Care Industry
Currently, medical data exists in disparate healthcare systems, and it’s uncommon for patients to have the opportunity to view this information in a holistic way. But new Health and Human Services regulations pave the way for centralized, individually-owned health records, eliminating the time-consuming, inefficient process of records-sharing while also giving patients more control of their data.
As this plays out, expect to see numerous data-centric applications emerge to enable patients and providers alike to better utilize this central repository of health care data.
- The Regulation of Employee Analytics Will Change Employer Roles
In addition to healthcare information, employee data is poised to become an individually-owned asset as well. Experts believe we will see new legislation targeting AI bias and putting the responsibility on employers to ensure that their algorithms are consistent with real-world ethics.
- Increased Adoption of Unified Analytics Automation Platforms
Modern analytics platforms that offer automated, unified analytics features will become more widespread. Democratizing capabilities, like those that allow users to drag-and-drop to create automated processes related to searching, storing, and analyzing data, make these platforms crucial to engaging the growing number of non-technical stakeholders working in analytics.
- Customer-Facing Roles Will Benefit from Increased Data Democratization
As we’ve written about before at the APEX of Innovation, customer-facing roles stand to reap a significant benefit from greater access to decision-making data. Companies that empower departments like sales and customer service to access key data can offer a more holistic, positive user experience while simultaneously improving efficiency and reducing overall costs.
Head to Datamation for more on emerging data democratization trends and what else you can expect to see in the near future.