A New Crystal Ball: Data Trends that will Take Hold in 2022 Leave a comment

by Analytics Insight April 1, 2022

These data trends will power the industries into revolutionizing business operations

If we’ve learned anything from the events of the past two years, it’s that predicting what’s next can be incredibly difficult. But we know that the one constant, reliable way forward is with data.

Data is playing an important role in identifying ways we can improve our communities, our businesses, and our world. Organizations using trusted data are well-positioned for navigating through change and setting themselves up for success in the future.

We will focus on the five data trends that will shape businesses this year related to artificial intelligence, workforce development, data ethics as a framework, flexible governance, and data equity.

 

1. Artificial Intelligence: AI augments and empowers human expertise

We’re experiencing a golden age of data and technology—and there is no sign of it slowing. Artificial intelligence (AI) technology continues to improve: machine learning (ML) models are processing trillions of lines of data, natural language processing (NLP) advancements are moving towards understanding human intent, and algorithms are getting faster. We’re seeing more simple, repetitive tasks are automated, giving rise to new opportunities to enable humans to do what they do best: reasoning critically and understanding data in context.

Business and IT leaders believe that investing in data and AI in the next 5 years is critical to the future survival of their business. The International Data Corporation (IDC) has predicted that by 2026, 60% of enterprises in India will combine human expertise with artificial intelligence, machine learning, natural language processing, and pattern recognition to deliver business outcomes.

Thanks to cloud computing, AI has become more affordable and accessible, leading to greater innovation across experiences and industries. We’ll see solutions that combine different AI techniques to achieve better results (also known as composite AI) added to support people.

 

2. Ethics: Formalizing ethical data and AI use becomes imperative to organizations

Now, more than ever, trust and transparency must serve as the foundation for innovation, growth, and customer relationships.

As organizations navigate their ethical use responsibilities, we expect to see more transparent AI and machine learning (ML) solutions and experiences that elevate human judgment and expertise. They’ll also tie directly to business goals and workflows, and mitigate related risks with explainability—including bias. Organizations will start addressing biased algorithms and data sets that can harm real people and create errors with negative, downstream risks like “ethical debt” as technical debt.

We’ll witness more corporate and government commitment and accountability for ethical, responsible data and AI use. Closer to home, the Indian government’s policy thinks tank NITI Aayog and the Centre for the Fourth Industrial Revolution have partnered to co‑design an ethics framework to ensure the responsible use of AI within both public and private sectors.

 

3. Workforce Development: Competitive organizations recognize that enabling  the workforce is more than just data skills and tools training

The world is increasingly becoming data-driven, creating a global demand for data skills. In a market where data is the ultimate differentiator, data literacy is the key to unlocking the value of data and technology investments. Of equal importance is a Data Culture. Organizations have recognized the need to foster a shared culture and mindset that values and practices using data. As organizations invest in people development to upskill the workforce, they’ll partner with third-party organizations to train and upskill.

Data skills will be necessary for every role and in every sector of the workforce.

 

4. Flexible Governance: Organizations adopt more inclusive data governance approaches to stay competitive and compliant

Data isn’t just table stakes for business success in 2022: data is the business.

As organizations invest in innovative AI solutions and cloud-based everything, demand for self-service and data-sharing capabilities has grown alongside data privacy and usage regulations.

Organizations must take a new approach to data governance and management that pairs flexibility and empowerment with coordinated control. To innovate, compete, and keep ahead of governance and security requirements, successful organizations will adopt federated data governance techniques. Such an approach—that pairs centrally-defined governance standards with local domain authority—will enable organizations to tap into diverse areas of expertise by including more diverse users across the business.

 

5. Data Equity will emerge as a framework for improving dialogue between people and institutions

Data is a powerful agent for change. But not all members of society benefit equally from that power.

For data solutions to be relevant, effective, and sustainable, they must be designed in collaboration with the communities they are intended to represent and support. By changing the dynamic, data helps empower people and organizations to address the complex, nuanced problems most important to them.

Country-level decision-makers and healthcare authorities require data—and better use of that data—to enhance health system resilience and response to health emergencies like COVID-19. Organizations like PATH, a  global health non-profit with a presence in India, saw an opportunity to advance health equity by creating rich dashboards to give decision-makers rapid access to important data on the development, supply, regulatory approvals, and performance of COVID-19 diagnostic tests, ensuring that products are making their way to the appropriate end-users in low- and middle-income countries.

Now, we’re observing how more nonprofits, organizers, and community workers are viewing and using data as a strategic asset, building Data Cultures, and becoming increasingly data literate

Democratizing data—not just making it available, but approachable by unlocking it from behind the barrier of data science expertise—helps organizations that may have been reluctant to add data and analytics to their advocacy efforts. And as some nonprofits and community organizers are seeing their data advocacy efforts turn into a real positive impact in the lives of the people they’re fighting for, we are starting to feel a groundswell of others who are asking: “What can we be doing here, in our community and with our data, make a difference?”

And so, global communities such as TheSDGVizProject are bringing together the power of data and visualizations to raise awareness, inspire action, and promote the UN’s Sustainable Development Goals.

Better data and using data equity as a framework helps people start or reframe conversations, creating beneficial downstream effects on funding requests and policy changes. And it allows community stakeholders to directly engage with their governments and other institutions of power on a more level footing.

 

Conclusion

Data will continue to be an even more important component to finding stability, growth, and a force for social good. The ability to make decisions from data will also be a required skillset to build knowledge workers of the future. The potential impact of data will only get stronger as increased automation, AI, and forecasting models help us better predict and prepare for what’s ahead. Even in a crisis, those who have taken the initiative to shift to a digital-first mindset, driven by data, are better prepared to handle whatever comes next.

 

Author:

Prashant Momaya, Senior Director, Solution Engineering, Tableau India

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