The 4 Biggest Trends in Data & Analytics in 2023

In today's digital age, data and analytics (D&A) play a crucial role in driving business success. Staying informed about the latest trends in data and analytics is essential to harness the power of data-driven decision-making.

Communications is no exception to this, whether it be PR, AR or marketing. Not only does it demonstrate to your target audiences that you’re at the cutting edge of the tech landscape, but data can also greatly enhance your storytelling.

From managing AI risk to observability, here are our top data and analytics trends of 2023 and how you can capitalise on them.

1. Value Optimization

Data and analytics leaders often face challenges when it comes to expressing the value they can bring to the organisation in business terms. Ultimately, not everyone is as well versed in data as those who work in D&A. In 2023, we've seen a huge uptake in trying to address this issue through value optimisation.

Learning how to visualise data stories can be a huge asset in this regard, helping to bridge the knowledge gap between the experts and everyone else. By crafting compelling value stories, PR and marketing professionals can support D&A leaders in establishing clear connections between data initiatives and the organisation's mission-critical priorities. This enables better communication and alignment between the D&A function and business objectives.

2. Managing AI Risk

With the increasing adoption of artificial intelligence (AI), companies are exposed to new risks: including ethical dilemmas and data poisoning. Managing AI risks goes beyond mere compliance with regulations. It requires effective AI governance and responsible practices to build trust among stakeholders. With data being the foundation of AI, many database managers may end up taking the lead in mitigating this risk.

With risk comes opportunity. Leading the charge on an organisation’s adoption of AI may increase the stakeholder value of D&A, especially when communicated through internal comms. Comms professionals will need to build their understanding of AI in tandem with the progression of the technology.

3. Observability

Observability is a critical characteristic that allows D&A systems' behaviour to be understood and questions about their performance to be answered. All stakeholders want to gain a better understanding of the D&A process, due to its various benefits. By leveraging data observability tools, organisations can identify and resolve performance-impacting issues promptly, enabling timely and cost-effective decision-making based on reliable and accurate data.

PR professionals and marketers can set themselves apart from others in their industry by becoming familiar with observability tools, and using them to better understand the data that enhances their stories.

4. Data Sharing Is Essential

Data sharing, both internally and externally, has become an integral part of successful D&A strategies. Internally, the democratisation of data between departments and subsidiaries fosters collaboration and empowers teams with a comprehensive view of the organisation's operations.

Externally, sharing data with trusted partners and stakeholders creates opportunities for innovation and growth, with media being a key stakeholder. There are many ways to effectively share data, such as interactive infographics, media alerts, and webinars.

Incorporating unique organisational data into PR, AR, and inbound marketing gives added weight to all forms of communications. It’s easy to claim a trend is happening, but it’s far more effective to back it up with unique datasets.

Keeping on top of trends

It's vital to understand the evolving trends in data and analytics if you want to stay ahead of the curve. By recognising value optimisation, managing AI risks, embracing observability and fostering data sharing, PRs and marketers can leverage the power of data to drive business growth and establish a competitive edge. Embracing data storytelling as a core competency empowers organisations to leverage the full potential of their D&A capabilities.

To learn how Resonance can help you with your marketing or branding needs, get in touch with us today.