Last year was definitely exciting for data adoption and consumption. With an estimated compound annual growth rate of nearly 30%, 2023 followed the ongoing trend of organizations opting for data-driven insights rather than intuition.
The following analysis was done in collaboration with Lucy Kelly, Research and Product Marketing Manager at Datarade. Datarade Marketplace allows users to compare providers and buy products across 600+ data categories.
This article will cover the following topics:
Data Analytics: Main Highlights for 2023
Last year, not only did organizations have more access to testing different analytics and BI solutions, but there was an increasing concern for decision-makers to have better access to data and key-value insights for their teams.
Also, factors such as the rising availability of AI and Machine Learning tools and solutions, as well as events like raw material shortages and global supply chain disruptions, influenced the demand and requirements of companies seeking to improve their visibility and strategies.
According to Lucy Kelly from Datarade, the three main data adoption trends they saw in 2023 were:
Trend 1: Increased data adoption for AI and Machine Learning.
Trend 2: Increased import, export, and global trade data adoption.
Trend 3: Increased adoption of B2B contact data.
Data Analytics in 2024: Three Trends You Should Keep On Your Radar
We believe many companies will move from a “data exploration stage” in 2023 to a “data application, customization, and discovery approach” in 2024. We have reached a point where business leaders no longer question whether to use data for BI but rather which approach best suits their organization’s needs.
That is why some of the data analytics trends we consider will have more impact on companies and businesses this year are:
- Increased interest in data monetization.
- Clickstream data as a viable option in a cookieless world.
- Data enrichment to enhance internal data.
Increased Interest in Data Monetization
In 2024, more companies will likely seek to monetize their internal data as the volume of standard internal data increases, creating a revenue opportunity for different organizations. As explained by Datarade, the process is “data out, money in”.
More access to data has been vital for innovation. This is a result (in part) of healthy sharing ecosystems that have been growing among companies, data providers, and data analytics companies.
The global data monetization market size reached US$ 3.5 Billion in 2023.
IMARC Group
The positive aspect of this trend: Companies in fields like technology, business, and healthcare will benefit from better data availability to solve challenges more effectively.
The negative aspect of this trend: There will be a more competitive atmosphere for data providers and companies selling their data.
Who might be the biggest “winners” for this trend: Hedge funds and finance companies will have access to new alternative data points previously unseen by them.
Also, decision-makers can make better investment choices by adding these “granular” data points into their analytics systems.
Things to consider: Although data monetization is becoming more widespread, not everyone will be able to do it. Data monetization implies specific efforts, data processing capabilities, and technical knowledge, not every company has.
Clickstream Data as a Viable Option in a Cookieless World
In recent years, the impact of third-party cookie depreciation has been a significant concern, not only for data teams but also for marketing and commercial leaders.
Facing a more restricted cookieless world, companies will find an option on clickstream data to access new alternative behavioral web insights.
Clickstream analytics refers to collecting, analyzing, and reporting aggregate data about the sequence of pages a visitor views on a website. This sequence is commonly known as the clickstream. The value of clickstream data lies in observing patterns and tendencies users follow when data is collected from thousands of users.
The positive aspect of this trend: As we mentioned, clickstream data will become an option for organizations looking for web behavior insights.
The negative aspect of this trend: Clickstream data comes with higher ticket prices due to its complex collection process. So, the budget will certainly be a limiting factor for many teams.
Who might be the biggest “winners” for this trend: Martech companies are finding new ways of evolving their marketing strategies through clickstream data.
Things to consider: We can expect more personalized and unique ways advertisers and marketing teams display their content based on more precise user behavior.
Learn how AI has transformed the landscape of audience targeting. You can read our article: How to determine audiences with artificial intelligence?
Data Enrichment to Enhance Internal Data
Talking to dozens of decision-makers about ways of getting the best out of their internal data to make better decisions, we found a common problem: their constant battle with incomplete and unreliable data.
This year, many companies will need to enrich their internal data to collect better and more reliable market and consumer insights.
Basically, data enrichment involves enhancing raw customer data by adding new information and verifying it against third-party and alternative sources to improve accuracy and reliability.
The positive aspect of this trend: Prioritizing company efforts on data enrichment and data cleansing can translate into notable improvements on customer experience, market understanding, decision-making processes, cost management, and risk assessment (Among others).
The negative aspect of this trend: Identifying the correct data sources and products from data providers and setting the right objectives will be challenging for many companies.
Who might be the biggest “winners” for this trend: Companies able to overcome the usual obstacles related to data enrichment will gain a notable advantage against their competitors.
Things to consider: Decision-makers need to understand that they do not need to learn how to enrich their data by themselves.
At PREDIK Data-Driven, we have expertise in validating, standardizing, and enriching businesses’ internal data with relevant and reliable external and alternative sources. Also, we know how to drive value to your organization by defining the correct internal and external data points to get the desired results.
Best Practices For Better Data Strategies
How can you have a successful data analytics strategy this year? Lucy Kelly provides two great (and simple) pieces of advice: Test your data and choose the right provider.
Test your data
The best approach for effective data adoption in 2024 is to test data from different marketplaces and providers. Also, using data visualization tools for testing can be useful.
Compare providers
“The data you are adopting is only as useful as the use case you need it for.” That is why Lucy Kelly emphasizes choosing the right provider that adapts to your data needs.
Are you looking for a reliable and experienced data provider? With over 15 years of global experience, PREDIK Data-Driven provides customized data-driven solutions for brands in different industries.
We want to know more about your data needs. Learn what we can do for your business >>
Final Thoughts
Although it can be tempting to follow every new trend in data analytics, it’s important to remember the fundamental principles of this field. This includes always prioritizing the value of the information, ensuring high-quality data, setting realistic goals, and being mindful of outcomes and expectations.
By keeping these principles at the forefront of every new initiative, you’ll achieve better results and make more informed decisions.
