Data forecast for 2023: Time to extract more value
Using data effectively relies in large part on being able to properly manage and
control how data is used. That's where data governance comes into play, with
tools and technologies that help organizations govern the data they use. Data
governance will have an expanded role in 2023, according to Eckerson Research
analyst Kevin Petrie. There will be a growing use of ML technologies to improve
data governance technology by helping to automate processes and policies for
data. Petrie said he also expects a rising number of data governance platforms
to help organize, document and apply policies to ML models alongside other data
assets in 2023. Benefitting from data to improve business outcomes entails
collecting product and service data. That's where the concept of data as a
product -- also referred to as data product -- will have growing relevance in
2023. Barr Moses, CEO of data observability vendor Monte Carlo, predicted
that nearly every product will become a data product as organizations seek to
optimize operations. "In 2023, more and more companies will seek to integrate
ways to track and monetize data generated by their products as part of their
core offerings to drive competitive advantage," Moses said.
The Future of Skills: Preparing for Industry 4.0 and Beyond
Industry 4.0—Industrial Internet of Things or the 4th Industrial revolution, as
it is popularly addressed—has arrived with lots of opportunities and challenges
that have the potential to transform the marketplace completely. Industry 4.0
refers to the “smart” and connected production systems that are designed to
sense, predict and interact with the physical world so as to make decisions that
support production in real-time, increasing productivity, energy efficiency and
sustainability. McKinsey estimates that IoT has the potential to unlock an
economic value somewhere between US$5.5 to $12.6 trillion by 2030. Therefore,
with so many changes happening so quickly, neither employers nor employees (both
employed and yet to be employed) can afford to ignore them or to stay in their
comfort zone following the same old practices or skills. A report by World
Economic Forum states that 84 percent of employers are set to rapidly digitalize
working processes with the potential to move 44 percent of their workforce to
operate remotely, and the top skills needed as we lead up to 2025 are critical
thinking and analysis, problem solving, active learning, resilience, stress
tolerance and flexibility.
What is DataOps? Collaborative, cross-functional analytics
Enterprises today are increasingly injecting machine learning into a vast array
of products and services and DataOps is an approach geared toward supporting the
end-to-end needs of machine learning. “For example, this style makes it more
feasible for data scientists to have the support of software engineering to
provide what is needed when models are handed over to operations during
deployment,” Ted Dunning and Ellen Friedman write in their book, Machine
Learning Logistics. “The DataOps approach is not limited to machine learning,”
they add. “This style of organization is useful for any data-oriented work,
making it easier to take advantage of the benefits offered by building a global
data fabric.” ... Because DataOps builds on DevOps, cross-functional teams that
cut across “skill guilds” such as operations, software engineering, architecture
and planning, product management, data analysis, data development, and data
engineering are essential, and DataOps teams should be managed in ways that
ensure increased collaboration and communication among developers, operations
professionals, and data experts.
Amplified security trends to watch out for in 2023
Cybercriminals target employees across different industries to surreptitiously
recruit them as insiders, offering them financial enticements to hand over
company credentials and access to systems where sensitive information is stored.
This approach isn’t new, but it is gaining popularity. A decentralized work
environment makes it easier for criminals to target employees through private
social channels, as the employee does not feel that they are being watched as
closely as they would in a busy office setting. Aside from monitoring user
behavior and threat patterns, it’s important to be aware of and be sensitive
about the conditions that could make employees vulnerable to this kind of
outreach – for example, the announcement of a massive corporate restructuring or
a round of layoffs. Not every employee affected by a restructuring suddenly
becomes a bad guy, but security leaders should work with Human Resources or
People Operations and people managers to make them aware of this type of
criminal scheme, so that they can take the necessary steps to offer support to
employees who could be affected by such organizational or personal matters.
How deep learning will ignite the metaverse in 2023 and beyond
Currently, the digital realities being developed by different companies have
their own attributes and integrated functionalities, and are at different
development levels. Many of these multiverse platforms are expected to
converge, and this junction is where AI and data science domains, such as
deep learning, will be critical in taking users to a new stage in their
metaverse journey. Success in these endeavors will be contingent upon
understanding vital elements of the algorithmic models and their metrics.
Deep learning-based software is already being integrated into virtual
worlds; some examples include autonomously driving chatbots and other forms
of natural language processing to ensure seamless interactions. For another
example, in AR technology, deep learning-enabled AI is used in camera pose
estimation, immersive rendering, real-world object detection and 3D object
reconstruction, helping to guarantee the variety and usability of AR
applications. ... “Companies have an interesting opportunity for their
customers and community to interact with their brand(s) in new and exciting
ways, and deep learning-based artificial intelligence plays a major role in
facilitating those experiences,” said Stephenson.
Introducing Cadl: Microsoft’s concise API design language
Microsoft has begun to move much of its API development to a language called
Cadl, which helps you define API structures programmatically before
compiling to OpenAPI definitions. The intent is to do for APIs what Bicep
does for infrastructure, providing a way to repeatably deliver API
definitions. By abstracting design away from definition, Cadl can deliver
much more concise outputs, ensuring that the OpenAPI tool in platforms like
Visual Studio can parse it quickly and efficiently. What is Cadl? At first
glance it’s a JavaScript-like language with some similarities to .NET
languages. Microsoft describes it as “TypeScript for APIs,” intending it to
be easy to use for anyone familiar with C#. Like Microsoft’s other
domain-specific languages, Cadl benefits from Microsoft’s long history as a
development tools company, fitting neatly into existing toolchains. You can
even add Cadl extensions to the language server in Visual Studio and Visual
Studio Code, ensuring that you get support from built-in syntax
highlighting, code completion, and linting. Making Cadl a language makes a
lot of sense; it allows you to encapsulate architectural constraints into
rules and wrap common constructs in libraries.
CIOs in 2023: Guiding Business Strategies Through Data-Driven Decisions
“CIOs need to take on a data mindset by first understanding the data, and
then determining how critical the data architecture and data governance is,”
he says. For understanding the business process, they need to think about
how they can move the needle for the company, prioritize the projects that
drive business, and implement or evolve the systems they already have. “The
third important thing is building business partnerships across the
organization,” Kancharla adds. “Having all levels of relationships will go a
long way for the CIOs to be successful. The last thing is really thinking of
what optimizations they can bring to the company, especially next year.” He
points out that next year, every company will have to bring down costs,
which means streamlining and optimizing the software within the company and
deploying the tools they already have to the full potential. Segovia adds
effective CIOs must also be able to understand the tech and recommendations
their teams are executing on. “They need to understand areas in a reasonably
deep manner in order to lead teams of wide technical and digital acumen,” he
says.
Social media use can put companies at risk: Here are some ways to mitigate the danger
The concern is that foreign-owned applications might share the information
they collect with government intelligence agencies. That information
includes personally identifiable information, keystroke patterns (PII),
location information based on SIM card or IP address, app activity, browser
and search history, and biometric information. Personal use of social media
by employees can impact the company’s brand as well as endanger the firm or
employees themselves—bad actors could use social media to identify where a
person works, the division in which they work, and possibly their physical
location. The potential harm is higher for high-risk employees such as
senior executives or those with authority to execute financial transactions.
Of course, there are plenty of good reasons for employees to use social
media. It can enhance marketing campaigns, announce news or critical
information, and otherwise raise the profile of an organization. Social
media channels can be used to monitor risks and threats against a government
or critical infrastructure.
The power of generosity in ecosystems
A traditional approach to competition, rooted in the business mindset of one
company gaining an advantage over another, can make it difficult to play in
an ecosystem as a participant. For example, one of the risks of being part
of an ecosystem is the dependency on its orchestrator. Increased reliance on
Big Tech and the consolidation of many industries have created an increased
risk of a few powerful cash-generator businesses that need to reward
shareholders with consistent, attractive margins and will not think twice
about burdening their partners to keep those margins—for example, by asking
for discounts in exchange for participating in the ecosystem. But what if
there was more of a sense of mutual collaboration? Benjamin Gomes-Casseres
of Brandeis University has published research with Harvard Business Review
Press on different business combinations (his term for business ecosystems).
He states that for an ecosystem to logically exist, the players within an
ecosystem must fairly share the benefits, creating added value for the
entire ecosystem that exceeds the level of value each company could create
independently.
6 BI challenges IT teams must address
There can be obstacles, however, to taking the self-service approach. Having
too much access across many departments, for example, can result in a
kitchen full of inexperienced cooks running up costs and exposing the
company to data security problems. And do you want your sales team making
decisions based on whatever data it gets, and having the autonomy to mix and
match to see what works best? Central, standardized control over tool
rollout is key. And to do it correctly, IT needs to govern the data well.
Because of these tradeoffs, organizations must ensure they select the BI
approach best-suited for the business application at hand. “We have more
than 100,000 associates in addition to externals working for us, and that’s
quite a large user group to serve,” says Axel Goris, global visual analytics
lead at Novartis, the multinational pharmaceutical corporation based in
Basel, Switzerland. “A key challenge was organization around delivery — how
do you organize delivery, because a pharmaceutical company is highly
regulated.” An IT-managed BI delivery model, Goris explains, requires a lot
of effort and process, which wouldn’t work for some parts of the
business.
Quote for the day:
"Nothing so conclusively proves a
man's ability to lead others as what he does from day to day to lead
himself." -- Thomas J. Watson
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