14 data forecasts for business growth in 2023

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The year 2023 is here and businesses are ready to make the most of it. From startups to large conglomerates, every company entered the new year with the same mission: to drive growth with a focus on operational efficiency, productivity and resilience.

Since data will play a key role in achieving this mission, leading industry experts and vendors have shared their predictions for how the data space will take shape in the coming months.

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“Speaking with other CIOs, I have noticed that companies grow exponentially without a plan to organize their data. the right technology to support this growth, there will be problems.

"Part of the problem is that CIOs today have to manage too many systems. Too many disjoint data pools lead to duplicated, siloed and locked data, which is not only timely and expensive to manage and analyze , but also leads to security issues.

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“For a business to truly make progress in digital transformation, it must combine data science and data analytics and tap into a single source of truth. We will see more CIOs reduce vendor spend to simplify their data architecture. Companies that implement an architecture that combines hindsight and predictive analytics to deliver efficient and intelligent solutions will ultimately win."

—Naveen Zutshi, CIO of Databricks

2. Wider adoption of data contracts

“Designed to avoid data quality issues that arise upstream when data-generating services change unexpectedly, data contracts are very much in vogue. Why? Thanks to changes made by software engineers who create without knowledge ramifications via updates that affect the downstream data pipeline and the rise of data modeling – [these give] data engineers the ability to deliver data into the warehouse, pre-modeled. will see wider adoption of data contracts as practitioners attempt to apply these frameworks."

— Lior Gavish, co-founder and CTO of Monte Carlo

3. Availability will be key to winning in 2023

"One thing we've learned over the past few years is that outages can be crippling to a business. In 2023, availability will be the secret sauce separating winners from losers. Businesses need to avoid lockdown and have the flexibility to scale. By diversifying cloud environments, organizations will minimize the impact of outages on their ability to continue operations."

—Patrick Bossman, Product Manager for MariaDB

4. 2023 will be the year of the data app

“Over the past 10 years, we have seen the rise of web app and phone app, but 2023 is the year of the data app. will be a critical tool for success as companies seek new solutions to improve customer-facing applications and internal business operations.With on-demand data applications like Uber, Lyft, and Doordash available at their fingertips, There is nothing worse for a customer than to be stuck with the spinning wheel of fate and a request not going through. Powered by a real-time analytics base, we will see increased pressure on data applications not only to be real-time, but also to be fail-safe.

— Dhruba Borthakur, co-founder and CTO of Rockset

5. The Rise of Data Processing Agreements (DPAs)

"How organizations process data in on-premises systems has always been a tightly controlled process that requires heavy engineering and security resources. However, using today's SaaS data infrastructure today, it has never been so easy to share and access...