The task of unlocking value from data brings with it some fundamental challenges. The sheer volume being created can complicate its management and usage, as does the need to meet privacy and governance standards.
With this in mind, it’s worth considering eight key trends that will shape how businesses make use of data during the coming year. Together, the trends will determine how much value can be unlocked and the benefits that will be delivered. The trends are:
1. C-suite execs will need to focus on data governance strategies:
With data governance requirements continuing to become more complex, senior business leaders will need to focus attention on what needs to be done to meet them. Leaders will be required to ensure they are meeting regulatory standards while also establishing best
practices around efficiency and compliance.
Regular meetings should be conducted to ensure compliance is maintained. These collaborative efforts will, in turn, ensure firms keep this compliance ‘top of mind’, even as more regulations emerge during the year.
2. Data teams will need to boost business outcomes:
While analytics projects are increasingly popular within businesses, research by Gartner 1 has found that only 20% of insights actually deliver business outcomes. Experience shows planning, processes, and KPIs are the most frequent sources of data projects failures.
Senior leaders therefore must put in place the correct measurement frameworks to realise and demonstrate the value of data investments. This will need to be done throughout 2023 using the same measured processes and metrics traditionally used by engineering teams.
3. Focus must shift from cloud security to data security:
During the past few years, many organisations have focused on increasing performance through the use of cloud platforms. Tooling has been introduced to provide cloud posture management and attack-surface monitoring has been increased.
During 2023, business leaders should shift their focus ‘up the stack’ into data movement, provenance, health, and governance. This trend will be driven by an increasing focus on data sovereignty and upcoming new data regulations and frameworks.
4. CISOs will evolve from being technologists to risk advisors:
Many businesses have come to realise their CISO has a unique perspective on business opportunities and risks. Their role is to protect the business and to enable informed decision making.
In 2023, CISOs will need to find ways to behave in the same way as the rest of the C-Suite. This means their focus should not be just on managing bottom-line impact but also on how top-line contribution can be achieved.
5. Improved understanding of data will have an impact on business culture:
Discussions around the use of data must take place across a business, rather than being limited to senior managers or analysis teams. Having an organisational-wide understanding of data will - in turn - have a tangible impact on overall business culture.
During the coming year, those in leadership positions and security teams should encourage employees to treat data like a currency. To achieve this, creating a comprehensive data culture will be vital.
6. Simplification of security stacks will lead a shift in vendor offerings:
This year, many security vendors will work to consolidate their offerings to provide holistic, end-to-end perspectives on security and risk. This will be in response to ongoing changes to the economic climate which will cause businesses to evaluate their spending.
The winning vendors will be those that can tell the start-to-end story around platform and product security and enable teams and executives to move quickly and with context. The days of having individual point solutions that businesses must assemble will be gone.
7. Data’s ‘last mile’ will become critical:
The challenge of making business data actionable – what’s become known as finding success in ‘last mile’ - will continue during 2023. While data ingestion is no longer an issue, many businesses have large quantities of data but are not investing enough to ensure it can have an impact on operations.
Amid uncertain economic conditions, this situation is no longer acceptable. Businesses must become more efficient and having clean, purpose-driven data during the ‘last mile’ will ensure it can drive legitimate outcomes and achieve real business goals.
8. A spotlight will be focused on data governance:
Business leaders looking to make their organisations as robust as possible during 2023 will place a premium on investment in data governance. This strategy will be driven by concerns surrounding personal data misuse and changes in consumer privacy requirements.
Throughout the year, data governance will be a vital part of managing this constantly changing landscape. At the same time, investment in data governance will prove to be an investment in security.
There is no doubt that 2023 will be a year full of both challenges and opportunities. Those businesses that understand the role of data and how it can deliver significant business benefits will be best placed to grow and prosper in the months ahead.
