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Our Predictions: The Next 5 Years

Our Predictions:
The Next Five Years

Introduction

In today’s rapidly evolving technological landscape, the future of data and artificial intelligence (AI) presents both significant opportunities and challenges. The rise of tech giants such as Microsoft, Google, Facebook, and Apple is emblematic of a broader trend: the growing importance of data in shaping the success of modern enterprises. As these companies have built their empires on a foundation of robust data culture, this approach is increasingly permeating other industries. Businesses across sectors are now recognising the critical need to harness their data effectively, seeking guidance in establishing advanced data analytics functions to unlock the potential within their data assets.

Data As A Universal Business Asset

In the next five years, it is likely that every business, regardless of its size or industry, will have its data infrastructure in place. The ability to collect, store, analyse, and utilise data effectively will become as fundamental to business operations as having a website or an online presence. Data will be the key to understanding customers, optimising supply chains, predicting market trends, and innovating products and services.

As this data-centric approach becomes more widespread, there will be a corresponding increase in the demand for data literacy within organisations. More employees, across various departments, will need to acquire at least the foundational skills of working with data. This includes understanding how to use SQL (Structured Query Language), how to interpret data visualisations to make informed decisions, and how to utilise various analytical tools to extract insights from data. The ability to work with data will no longer be the exclusive domain of data professionals; it will become a critical skill set for employees at all levels.

Tool Consolidation

Over the past few years, the tech industry has experienced a surge in advancements aimed at making technology more affordable and accessible to a broader audience. Cloud computing, open-source software, and low-code or no-code platforms have democratised access to powerful tools that were once the exclusive domain of large enterprises with deep pockets. This wave of innovation has enabled small businesses, startups, and even individual entrepreneurs to leverage sophisticated technology to drive growth and efficiency.

However, this increased accessibility has introduced a new challenge: fragmentation. As more specialised tools and platforms have emerged, businesses have found themselves managing an ever-growing array of software solutions, each designed to handle a specific aspect of their data operations. But this has meant perhaps too many tools on the market, an overwhelming choice of vendors for most companies and so, there is a growing trend towards consolidation.

Tool providers are increasingly seeking solutions that offer a more unified approach, integrating various functionalities into a single platform or ensuring seamless interoperability between different tools. This trend is driven by the need for greater efficiency, easier management, and more coherent data governance. In the short term, we have seen a market rejection when some tools have tried to add functionality out of their core purpose, but we still expect this to be a trend going forward.

The Centralisation Of Key Systems

As technology continues to advance, we are moving toward an era where disparate data sources and systems will converge into unified platforms, creating comprehensive and detailed digital portraits of individuals, organisations, and society as a whole.

Government systems are often criticised for being disjointed, and rarely working with each other but as systems and services begin to draw on the same bed of information, we should start to see fairer outcomes for people and greater personalisation. 

This vision of the future also comes with significant concerns. As all our data becomes centralised, it will create a remarkably detailed and realistic version of who we are—our habits, preferences, beliefs, and even our deepest secrets. The fear is that this information could fall into the wrong hands or be used in ways that we did not consent to. There is a risk that centralised data systems could be exploited by bad actors, whether they are hackers, unscrupulous corporations, or even governments with overreaching surveillance agendas.

Moreover, there is the concern that this data might be used primarily for commercial purposes. In a world where advertisers already have significant influence, the centralization of data could further entrench their power, allowing them to craft highly targeted marketing strategies that could manipulate consumer behaviour in subtle and pervasive ways. This could lead to a situation where our data is used less for our benefit and more for profit maximisation by corporations, potentially at the expense of our privacy and autonomy, a situation which is already happening today. Governments and law makers will need to rapidly step up to ensure that data is being used as a benefit to its citizens.

Conclusion

As we look ahead to the next five years, the role of data in shaping business success will only intensify. Companies that embrace a data-driven culture and invest in the right tools, skills, and infrastructures will find themselves at the forefront of innovation and efficiency. However, navigating this complex landscape requires more than just adopting new technologies—it demands strategic guidance and expertise.

At 173tech we specialise in helping businesses unlock the full potential of their data. Whether you’re looking to consolidate your tools, enhance your data literacy, or centralise your systems, our team of experts is here to guide you every step of the way. 

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