Data Trends we saw in 2023 and Data Predictions for 2024

Wondering what’s going on in the world of tech, the data trends we saw in 2023 and data predictions for 2024?

 

This article covers the software and technological trends you need to know about. From AI to data modelling improvements, the digital landscape is always evolving. Discover the latest here.

 

 

Trends and predictions overview

The biggest data trends we saw in 2023 included the rise of AI and the expansion of self-service and open source solutions. Augmented reality and more accurate prediction tools will take centre stage this year and one of our top data predictions for 2024 involves advancements to data modelling. We also expect organisations to better understand how to create a data driven culture, and to be continually evolving their cybersecurity approach.

 

The rise of AI

While Artificial Intelligence (AI) technology has been available for several years now, AI certainly seemed to be the most talked about tool in 2023. This was partly thanks to a dramatic increase in usage of particular tools like Chat GPT, Bard and Midjourney.

 

AI became a technology discussed not only in workplaces and universities, but in social and community settings as well. During 2023, everyone had an opinion about how AI might change our lives and how we should be using it.

 

By the end of 2023, there were a readily- accessible AI tools for a whole range of purposes including:

• Content creation
• Code generation
• Image generation
• Video creation and editing
• Grammar and writing tools
• Scheduling tools
• Transcription tools

 

What are Generative AI and UX AI?

Generative AI and UX AI became particular areas of interest during 2023. Generative AI is a term used to describe the tools that create images, text, video or sound files. Generative AI can be used in a business environment for:

• Content creation
• Product development and design
• Data modelling and use

 

UX (or user-experience) AI technologies enable the enhancement of user experience through the provision of suggestions and personalised contacts with customers. The intent of UX AI-enhanced user experience is to deliver content that will be highly personalised and relevant to the consumer.

 

Self-service systems in the spotlight

We also noted the growth in customer self-service systems continued during 2023. A self-service system is an application or service through which customers can access information and processes that remove the need to communicate with an employee.

 

Self-service systems enable the user to have more control over their interactions with a business, providing an often immediate resolution to an issue they are seeking to have resolved. Examples of self-service systems include:

• Chatbots - guiding users through their browsing, purchasing and order management, as well as responding to simple queries and complaints
• Customer portals - through which customers can raise queries, track responses and manage multiple interactions or requests
• Online product information repositories - where customers can access detailed records such as product instructions, usage reports and even comments and queries from other product users

 

Self-service systems make good sense for businesses and can greatly increase customer satisfaction. Self-service systems operate around the clock, meaning time-poor customers can access information and updates when it suits them.

 

Hubspot found that more than 80% of customers want to be able to use a customer portal to find information and resolve an issue themselves.

 

While self-service tools were initially most popular for retail and logistics, we have seen the technology used across a wider range of industries during 2023. Self-service systems are being deployed in settings as diverse as government, education and health care.

 

Growth in open source solutions

During 2023, we also noticed continued growth in open source systems and solutions. In fact, 60% of organisations have increased their usage of open source software in the last year. Open source systems have become increasingly popular across a variety of settings and industries and in many different application types. More than 90% of the Fortune 100 companies host open source code.

 

Open source applications provide businesses with a customisable base level solution that can be tailored to meet specific needs. Open source products are developed and enhanced by users from all over the world, which has benefits for businesses that don’t have in-house developers. Open source solutions mean that businesses can deploy fit for purpose tools that perform exactly the tasks that are required.

 

Open source tools offer:

• Flexibility and adaptability - tailored to your needs
• Independence from vendors - meaning you are not locked into support from a particular software supplier
• High quality performance, through innovation and rapid issue resolution

In many cases, open source solutions are free or low cost. This can be wonderful for businesses on a budget; however, open source licensing arrangements may mandate particular permission requirements. In other cases, a software application might have both paid and free open source options available. Pimcore is one example of a product that can be purchased for a subscription or accessed in an open source environment.

 

Pimcore is an open source Product Information Management (PIM), Master Data Management (MDM) and Digital Experience Platform (DXP), Digital Asset Management (DAM) and Digital Commerce Framework that has been designed to help businesses improve their marketing, digital commerce, sales operation and customer experience capabilities. Discover more about how we have helped companies like Gerard Lighting, Waterco and WelcomeMat use Pimcore to deliver outstanding ecommerce profiles and intuitive and beautiful product information repositories online.

 

Data driven culture

This year, more and more businesses will recognise the strong correlation between technological innovation and a workplace culture that values and is driven by effective data usage. Major systems changes and upgrades are much more likely to be a success when they are delivered in an organisation that puts data at the core. Operating with a data driven culture means embedding practices that produce high-quality data and engaging people in the data processes and decisions.

 

The information generated from within a data driven organisation:

• Can be relied up as accurate and current
• Is easily accessible and can be used by everyone
• Enables innovation

 

Augmented Reality

This trend for 2024 is also related to opportunities for businesses to improve customer experience and develop a better and more cohesive understanding of the customer journey through the use of AR.

 

Augmented Reality (AR) can improve marketing capabilities for staff and achieve better outcome with customers. For the staff, through the use of AR for staff training, employees can have greater insight into what customers are experiencing without running the risk of damaging relationships. AR can also enable new employees to on-board more effectively with simulated examples of situations they will encounter in their new workplaces.

 

AR also enables marketers to create new, playful, interactive and enjoyable touchpoints and interactions with customers. Marketing campaigns and websites which demonstrate playfulness and a high level of interactivity tend to appeal to customers and increase the likelihood of a sale.

 

How online retail companies use AI to boost sales and reduce return rates

AR can also help companies boost interest and engagement in their products. While online purchasing continues to increase, there has been a continued correlation between online purchases and return rates. The return rate for goods bought online is as high as 20%. In some ways, this is understandable since customers can’t touch, hold, examine or try on items they buy online. Augmented Reality can be used to give the customer a better idea about their potential purchase.

 

Augmented Reality technology can show you what a lounge suite would look like in your living room or how a shade of make-up would look against a customer’s skin tone. Hair company L’Oréal has delivered a tool through which you can test out hair colours before you take the plunge and apply a dye.

 

Cybersecurity trends in 2024

AI will also play a part in the continued focus on cybersecurity that we anticipate will be seen this year. AI technologies can play a role in cybersecurity threat detection by monitoring traffic and assessing and identifying issues within extensive system log reports. AI can also be used to respond automatically and immediately to security breaches. AI tools now have the ability to identify and block any systems that may have been compromised.

 

 

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Related Questions

What were the top open source solutions of 2023?

Open source solutions are available across many different types of systems and solutions. Some of the world’s most commonly used tech tools have been created and improved in an open source environment. The top open source solutions of 2023 were:

• Mozilla Firefox
• Libre Office
• Gimp
• VLC Media Player
• Linux
• Blender
• GNU Compiler Collection
• Python
• PHP
• Shotcut

What data modelling improvements will we see in 2024?

Data gives businesses accuracy and insight, and our final prediction for 2024 is the continued improvement of data modelling. Data modelling helps businesses to process data and produce predictions and insight. The capacity of data modelling technologies will continue to grow, meaning that data can be pulled from across more complex and separated networks.

 

Data modelling tools are also becoming easier for the average user to manage, through efficient operation and intuitive design. Predictive modelling uses mathematical and statistical processes to anticipate consumer behaviour. Predictive modelling tools can also anticipate trends and assess unique scenarios and opportunities.