A firm's biggest superpower is its data. No matter how much innovation is in place, without data to back it up, organizations are at a massive disadvantage. A professional services firm that effectively uses its data secures a leg up on the competition when it comes to improving processes and winning more clients.
Professional services is an increasingly competitive game, and with economic uncertainty on the horizon as we move into 2023, investing in the best technology to remain agile and innovative is your best bet at weathering whatever may lie ahead. However, the way that data is used is quickly evolving and growing. And continually updating your understanding of data technology trends will help your data strategy keep up with that evolution.
Below are the top data technology trends for 2023.
1. Digital Transformation
Digital transformation is the integration of digital technology into all areas of your firm, changing the way you do business, which is why it is a huge trend for 2023. Internet of Things (IoT) devices are expected to move from 9.7 billion in 2020 to 29.4 billion in 2030. And your data has a major role in digital transformation as it powers digital technology, especially when it comes to artificial intelligence (AI).
AI will play a huge part in your digital processes in 2023. According to DataVerse, AI’s role will be to make sense of the vast amounts of data that’s been accumulated over the past few years. This data will likely power future advancements and help firms identify innovative solutions to longstanding pain points. This is what makes the crucial difference between simply collecting data and using it to make proven, strategic decisions.
2. Data Governance
Data Governance is the process of managing the availability, usability, integrity and security of data. Data governance processes ensure your data is consistent and trustworthy, or in other words, high-quality. As Data Governance handles data access all over the world and protects consumers, it will be a top trend for 2023.
Policies, laws and guidelines like the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) will continue to impact more businesses, like professional services firms, that prioritize data governance and handles the personal data of consumers.
These policies and acts help assure data security and protection. Conversations like a "cookie-less future" have already popped up in marketing circles, and they will sprout up more often during 2023. As these policies continue to evolve, firms will need to be more intentional around data usage, and may need to look for novel ways to legally (and ethically) collect data from clients and prospects while still providing the curated experience consumers crave.
3. Data as a Service (DaaS)
Data as a Service (DaaS) is an information provision and distribution model in which data files (including text, images, sounds, and videos) are made available to customers over a network, according to TechTarget. Examples of DaaS include supply chain logistics, urban mapping, sharing financial data and providing other business data to customers. DaaS has grown so much, it has reached nearly all sectors of business. Its growth is predicted to approach $11 billion in revenue by 2023.
Companies with valuable data could expand into DaaS, adding another revenue stream, especially for niche industries. With DaaS becoming such a big, and accessible trend, now is the time to rethink how it can be used in professional services marketing.
4. Adaptive, Data-Driven AI
Every decision your firm makes is backed up by data. For example, data helps professional services marketing firms decide what type of content their clients engage with most, where their clients are located and how much they spend on services. In 2023, those decisions will be aided by adaptive AI systems. Adaptive AI systems offer faster and more flexible decisions by adapting more quickly to changes, according to Gartner. But adaptive AI systems need the right data.
The right data, one that’s free from bias, comes from a good data management strategy. Data management is the process of ingesting, storing, organizing and maintaining an organization’s data. Data management software helps ensure that the data you’re collecting and assessing is high quality. Better data allows firms to better understand their clients and how they can meet their needs in the future.
5. Data Analysis Automation
Data analysis automation is another big trend for 2023. Nearly every industry benefits from automation, from manufacturing and agriculture to medical and professional services. And data analysis is a big part of automation. According to a survey, 48% of executives believe data analytics is crucial. So much so, that big data analysis helps global information double every 17 months. Automating data analytics helps firms make the right decisions, especially when it comes to marketing.
Marketing automation for professional services includes automating the right data to add to tombstones, pitches and proposals. It also includes enabling that data so everyone at your firm has access to it.
Pitchly’s easy-to-use Data Enablement platform helps firms design, generate and distribute data from one place, no matter how many sources they have. Pitchly’s Data Pipeline, Data Workspace and Data Productivity Suite connects, prepares and automates your data processes so everyone can use it in ways that’s meaningful to them.
Start making the most out of your data in 2023. Schedule a demo today.
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