This podcast explores the top data trends of 2023, including the growth of AI, the demise of the data mesh, and advancements in language-based deep learning models. It also discusses the importance of mindset in data quality, the future impact of ETFs, blockchain, and data valuation, and the significance of valuing and measuring data impact.
AI revolutionized data and analytics industry by offering impressive generative capabilities.
The concept of data mesh faced challenges and shifted towards assigning data product ownership.
2023 highlighted the importance of modern data leadership and adopting new mindsets.
Deep dives
Key Themes of 2023: Uncertainty and Economic Outlook
At the start of 2023, there was a lot of uncertainty due to the reopening of economies after COVID-19. Concerns over supply chain disruptions, interest rate hikes, and a potential recession were prevalent. However, the year turned out to be better than expected, especially in corporate America where data and analytics remained in high demand. Despite some job losses, the overall economic impact was not as severe as anticipated.
The Return of Live Conferences and their Value
2023 marked the return of in-person conferences, which were seen as valuable opportunities for learning, networking, and gaining new perspectives. Live conferences provided a break from day-to-day routines and allowed attendees to think differently and find inspiration. While the conference content may need to be refreshed, the resurgence of live conferences and the presence of new participants indicate growth and progress in the data and analytics industry.
The Rapid Advancement and Implications of Artificial Intelligence (AI)
Artificial intelligence (AI) remained a dominant topic throughout 2023. Large language models (LLMs) such as GPT-3 and GPT-4 Turbo revolutionized AI, offering impressive generative capabilities. The technology evolved quickly, with various companies releasing their own LLMs. The focus shifted from indexing the internet to competing based on accuracy and computational advancements. More organizations embraced AI by using LLMs as part of smart agents and applications, enabling accurate and consistent results.
The Decline of the Data Mesh and Rise of Data Products
The concept of the data mesh, once highly hyped, faced challenges and faded throughout 2023. The complex nature of federated computational governance and other requirements posed significant hurdles for organizations. Instead, the focus shifted to assigning data product ownership. While this approach fell short of the full data mesh vision, it gained traction as organizations looked for ways to empower business stakeholders and enforce data governance at a domain level.
The Need for Modern Data Leadership and Evolving Mindsets
2023 highlighted the importance of modern data leadership and adopting new mindsets. Legacy approaches and mindsets that hindered progress needed to be challenged. Examples include rethinking data ownership, which proved impractical in shared data environments, as well as shifting from a scarcity mindset to recognizing the value and potential of data quality issues. Data modeling also faced scrutiny, with the potential for automation challenging conventional beliefs. New ways of managing data and analytics functions and fostering a data-driven culture also emerged as key areas of focus.
It’s the end of yet another incredibly busy and exciting year in the world of data and analytics, and CDOs looking for an energetic and entertaining perspective on the top trends of the year should put this episode at the top of their podcast playlist.
From the growth of AI to the demise of the data mesh, Malcolm provides his perspectives on the last year in data in a way that only he can – with a witty combination of passion and provocation that will surely leave you wanting more.
