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3 Data Trends For The New Financial Year (And Beyond)

blog | 4 min read

3 Data Trends For The New Financial Year (And Beyond)

We are currently facing unprecedented challenges during the Coronavirus (COVID-19) pandemic. We need to share information quickly and adapt the way we work. According to the ICO1, data protection will not stop you doing that. It’s about being proportionate – if something feels excessive from the public’s point of view, then it probably is.

Once the fire fighting has stopped, we can then take stock and really understand data trends in order to help rebuild our business.

As it stands, just under 18% of businesses consider they have the requisite skills to gather and utilise insights effectively2. Additionally, only 19% are confident their insights-gathering processes make a direct contribution to the effectiveness of sales. With data largely considered the new oil, check out these top data trends to look out for in the new financial year.

1. Data privacy/security

Unsurprisingly, data privacy and security remains a priority. Therefore, we feel it only right to make it our number one on our list of data trends. In late 2019, an exposed and unsecured server was discovered on Google Cloud3. The server in question contained the personal information of 1.2 billion unique people, including names, phone numbers, email addresses, and Facebook and LinkedIn profile information. Ensuring you have sufficient data privacy and security measures in place will give your customers and prospects peace of mind when it comes to handing over their data. Outlining this in your privacy policy and during product promotion are just two of the ways you can do this.

2. Data Veracity

Data veracity refers to the degree in which data is accurate, trusted, and precise4. Since the enforcement of the GDPR in 2018, there has been a sharp increase in the importance of trust. 66% of consumers report they’re just as concerned about the commercial use of their personal data, as they are about security threats and hackers5. Data inaccuracies and misuse not only affect consumer trust, but also lead to corrupted business insights and skewed decisions. Regular data cleansing of any inaccurate information will help your business maintain a trusting relationship with your customers, as well as having a positive impact on decision making.

3. Cloud

Next on our list of data trends is cloud computing. Similar to the previous two, this isn’t a new trend, but will continue to grow throughout the new financial year. With 94% of enterprises already using a cloud service in one way or another6, it’s something that has many benefits. For example, managing your data via a cloud solution could be more cost-effective than on-premise solutions. However, a number of companies struggle with cloud migration7. If you’re finding yourself in this category, outsourcing your cloud data management needs will ease the pressure as well as keeping you ahead of the game.

Hopewiser can help you master these data trends

We’ve been in the game a long time, but we’ve kept up-to-date with the latest data trends along the way. Hopewiser understands the importance of privacy and security, hence why we have strict policies in place with regard to the data we manage on behalf of our clients.

Our top-of-the-range solutions can be tailor-made to suit your needs, helping you achieve that all important 20:20 view of your database. For more information on our cloud data cleansing software, please register for our online services today:

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Sources

1 Data protection and coronavirus: what you need to know (ICO 12th March 2020)

2 How to Derive More Business Value from Big Data? (Analytics Insight 24th February 2020)

3 The 4 Hottest Trends in Data Science for 2020 (Towards Data Science 9th January 2020)

4 12 Examples of Data Veracity (Simplicable 28th November 2017)

5 The top technology trends for 2020 and 2021 (Consultancy.uk 17th February 2020)

6 Cloud Adoption Statistics for 2020 (Hosting Tribunal 10th May 2019)

7 Big Data Trends: Our Predictions for 2020 (Infoworks 4th November 2019)

, updated 22nd September 2020.