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Trust Architectures - SG Analytics

Trusting in Trust Architectures – Raising Privacy Questions and the Way Forward

A trust architecture includes technologies and methods that aim to protect enterprise data, while speeding up digital transformation initiatives and complying with all data privacy-related laws. The increasing prevalence of connected or the internet of things (IoT) devices and companies’ migration to the cloud is pushing organizations to re-assess and validate the credibility of their devices, as data expands rapidly across applications, application programming interfaces (APIs), and networks. In addition, the growth of applied AI, 5G, and the metaverse is expected to further accelerate this trend. Cyberattacks and data thefts have been on the rise in recent years and are posing new challenges by taking advantage of technologies, such as quantum computing for breaking encryptions. According to IBM’s Cost of a Data Breach Report 2022, the global average total cost of a data incident is USD43.5mn, up 2.6% from USD4.24mn in 2021. The research also revealed that 83% of the organizations witnessed more than one data breach, and just 17% said that it was their first data breach.    Source: IBM The above chart suggests that cloud migration, compliance failure, and complexities in the security system were significantly impacted and responsible for increasing the average cost of a data breach. The chart compares organizations with a high and low level of the cost factor and finds the difference between high and low levels of the security system complexity to be 58%, that of cloud migration to be 50.5%, and of compliance failures to be 50.9%. The findings also show that organizations with high levels of cloud migration had a USD5.63mn average cost, which was USD1.28mn higher than the average total cost of a data incident, a 25.7% difference. Technologies driving trust architectures Trust architectures may well incorporate distributed ledger technologies (DLT), blockchain being the most prevalent, and zero-trust security measures that focus on protecting enterprises’ data, services, and identities. While on the one hand, trust architectures lower data theft risks, they also reduce the cost of meeting security regulations, allow lucrative transactions, and minimize expenditures related to cybersecurity.   Cyberrisk continues to rise… Cyberrisk, however, continues to threaten some industries, driven by threats of removing intermediaries by distributed ledgers that are generally held and managed by various parties across locations. Moreover, organizations need to focus on the shifting role of regulatory supervision related to the flow of wealth in countries today, as DLT applications usually conflict with the data privacy laws of nations and can, therefore, generate different reactions and acceptance globally.  On a larger scale, this implies that the increase in cyberrisks will lead to an extraordinary rise in cybersecurity expenditures, as well as on efforts being applied to monetize and shape trust technologies like highly protected data rooms and cryptocurrency.          Source: CFI Education Inc. Digital-trust technologies enable risk reduction Digital-trust technologies offer more value to organizations and industries leveraging digital technology by creating and preserving the trust of regulators, customers, etc., for using their data, products, and services. Digital trust, thereby, reduces and resolves enterprises’ digital risks across cloud, data, AI and analytics, and risk culture, according to the McKinsey Technology and Trends Outlook 2022 report. Challenges confronting digital trust…  Digital trust faces specific challenges in a landscape filled with increasing cyberattacks and cyber laws, including:  •    the increasing incidence and complexity of cyberattacks, •    increasing expenditures and losses due to these attacks,  •    aggressive regulation in the U.S. and worldwide, •    increased dependence on legacy technologies, •    difficult and less predictable AI algorithms, and •    rising scrutiny and uncertainty.  Some of the fast-growing technologies driving trust architectures include: Zero-trust architecture (ZTA): The ZTA, Zero Trust Security Model, or Zero Trust Network Access (ZTNA) is a shift in approach from a ‘trust but verify’ to a ‘never trust always verify’ in an organization’s IT security system design. This model promises stronger controls and everything right from applications, devices, and users within and outside the organization’s network is assumed to be unsafe as against a traditional architecture. As a result, there is less risk from internal threats, leading to reduced costs as losses from cyberattacks are eluded and goodwill enhanced due to fewer data and security breaches.    According to the cybersecurity and cloud services company Akamai, a zero-trust model works effortlessly for users, shields against cyberattacks, decreases the attack surfaces for hackers, and streamlines the infrastructure needs of an organization. Three basic principles underlying the model include – default distrust in all entities, minimum-privilege access, and continuous monitoring of security.  Privacy engineering: Techniques used for overseeing, executing, and maintaining data privacy, including the reduction of risks related to data privacy, assets management, and effecting the use of privacy controls across the organization’s active systems.  Explainable AI (XAI): Methods employed to understand, trust, and manage emerging AI technologies in the real world, focusing on areas like fairer algorithmic outputs, enhanced transparency, ethics, and efficiency.  Digital identity: Processes used to classify and describe individual entities via attributes, such as name, characteristics, etc., in the digital landscape. Digital identity is likely to empower new verification practices and decentralization, according to the McKinsey report.  Road ahead – addressing and adapting to privacy-related concerns and spotting vulnerabilities Apart from the fact that digital-trust technologies like ZTA, XAI, and privacy engineering cannot be deployed instantly, and new additions to authentication steps can delay an organization’s efficiency, performance and scalability, data privacy remains a huge concern for industries as emerging Web3 technologies have intrinsic conflicts with the current data privacy regulations. For instance, Europe’s General Data Protection Regulation (GDPR) advocates for people’s rights by allowing them to confer their approvals on the use of their personal data or delete them. On the contrary, blockchain is built on the philosophy of an ‘unchangeable ledger’ that cannot be tampered with and from where data cannot be deleted. The emergence of modern technologies is also witnessing an essential mistrust between privacy and fairness. While privacy methodologies focus on restricting the collection of personal data on the one hand, fairness calls for the collection of personal data to identify and settle biases. Concerns over privacy and ethics is also being reviewed around the use, control, and storage of biometric data, while uncertainties and criticism around the Black Box AI, or machine learning (ML) and AI algorithms, is growing.  Several ML systems, particularly deep neural networks, are called black boxes because they cannot be decrypted, implying the Black Box ML model does not offer an explanation to the user or an involved party on how it arrived at an outcome or decision. As a result, novel solutions could face new risks and will also have to adapt to the existing privacy frameworks, fairness, transparency, and ethics.  It is also critical for organizations to detect vulnerabilities, such as inadequate database links, wrongly suspended legacy systems, and violations to third-party affiliates that hackers can exploit. Therefore, companies need to adopt a strong risk-management assessment approach that can be customized to every system to guard against such digital risks.

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SGAnalytics_Blog_Rising Significance of Big Data Analytics for Exponential Growth

Rising Significance of Big Data Analytics for Exponential Growth

The advancements in big data technologies are unlocking a new treasure trove of insights for businesses globally. While earlier BI and analytics applications were limited to structured data in relational databases and data warehouses, today, there is a lot of potentially valuable data that does not fit the relational mold.  Big data today has taken center stage as companies across a huge range of industries are beginning to understand the opportunities it brings along. Yet, there is a lack of understanding of the concept.   Big data is far more than just a buzzword thrown into the conversation. It holds the potential to transform what we do and how we do it completely. With the big data and analytics market advancing at a faster pace, the sector is expected to grow up to $77 billion by 2023.  Big data environments assist businesses in processing, managing, and analyzing different data types. The data sets now available to organizations contain customer databases and emails, along with other useful insights such as log files, images, social network posts, medical information, and much more.  Companies are increasingly trying to take advantage of the available data to drive better business strategies and decisions. This data-driven culture is proving to be more resilient for businesses than those that do not comply with this mindset.  Read more: Top Data Science Trends to Look Forward in 2023  Redefining Experiences with Big Data   Due to its nature, big data is perceived to be a challenging process to manage and use. Big data environments are complex, as they incorporate multiple systems and tools to be able to derive well-orchestrated data and smooth work progression. The data is complex, as the data sets are large and varied and often involve streaming data. Some of the significant issues can be split into the following categories:  technical challenges that involve the selection of the right big data tools and designing big data systems for them to scale as needed  data management challenges, ranging from data processing and storing to cleansing, integrating, and governing  analytics challenges, like ensuring that the data needs of the business are understood and analytics results generated are relevant to the organization's strategy  program management challenges, such as keeping costs under control and employing workers with the required skills  Hiring and retaining skilled employees is particularly difficult as key contributors like data scientists, data architects, and big data engineers are in demand due to the rising popularity of data integration in every framework.  The big data systems deployed by companies are used for a variety of stream processing applications, along with interactive machine learning and predictive modeling. Businesses can outline some common use cases for big data based on their industry. The use cases are as follows:  devising a 360-degree view to gain customer insights to optimize marketing campaigns  improving customer acquisition by gaining a better understanding of customer needs  strengthening fraud prevention measures and cybersecurity protocols to identify security threats  enhancing business forecasts and optimizing product pricing to increase efficiency  designing personalization systems for corporate websites and streaming services  analyzing data in the form of text, videos, images, and audio to understand customer sentiment and spot patterns  facilitating preventive maintenance to minimize failures and downtime in manufacturing plants and other operations  identifying and mitigating risks in financial management, supply chains, and logistics operations  Read more: Data Analytics in Media & Entertainment Industry: 2023 Trends  Business Intelligence and Data-driven Insights   Business data is not a revolutionary concept. Organizations have been generating and utilizing data for centuries to make informed decisions. Big data assists in ramping up their decision-making. It stems from the idea that businesses generate enormous amounts of data due to technological innovations. The concept involves accumulating the raw data to derive insights from it. It encloses analytics, operational framework, and interpretations.  Thanks to digital transformation, business intelligence is becoming an integral part of every operation that governs big data strategies. This has also given rise to professions like data scientists and data analysts.  When businesses integrate data effectively into their processes, they tap into new ways of improving their operations and even extending the consumer journey. Businesses can utilize big data, including insights into their next marketing campaign based on consumer preferences and fraud detection.   Before big data became the sensation it is today, business intelligence did exist, but its operation is a limited field. The earlier phase of big data consisted of database management before its evolution into a comprehensive system that involved digital analytics. With this rise of digital technologies, data is transforming into a crucial tool for every business, along with innovations such as IoT, AI, and cloud computing.  Read more: Black Friday 2022: Will Inflation Impact Holiday Shopping for Consumers?  Business Benefits of Big Data   Big data can be described as the lifeblood of any modern business today. The potential benefits of how big data systems can support organizations are mentioned below:  gaining better insight into customer preferences and buying behavior  increasing intelligence and techniques for upcoming market trends and products   integrating agile supply chain operations to react quickly to crises and business needs  employing recommendation engines to stay attuned to consumer interests  using data-driven innovation in the product development cycle and other functions  supporting diverse analytics use cases with similar data sets  initiating operational improvements to lower costs and maintenance  securing data analytics platforms to meet the future business needs  Big data benefits organizations by generating actionable insights, enabling them to implement data-driven strategies for efficient decision-making. It is also guiding organizations on the path of new business opportunities, thereby facilitating potential cost savings and emerging market trends. With real-time analytics, applications that are driven by big data can be integrated into the operational framework to provide up-to-date information and alerts related to existing concerns.  Operational Changes due to Big Data   Big data is fueling business growth in many ways. One significant area where it is already making a difference is the extensive landscape of internal operations.  In the current times of redundancy and waste, businesses can evaluate the existing data to make their operations more efficient. They are better equipped to dive deeper into the data equipment, habits of their employees, materials being used, and much more. The data enables them to make decisions ranging from where to spend their money to the employees they should hire and ways to mitigate risks.  Read more: Trends in Big Data Analytics: Forecast for 2023    Big Data Challenges that Lie Ahead  It is convenient to say that there are many challenges associated with big data. Most organizations today need to enhance the quality of their organizational data. A recent survey highlighted that 77% of industry leaders stated that they do not trust their business data. Meanwhile, a survey conducted by Dell found that 36% of IT decision-makers are concerned that their IT infrastructure is not equipped to handle the rising data demands.  And the other significant concern is security. Without a strong security infrastructure and experts, businesses can fall prey to data breaches, thus posing threats to their sensitive information, including user data and employee data. Numerous data breaches in recent years have exposed how vulnerable access to any data is.  Due to this reason, business leaders must rely on more than the data to propel their strategies. While big data presents this opportunity, in order to reap the rewards, businesses must establish a clear starting point and a solid roadmap to transform this plan into reality.  While there are no quick paths to growth, big data can be considered one of the best paths forward, as it can enable businesses to achieve scalability and meet their objectives.  With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.                    A leader in Data Analytics, SG Analytics focuses on leveraging data management & analytics and data science to help businesses discover new insights and build strategies for business growth. Contact us today if you are looking to make critical data-driven decisions to prompt accelerated growth and breakthrough performance.  

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SGAnalytics_Blog_2023 Conversations Predicting the Big Trends in the Business Landscape

2023 Conversations: Predicting the Big Trends in the Business Landscape

As we now enter a new phase in 2023, it is time to look back on the achievements and setbacks that plagued 2022. It is safe to say that India stayed afloat during the pandemic, as the COVID-19 restrictions were eased, and things were getting back to normal. The Indian economy stood out for its resilience, as sectors such as manufacturing and services contributed to a robust workforce.   Yet, there were several roadblocks in the path. The depreciation of the rupee, looming concerns over the global recession, and geopolitical tensions all significantly triggered new challenges in 2022. With everything behind us, what does 2023 have in store?   What technologies will gain the most traction? What are the most important trends that businesses should keep an eye on?   Read more: Global Business Trends Outlook 2023  Metaverse will Transition into a Real-word Entity  Metaverse offers immersive internet where an individual can work, play as well as socialize on a persistent platform. Experts predicted that the metaverse is likely to add $5 trillion to the economy by the year 2030. And 2023 will be the year that will assist in redefining the direction of the metaverse for the coming decade.  Virtual reality (VR) and Augmented reality (AR) will advance further in 2023. And one significant area to look forward to is the work environment in the metaverse. This will help in creating a more immersive meeting environment where the employees will be able to talk and brainstorm together. Microsoft and Nvidia are developing metaverse platforms to collaborate on digital projects.  More advanced avatar technology will emerge in the new year. This presence in the metaverse will help in engaging with other users. Further development in AI-enabled autonomous avatars can also be seen as they will enable the representatives in the metaverse to experience the digital world.  Companies are already integrating metaverse tech like AR and VR to conduct training and onboarding sessions for their employees. And this trend will accelerate in 2023.   The Omnipresent Artificial Intelligence (AI)  In 2023, artificial intelligence (AI) will become the core part of an organization. With the easy drag-and-drop interfaces, no-code AI will enable businesses to leverage their power and create more intelligent products and services.  While this trend is already popular in the retail market, it is slowly advancing into other sectors as well. Contactless, autonomous shopping and delivery are some of the significant AI trends to look forward to in 2022. AI is making it easier for consumers to pay for or receive their goods and services. It will also augment every job across every business process in different industries. More retailers will integrate AI into their operations to manage as well as automate their complex inventory management processes.  AI will also be the engine that will support the newest autonomous delivery initiatives that retailers are rolling out, enabling more retail workers to get used to working with machines.  Read more: How are Organizations Modernizing their Data Security and Management?  Augmented Reality (AR) and Virtual Reality (VR) to Shape Education  What if students can visit a historical monument or civilization or learn about the earth’s topography in the metaverse? India's education sector is pivoting to ride the digital transformation wave. And the pandemic propelled it even more. The education sector is transforming learning and teaching by integrating virtual classrooms.  With artificial intelligence (AI) and immersive experiences in VR, educational institutions can explain new concepts to students in a more seamless and experiential manner. With the metaverse, they can bring educators and learners from across the globe, where students can learn whatever they desire. To make the curriculum immersive and interactive, edtech companies are presenting new learning modules that integrate 3D assets and virtual reality.  Educational institutes are jumping on the bandwagon too. India's Central Board of Secondary Education in the year 2021 collaborated with Meta to explore applications of the metaverse in education as well as training. This new virtual platform will reshape education and overcome challenges related to biases, privacy, and cyber safety.  Blockchain to make Transactions Efficient and Transparent  In financial services, blockchain is being integrated for remittances and so for invoices, and invoice discounting. The health records can also go on blockchains. This will help in making healthcare more efficient.  Blockchain-based registries can assist in cutting out spam calls.   While blockchain can be integrated into every sector, it would help in the efficiency, privacy, as well as security of citizens.  Blockchain’s most famous use case in India is The Reserve Bank of India’s digital rupee. It is beneficial in remote areas with electricity and network constraints. This blockchain-powered currency holds the potential to fuel inclusion and transparency in the payments space.   In 2023, blockchain will also bring more trust and transparency to the real estate space through immutable records and certificates.  Read more: Sustainability Outlook: Top Emerging Trends in 2023 and Beyond  IT companies will lead the Transition to Green Technology  One of the biggest challenges the world is tackling today is carbon emissions. It is time to put brakes on the rising issue to tackle the climate crisis. This has created a significant buzz around green tech in India. Investments in sustainable or green tech doubled to $10 billion last year. The estimate is expected to touch the $45-55 billion mark in the next five years. More and more tech corporations in India are doubling down on their efforts to design sustainable solutions, both internally as well as for clients.   The Indian IT services sector has a big role in supporting others to chart the path to sustainability. This included areas such as efficiency improvements, compliance, risk mitigation, and research and development. A recent Accenture research highlighted that cloud migrations could reduce carbon emissions by nearly 60 million tons a year, which is equivalent to taking 22 million cars off the road. As a leader in IT services, India can capitalize on creating a host of tools required for this green transition across industries.     Workplace Culture will Transition Toward Inclusivity  Securing a highly sought-after promotion and making it to the managerial level is a tough path. And every employee has faced or witnessed competition in the workplace. This cultural mindset will witness a complete shift as corporations will transition to incorporate inclusivity along with establishing healthy workplace practices for employees' mental health. A McKinsey study highlighted that every 4 in 10 working professionals today in India face burnout. And the worst hit among the working group is Gen Z. But what can be the prime reason for this condition?   The answer is a toxic workplace, the same report mentioned.  Contrary to the traditional workplace approach of suffering in silence, today, thanks to social media, working professionals are speaking out and voicing the challenging they face in the everyday work environment instead of just accepting the norms of work culture. To battle burnout, corporations are now measuring the output over input and introducing mental health awareness programs and training for their workforce.  Read more: Why Investing in Employees Enables Better Business Results?  Final Thoughts  In recent years, industries have witnessed times of global instability triggered due to pandemics, geopolitical turmoil, inflation, supply chain crisis, etc. These challenging landscapes have resulted in an ideal time for businesses to change how they do business. It has presented them with a turning point to adapt to the new technological solutions and turn them into a competitive advantage.  Companies are now making numerous changes to their business framework and focusing more on reducing and tracking CO2 emissions, migrating to the cloud, along with optimizing and automating their processes.  Thanks to technological innovations, including AI, blockchain, cloud computing, augmented reality, and robotics, industries are now striving to build a greener and more sustainable future without sacrificing efficiency or growth.  With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.        A leader in Market Research services, SG Analytics enables organizations to achieve actionable insights into products, technology, customers, competition, and the marketplace to make insight-driven decisions. Contact us today if you are an enterprise looking to make critical data-driven decisions to prompt accelerated growth and breakthrough performance. 

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SGAnalytics_Blog_Environmental Sustainability in 2023 and Beyond – The Strategic Imperative

Environmental Sustainability in 2023 and Beyond – The Strategic Imperative

Environmental sustainability is becoming critical for organizations to stay relevant and competitive in today’s evolving landscape. Much like digital transformation, integrating sustainability mandates organizations to alter every operation in the business. Today, sustainability is advancing as an integral part of developing a corporate framework. Sustainability for organizations can be categorized into three areas - Environment, Social, and Governance (ESG).  Today, thinking only about environmental sustainability is one of the imperatives. It is equally important to consider technology investments that are driving sustainability in enterprise and customer operations.  Revenue from sustainable products is expected to grow about six times as compared to the rate of other products.  50% of consumers today are open to paying a higher price for sustainable products that have a social and environmental impact on the supply chain.  By 2025, consumers will prefer products or services that will cause less damage to the environment, human health, and society.  Read more: Sustainability Outlook: Top Emerging Trends in 2023 and Beyond   Environmental sustainability is fueling a market revolution that will give companies opportunities to design new products and services. Massive government funding is further empowering companies to integrate environmental sustainability as a strategic imperative, thereby fostering historical business opportunities.   A vital business opportunity, sustainability is more than just a matter of survival for businesses. Seeded with immense government investment, environmental sustainability is now ushering into a new green market revolution. The environmental sustainability predictions for 2023 will enable companies to embrace environmental sustainability with integrity and transparency. The upcoming environmental sustainability predictions are set to have the most impactful changes that businesses anticipate.  2023 Predictions for Environmental Sustainability  Carbon offsets and credits will be back in vogue. Carbon offsets have experienced their share of criticism for being an excuse for companies to sidestep actual carbon reduction activities. However, these dubious and flawed practices on offset strategies have attracted immense scrutiny in the offset market. While technology vendors and organizations have learned their lessons from previous carbon offsets, the new framework is aimed to lead the way for setting a different model for carbon-offset transparency standards.  Fortune Global 200 firms to disclose policies to limit travel for sustainability. Pre-pandemic air travel demand did outpace decarbonization efforts. On the contrary, COVID-19 restrictions assisted in reducing business travel by nearly 54%. With operations getting back to normal, business travel is set to make the much-awaited comeback. However, not all firms are returning to business as usual. Many are using this restart to reevaluate their existing travel patterns by tracking travel emissions data. Public companies are now preparing for greater SEC scrutiny, including fines for misstatements and omissions. These restrictions will enable companies to anchor their sustainability goals and inculcate corporate policies to drive environmentally sustainable behavior.  Read more: The ESG Rating Phenomenon: A Guide to Understand ESG Ratings  A set standard to claim supremacy in carbon reporting for greater transparency. Combining the best of existing standards to introduce a new carbon accounting standard will emerge as a benchmark for public-private collaborations. This standard will be functional across industries and regions. This will assist in clarifying the murky areas surrounding scope 3 reporting, like remote work emissions data, thereby enabling businesses to usher into a new era of transparency. This new framework will help companies to deliver reliable Scope 1, 2, and 3 insights to investors, shareholders, as well as customers, thereby qualifying the organization for credit and lending.  Factors Driving Environmental Sustainability within an Organization  Investor demand - One of the most influential factors shaping the shift toward environmental sustainability is investor pressure. Gartner research highlighted that 85% of investors mandate ESG factors in their investments. The investor community is majorly focusing on sustainability in organizational practices.   Attracting New Talent - Being a sustainable business is crucial to attracting new talent. A Deloitte survey identified that 49% of Gen-Zs and 44% of millennials make career choices based on their personal ethics. If a company is environmentally responsible, only then will it experience a rise in new talent. Businesses not focusing on sustainability can lead to losing out to their competitors.   Enhanced Productivity - Being sustainable leads to employees being more motivated to perform better. Environmental sustainability is assisting in reducing costs, thus affecting operating profits by up to 60%, according to a McKinsey & Company report. Being sustainable also helps in increasing productivity, thus fostering an inclusive culture.   Consumer demand - An increasing number of consumers - millennials and Gen-Z - are voicing their concerns and demanding sustainable products. 73% of Gen-Z consumers are willing to spend more on businesses that provide sustainable products. 60% of consumers in the UK reduced the usage of single-use plastic to adapt to a more sustainable way of living. With the demand for sustainability set to increase globally, embedding environmental sustainability in the corporate framework is essential for businesses to stay relevant in the coming years.  Sustainable Strategies for the Future  Almost 90% of executives believe that sustainability is a vital component. However, the issue lies in the lack of implementation. Only 60% of organizations today have sustainability strategies. A sustainability framework and a chief sustainability officer reporting to the board are imperative for any organization.  Read more: Sustainability Data Strategy: Top Key Components for a Positive Impact  With an environmentally sustainable strategy, organizations can make long-term investments. However, driving sustainability has its own challenges, such as a weak commitment from the board, little accountability for sustainability teams, zero authority to implement initiatives, and rising talent gaps.  Opportunities to advance sustainability goals across the business include:  Integrating automation to reduce resource-intensive activities.  Employing artificial intelligence (AI) and natural language processing (NLP) to predict the climate impact on business.  Incorporating advanced analytics to identify real-time performance analysis   Cloud to transform everyday processes to enable remote work  Sustainable technology is important to optimize costs, energy performance, as well as asset utilization. However, it is enabling organizations to drive ESG outcomes, such as improving wellness and delivering the traceability required to ensure responsible business practices within the organization. Environmentally sustainable technology is also stimulating new business models along with tech-enabled products to serve customers better.   Key Highlights  90% of executives acknowledge that sustainability is important. However, only 60% of organizations have incorporated sustainability strategies.  Embedding environmental sustainability in the business framework is essential to meet the evolving investor pressure as well as consumer demand.  Sustainability is also proving to attract top talent, reduce costs, as well as boost profits.  Sustainable technology as a digital framework of solutions is enabling businesses to generate environmental, social, and governance (ESG) outcomes for their enterprise as well as their customers.   Investors, consumers, organizations, and governments are emerging as the four pillars that are driving the shift toward sustainability.  Read more: Sustainability in Tech: 3 Ways for Companies to Become More Sustainable  Final Thoughts: Prioritizing Environmental Sustainability  In the coming years, sustainability will play a critical role and will be embedded at the core of the corporate strategy. With the increase in the number of Fortune 500 companies appointing Chief Sustainability Officers (CSO), businesses are placing much-needed importance on sustainability. At the same time, to meet investor pressure, consumer demand, and regulatory requirements, businesses are placing their bet on incorporating sustainable practices into their operations.  With the skepticism gone, sustainability, in an environmental, social, and financial sense, is emerging as a new management imperative. This is shifting the corporate focus to achieve long-term viability. t is also enabling organizations to generate tangible returns on investment (ROI).   Environmental sustainability offers immense opportunities for organizations striving to thrive in these challenging times. With the rapid transformation of the business landscape toward sustainability, enterprises are integrating frameworks that support an effective sustainability strategy. The significant shift from negatively associated justifications of resources to a positive acknowledgment of opportunities is assisting in establishing sustainable management with operations. The four key stakeholders playing a major role include investors, consumers, industry peers, and governments.  With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.        A leader in ESG Services, SG Analytics offers bespoke sustainability consulting services and research support for informed decision-making. Contact us today if you are in search of an efficient ESG integration and management solution provider to boost your sustainable performance.  

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SGAnalytics_Blog_FIFA World Cup 2022 – a Crescendo of Controversies, Outflow, and Class performances

FIFA World Cup 2022 – A Crescendo of Controversies, Outflow, and Class performances

The 2022 World Cup was nothing short of controversies, enormous spending, and high-level, spectacular performances, not to mention the scintillating performance of Argentina and how it sealed its victory with the 4-2 penalty win against France at the World Cup final on December 18, 2022. The inevitable question is whether the extravaganza was worth it, even for a small but gas-rich host like Qatar! The middle eastern country spent over $200bn preparing for the mega-event spanning over 12 years since it was awarded the rights to organize the most-watched sport by more than half the world. This, interestingly, is approximately 16 times more than the money invested in the previous 2018 World Cup held in Russia and other prior editions that now look incredibly cheap.  The organizers and especially Fédération Internationale de Football Association (FIFA), however, maintain that the FIFA 2022 World Cup has been a tremendous success, with approximately three million tickets having been sold by the mid of October and a record surge in TV audiences as the games ensued till the final day. While the tournament marks Qatar’s and the region’s foray into the sports world — with the Middle East heavily investing in European football clubs to the next Formula 1 race to be hosted by the region and Saudi Arabia’s LIV tour aiming to control professional golf — it has been marred by controversies right from the start.   Most notably, the ‘controversial host,’ Qatar, has been in the eye of the storm for its political system, religious and cultural beliefs, and forbidding women and LGBTQ communities and alcohol to the event (though it seemed to have lifted some rules to dodge criticism), and for using sports washing to cover its treatment and working conditions of migrant workers.   The host nation is also being criticized for disrupting the European league schedules, raising concerns over players’ exhaustion and injuries, apart from disputing its carbon-neutral approach to hosting the World Cup. FIFA made last-minute changes to the schedule by shifting the games towards the end of the year than hosting them in the summer to evade Qatar’s heat.  Read more: FIFA 2022 gets more Inclusive, Interactive, and Accurate  FIFA 2022 transforms greenfield in the semi-arid desert region  Qatar did not have the infrastructure, namely hotels, highways, or even stadiums, to hold the competition when it was selected in 2010 to host the biggest sporting event ever. As a result, the country employed ex-pats to build eight stadiums for the FIFA 2022 World Cup over a span of ten years. Even the cost of building the infrastructure for FIFA 2022 was questioned, with Russia’s news agency TASS stating that Qatari officials confirmed $200bn to be the highest total expenditure for building the infrastructure. However, TASS reports suggested the actual cost of building the eight stadiums to be $6.5bn, or roughly between $8bn and $10bn, as highlighted by the country’s Supreme Committee for Delivery and Legacy (SC) earlier in 2016.  Source: Google  It was the first time in 92 years that the quadrennial event arrived in the Middle East, making it the biggest sports event to take place in the region. It was also the first global event to be held post the Covid-19 restrictions that kept fans away from Beijing’s winter games and the Tokyo Summer Olympics. Additionally, it was also the first World Cup to have hosted events across 31 miles of Doha’s primary Corniche. However, the compact space was more of an advantage than failing, say, organizers, as most stadiums were connected to public transport, electric buses, and metro systems for people to access and travel quickly between games. Qatar also constructed new airports and districts within Doha, its capital city, as part of the tournament’s infrastructure projects.  Read more: Offsides: How FIFA’s New Semi-Automated Technology Can Change Football    Source: Ashghal, Qatar’s Public Works Authority   FIFA 2022 puts Qatar on the global stage  Despite controversies, FIFA 2022 has boosted Qatar’s international repute, with the country now looking to develop its infrastructure further and streamline its foreign policy objectives.   Qatar’s vision of a global society   FIFA 2022 World Cup Qatar is in line with Qatar’s long-standing quest to modernize its identity and make the country a business and tourism hub like its regional competitor Dubai. This is further reiterated in the Qatar National Vision 2030 (QNV 2030), which aims at making the country an advanced society, self-sufficient in developing and providing a higher quality of living for its citizens. In fact, the nation’s development goals are directly linked to the World Cup to promote the sustainability post the event.   It is not the first time that a sporting event has helped transform and resurrect a city. The 1992 Summer Olympics at Barcelona, Catalonia, Spain, for instance, is an archetypal tale of how tourism and infrastructure development assisted in reviving the Spanish economy.   Increasing research on the subject, however, points at the economic benefit of such mega-sporting events to be short-lived or a myth, with no visible boost in the long run. Qatar has been no different, with fewer fans having descended onto Doha in the first two weeks of the match against the estimated 1.2 million, unfinished apartments, empty buildings, fans returning to their home countries before the end of the World Cup due to expensive fan villages and dearth of tickets, and migrant and low-income workers eventually leaving the country as construction works dry up post the World Cup.  Read more: How is Cutting-edge Technology Transforming the Qatar FIFA World Cup 2022 Experience  Focus on boosting its non-energy economy  Qatar’s economy thrives on liquified natural gas (LNG) exports, which are mostly supplied to Asian buyers through long-term contracts. With a native population of just about 350,000 Qataris, the tiny country is poised for a bumper year, driven by soaring oil prices. The country is also looking to expand its capacity amid growing demand for LNG and Europe’s energy crunch.   However, the country has been striving to develop its non-energy economy with the bigger goal of becoming a regional tourism and business hub, and FIFA 2022 is the first step in the direction of realizing this goal. Qatar authorities claim that several projects were delivered before their timeline due to the World Cup deadline. A new city was built north of Doha, along with a state-of-the-art shipping port and a new metro system.     Source: Source: Ashghal, Qatar’s Public Works Authority, Bloomberg Intelligence   According to developers, about $45bn was spent on building Lusail city, north of Doha, which was a desert in 2010. It is expected to house as many as 200,000 people. The World Cup final between France and Argentina took place at the Lusail Stadium as planned.  Some challenges lying ahead of Qatar, however, include Europe’s waning dependence on fossil fuels that could make LNG less valuable. Qatar supplies almost a quarter of its LNG to Europe. Additionally, economists believe that non-energy commercial activity will slow down after the World Cup, leaving apartments, buildings, hotels, and residential units empty and incomplete.  Read more: 2022 FIFA World Cup Controversy: Should Migrant Workers be Given Compensation?  Continued investments in infrastructure development   One of the biggest downsides of hosting mega international sports events is the poor return on investments. As a result, despite Qatar’s economy getting a boost in 2022-2023 due to the FIFA 2022 World Cup, it is expected to witness a slump by 2024. The challenge for Qatar, therefore, is to build on the current infrastructure investments to maintain strong GDP growth. As construction slows down and expatriates retreat, the country will need to focus on modernizing its infrastructure further. This will help in expanding its transportation, business, and economic activities. Additionally, the construction of roads and ports is also likely to boost manufacturing activities.  Qatar authorities are already looking at utilizing the stadiums for local communities. The larger stadiums will be refurbished to encourage local football teams, while the smaller stadiums are expected to be converted into medical, educational, and business facilities.  Foreign policy goals  FIFA 2022 has given Qatar international recognition, thereby helping it gain local and transnational soft power. While the World Cup has led to its increased visibility and status quo, the government is focusing on using this as an opportunity to strengthen its national security. For instance, the government has introduced new methods and mechanisms to promote workers’ rights, such as the announcement of a new minimum wage program for ex-pats in 2020.  Qatar is also strategically located in a tumultuous region, surrounded by stronger resources such as UAE, Saudi Arabia, and Iran, and has been accused of funding terrorism in the past. This led to substantial unrest and trade fallouts in the region, with peaceful ties being restored only in 2021 with the help of US intervention. The World Cup fame now brings an opportunity for Qatar to ward off such threats in the future.   Read more: FIFA 2022 World Cup Qatar: Why is the Event Still Mired in Controversy  Soft-power gains  Despite doubts over the utility of the infrastructure that the country has built for the FIFA tournament, it is expected to provide some economic benefits and scope for soft-power achievements. However, the government is now focusing on repurposing its infrastructure developments and is bringing in new reforms to its migration policies to improve its foreign policy affairs.   Qatar’s power to leverage FIFA 2022 World Cup as a vehicle to improve its geopolitical position and GDP is now dependent on how it acts on its current strategies and assurances. While the Middle East is most likely to host more sports tournaments in the future, Qatar has positioned itself as an important hub for regional and global sports, trade, and communications.  With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.                           A leader in Market Research services, SG Analytics, enables organizations to achieve actionable insights into products, technology, customers, competition, and the marketplace to make insight-driven decisions. Contact us today if you are an enterprise looking to make critical data-driven decisions to prompt accelerated growth and breakthrough performance. 

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SGAnalytics_Blog_Emerging Trends in Media and Entertainment Industry in 2023

Emerging Trends in Media and Entertainment Industry in 2023

While 2021 was a year of uncertainty due to disruptions in public health, supply chains, and geopolitics, 2022 witnessed a slower pace of things getting back to normal. However, amidst all this unpredictability, businesses have been able to gain greater clarity around the overall market trends and the forces that are driving growth.  The same scenario is proving true for the media and entertainment industry as businesses are gaining a better understanding of the fault lines that are altering their course. These fault lines are expected to impact the media and entertainment industry over the next five years. It is, therefore, vital to uncover the latest trends and insights into the entertainment and media market that are assisting brands in shaping their strategies for the future.  These top industry trends will help shape how brands can tap into shifting their consumer behavior, along with having significant implications for future campaigns. These overarching categories reflect the core themes of content, commerce, and community in the media and entertainment sector. Here is an overview of some top trends that will impact how we consume media and digital entertainment over the next 12 months.  Read more: Top Media & Entertainment Trends to Watch Out for in 2022  Latest Trends in Media and Entertainment Industry  Innovation and Growth in NFT   Non-fungible tokens (NFTs) are emerging as a driving force for media companies to expand their content and IP engagement among their audience. This is triggering a future monetization model with markets maturing and the media sector welcoming these changes. Media and entertainment companies are collaborating and forming relationships with NFT specialists and marketplaces to design offerings that empower consumers to engage in a new way with their favorite characters, movies, and TV show.     Leveraging Metaverse to offer an Immersive Viewing Experience  Media and entertainment corporations are embracing and integrating emerging technologies to capture the metaverse mainstream and offer their audiences meaningful viewing experiences.   Gaming meets Entertainment: There has been a rise in acquisitions and partnerships between market-leading entertainment providers and gaming companies. They are joining hands to add gaming to their offerings. Integrating these new immersive gameplay technologies in the digital sphere will help generate new opportunities for entertainment companies to offer audiences new ways to interact and participate. This will also assist in increasing engagement time with the brand. Tech-forward consumers are responding positively to this new marketing tactic that is capturing their attention.   Artificial Intelligence (AI) to join forces with Virtual Reality (VR): Entertainment companies are increasing the use of AI and VR in their operations to deliver digital-first, immersive experiences as part of the evolution of the metaverse. Film and live entertainment players are testing omnichannel entertainment options through AI and VR. This will allow the audiences to consume entertainment in the virtual metaverse and across different digital platforms.   Read more: Data Analytics in Media & Entertainment Industry: 2023 Trends  Mergers and Acquisitions (M&A) to Enjoy a Special Popularity  With the rise in the integration of technological developments within every operation, emerging sub-sectors are experiencing continuous support through mergers and acquisitions (M&A). With M&A volumes in the sector expected to increase, they are allowing companies to diversify their offerings to the audience and explore new international markets.  The US media and entertainment market is currently witnessing the largest value of M&A deals. High acquisition activity is being undertaken by major players acquiring gaming companies to extend their offerings and includes artificial intelligence (AI) and virtual reality (VR). At the same time, media and entertainment enterprises in the Asia-Pacific region are extending their operations through cross-sector transactions with commerce companies. This is enabling them to offer their audience a unified digital experience on singular platforms.  In the UK market, mergers and acquisitions (M&A) are experiencing a rise in deals for outdoor media assets. There has also been a confluence between the sports and media sectors. More Streaming Services will be Launched  There has been a rise in video streaming platforms. In the last five years, online searches for Amazon Prime Video have increased by 231%. Video streaming (SVoD) revenue is anticipated to rise by over $139 billion per year by 2027. Hence it is no surprise that many media companies are introducing new streaming services. Paid over-the-top (OTT) platforms are emerging with incumbents, including Netflix, Hulu, and Amazon Prime Video.  Read more: OTT Subscribers Complete 98% Of All Video Ads – Media & Entertainment Trends 2022  The idea of defining a niche is working in the streaming world. A dedicated anime service, Crunchyroll, has been experiencing strong search growth. The platform has over 4 million paying subscribers. The niche streaming services platforms are seeing significant user as well as revenue growth.  At the same time, Disney is employing its deep back catalog to attract new viewers and subscribers to its platform. With its new programming, Disney+ also launched its flagship show, The Mandalorian. After its launch in November 2019, the platform surpassed 50 million subscribers in just five months. And the number has been rising ever since.  Digitalized Communities to take Center Stage  Digitalized communities are slowly entering the main stage. They are assisting businesses to change as well as reflecting on both technological and societal changes.   Social media platforms are embracing their algorithms to boost engagement. The live social media events are helping to spill over to other platforms, thus leading to the creation of new communities. Consumers can join global communities that align with their personal views on sustainability and responsibility. In 2023, brands will understand and integrate this motivation to form online communities and encourage engagement and adaptations. This will assist them in engaging with their consumers for future campaigns and connecting with their chosen audience.  Going Live will gain more prominence – Brands and platforms are integrating the 'go live' feature into their marketing strategy to build a strong online community and create interest through live events. This brings consumers together and encourages active engagement.  Responsibility to be at the center of every brand – Online communities are emerging through a common focus on brand responsibility. Platforms are offering new opportunities to share relevant content and measure its impact.  Social algorithms will enable users to do what they want– The online engagement scenario has changed. It is no longer about the follower list.  Read more: The Future of Consumer Interaction: The Role of Tech to Enhance Consumer Experience  In Conclusion  2022 witnessed a distinct geopolitical landscape and a new and challenging economic outlook. This has forced brands and people to stop and re-evaluate numerous things. Through this uncertainty, they have also been able to witness the emergence of new consumer behaviors that have sparked profitable new media opportunities.  While there has been a stable overall growth pattern, there is underlying volatility. The pandemic accelerated shifts in consumer behavior and digital adoption are affecting the future growth trajectory for the sector. The sector is experiencing immense gain amid the pandemic, thereby facilitating sustainable growth. In 2023, the focus will be on filling the fault lines, thus opening new opportunities for entertainment and media industries and companies. The vast entertainment and media complex is growing more rapidly than the global economy.  2023 will bring along transitions in the content people consume. This shift to digital platforms is showing zero signs of slowing down, especially in the video-on-demand and gaming sectors. The changes in the economic landscape are enabling consumers to reevaluate the number of platforms as well as the costs associated with subscriptions.   With the media and entertainment industry moving faster from our living rooms to our pockets, companies are adapting to this shift to identify and understand where and how their consumers are engaging with the media mainstays.  With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.                    A leader in the Media & Entertainment space, SG Analytics helps leverage advanced analytics capabilities to make accurate decisions and accelerate business growth. Contact us today if you are in search of media & entertainment solutions that enable businesses to solve problems by harnessing disruptive data, artificial intelligence, machine learning, and cutting-edge technologies. 

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SG Analytics_Blog_2023 Outlook Ways Marketing and Advertising will Change for the Better

2023 Outlook: Ways Marketing and Advertising will Change for the Better

The advertising industry is moving fast. Once a risky bet, digital advertising and marketing are now becoming a norm.   A recent report highlighted that digital ad spending is anticipated to surpass $600 billion in 2022. And the numbers are set to rise to $876 billion by 2026.  With the ever-changing digital landscapes of social media and the internet, advertising and marketing companies must advance alongside. The rise of new platforms, changing regulations, and evolving user preferences, are compelling brands to experiment with their existing advertising experience. The sector is expected to witness new changes in the coming new year, but to what extent?  While it is still certain what changes will take place in the coming years, it is true that the future of the advertising industry is transitioning and starting to take a new shape.  As new innovations continue to emerge and consumer expectations evolve, agencies and brands are exploring ways to stay on top of the competition. Let's explore some of the most promising advertising and marketing trends to look forward to in 2023 and beyond.  Read more: The Future of Consumer Interaction: The Role of Tech to Enhance Consumer Experience  Future of Advertising and Marketing: 2023 Predictions  Due to Programmatic Advertising, Artificial Intelligence will Play a Significant Role  Programmatic advertising integrates artificial intelligence (AI) to automatically buy and sell ad space in real time. This helps businesses to save vast amounts of their time and reduce the cost per lead. In 2022, more than 90% of display ads were transacted programmatically. And this trend is here to flourish in 2023 as well. While the increase in programmatic advertising slowed down in 2022, marketers will spend more on programmatic ads by the end of the year and in 2023.  The future of advertising will be AI-powered in 2023. It will employ the effectiveness of AI to promote operations with machine learning. This implies that brands will be able to create personalized ads for their consumers. Artificial intelligence (AI)will play a vital role in how brands reach out to their target audience and understand what consumers want and need. This will enable brands to identify the different preferences of their consumers for their products or services.     Shorter Video Ads will Drive the Advertising Landscape  If there's one king in the digital space right now, it's video. Video is likely to continue to be the most prominent digital marketing trend in 2023. 93% of marketers believe that video helps conversions better than any other content marketing format. And the popularity of video content is showing zero signs of slowing down.   Another significant trend is that video ads are now getting shorter. More than 56% of video ads are now less than two minutes long. Marketers are now optimizing their video content for different platforms as users expect different lengths for their video content.   Video marketing will still be an integral part of content marketing strategy for businesses. The expected runtime of video content for each platform is as follows:  Instagram - 30 seconds  Twitter - 15 seconds or less  Facebook - 1 minute  YouTube - 10 minutes  Read more: Global Business Trends Outlook 2023  QR Codes to make Shopping Easier  A QR or Quick Response code is the digital equivalent of a barcode. It offers a precise way to reach the targeted users on their devices. Today many smartphones also have a QR scanner in the camera that can activate a digital response when scanned. By integrating these QR codes, brands can build endless marketing possibilities. The codes can be used to direct user traffic to a website with a product information display. And the best part, creating a QR code is easy. Once the QR code is generated, businesses can place it on their website and even display it in their digital ads and campaigns.  The Physical Retail Space Will Integrate Omnichannel Advertising  A strategy used to unify a brand's voice across multiple channels and touchpoints, omnichannel marketing is gaining new popularity among businesses. However, an omnichannel approach involves a display, CTV, video, audio, and digital out-of-home (DOOH).   The omnichannel advertising trend is not limited to just digital advertising, though. Omnichannel is set to enter the physical retail space as well. While 30% of the world's population shops online, people still crave an in-store shopping experience. And the COVID-19 pandemic intensified the urge for such experiences.  Conversely, 54% of consumers enjoy exploring in-store products and then buying them online. This is referred to as showrooming. This has led to 32% of digitally native brands declaring their plans to expand or establish their presence in the digital place, hereby offering their consumers pop-up experiences.  Venturing into physical retail will open up a new path of opportunities for businesses in today's realm of programmatic advertising. Due to this rising popularity, advertisers are integrating the use of geotargeting tools to serve ads to target their audience through dynamic digital signage screens.  Read more: Black Friday 2022: Will Inflation Impact Holiday Shopping for Consumers?  Augmented Reality (AR) will Evolve and become more Widespread  As we move closer to 2023, it is safe to state that advertising and marketing will continue to modify and adapt with the rest of the world. One significant way advertising is changing is by integrating augmented reality into its operations and campaigns. Augmented reality (AR) is already finding a special place in ads and marketing campaigns. However, it is anticipated to become even more widespread in 2023 and beyond. With augmented reality (AR), marketers will be able to design interactive experiences for their consumers. Augmented reality can assist them in showing off their products in a new and innovative manner, as well as making their ad campaigns more engaging.     Advertisers will need to get accustomed to the Changing Data Regulations  With new data regulations being rolled out, data regulation compliance is being perceived as a huge challenge for brands in 2023 and beyond. Brands often rely on third-party data consent tools that are often not updated quickly enough. In 2023, brands need to brace themselves to be challenged and explore new ways to keep their customer data systems compliant under the shifting data regulation.  The Advertising Industry Will Transition into the Metaverse  With the arrival of the metaverse and users showing their interest in this virtual space, users are transitioning the operations into the metaverse as well. 33% of people are interested in participating in the Metaverse, and it is expected to rise to 42% among Gen Z and Millennials. Taking these statistics into consideration, digital advertising is set to enter the metaverse. While users mostly use the metaverse to watch TV and films, play games, browse products, and connect for live events, it symbolizes a huge opportunity for advertisers and marketers.  Read more: Data Analytics in Media & Entertainment Industry: 2023 Trends  Final Thoughts  The digital advertising and marketing world has been in a constant state of noticeable flux in the last few years. Brands and advertisers have been grappling with the shift in consumer priorities as well as the rise of individual first-party solutions.  With the advertising landscape continuing to transition at a faster pace, companies are seeking strong and trustworthy strategies to meet their organizational goals and design impactful campaigns. Due to this reason, the next phase of advertising is likely to experience the prioritization of omnichannel campaigns, offering access to flexible testing and fulfilling the growing demands for cross-channel audience building.  Now brands are exploring new avenues to integrate a measurement-focused perspective into their campaigns when it comes to streamlining their advertising activities. While many solutions already exist, it is important to choose one that is more emerging. These approaches are necessary for businesses to stay competitive in this constantly changing market environment.   With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.        A leader in the Technology domain, SG Analytics partners with global technology enterprises across market research and scalable analytics. Contact us today if you are in search of combining market research, analytics, and technology capabilities to design compelling business outcomes driven by technology. 

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SGAnalytics_Blog_The Future of Business Intelligence Top Trends for 2023 and Beyond

The Future of Business Intelligence: Top Trends for 2023 and Beyond

Businesses have been facing huge challenges and, at the same time, undergoing an incredible amount of transition over the past few years. And this trend will not slow down in 2023. Businesses are still dealing with the aftermath of the global pandemic, Russia's war on Ukraine, economic challenges, and the ever-faster development of technologies.  Data management is emerging as an expectation in the business world. The world is now embracing informative real-time data visualizations and interactive business dashboards. The world's data is expected to exceed 180 zettabytes by the year 2025 from over 41 billion connected devices.  At the same time, the business intelligence landscape has evolved immensely, impacting the way they work and operate. The exponential growth of data is one of the main drivers for this transition. Companies are no longer wondering about the potential of their data but instead are taking action to explore the existing data and employ possible disparate sources to acquire relevant insights.  Read more: Types of Hybrid Work Models: How are they Reinventing the Future of Work?  Business intelligence (BI) assists companies in collecting, analyzing, and integrating data into their operations to receive valuable insights for business growth. The business intelligence industry, over the years, has morphed into a billion-dollar enterprise. With organizations undergoing digital transformation, business intelligence is finding a significant response in industries.  The upcoming advancements in technology are defining the future of BI, and businesses are bracing themselves to integrate data-driven trends. Let's explore future BI trends.  Business Intelligence and Analytics Trends 2023   Cloud-based Business Intelligence (BI)  The future growth of business insights and operations will be in the cloud. It is one of the significant reasons why big data is now advancing at a much faster pace. Every business intelligence (BI) element, such as data sources, data analytics and models, data storage, and computing power, are already transitioning to the cloud. Businesses need to integrate a connected cloud strategy that ensures reduced risk and higher flexibility.   Cloud services are considered the biggest trend in BI. Due to the wide adoption of the cloud in remote working, cloud-based business intelligence is making it possible for apps and data to be accessed from any location and at any time. With the rising popularity of the cloud, software-as-a-Service (SaaS) apps are also becoming more popular, as they offer easy access to any web browser, along with providing data insights and answers to any access anytime and on any device.  Enhanced Data Quality   Extracting new and valuable insights from business data is critical for businesses to be perceived as fully data-driven enterprises. However, data quality is still one of the most significant challenges faced by data analysts. While good data quality is critical to obtain accurate insights from available data, it is helpful in making the right business decisions. Businesses are now realizing the cost implications of basing their business decisions on poor data quality. Due to this reason, businesses are implementing a Data Quality Management (DQM) policy to guarantee efficient data analysis.  Read more: Debunking the Myths - Does Innovation Holds Back Digital Transformation?  Gartner's recent report stated that by 2022, 70% of organizations would track data quality levels based on different metrics, thus assisting businesses to improve and significantly reduce operational risks and costs.  Ethical Defensive Mechanism Artificial Intelligence (AI) on The Rise  There has been a movement in the offensive and defensive developments that are driving artificial intelligence in business operations. Offensive AI indicates developments that are leading to transformation and innovation, thus offering the organization a competitive advantage. On the contrary, defensive AI developments concentrate on cost-savings or compliance.  AI drivers were offensive at 91.7% in 12019 versus 8.3% defensive. Today AI can be integrated to create as well as protect data operations. However, the slew of privacy and security concerns brought about by big data is putting defensive AI developments in the limelight.  Data Security  In the BI ecosystem, businesses are integrating defensive AI developments as a form of security. The year 2021 saw a record-breaking number of identity breaches and cyber thefts. The continuous development in proactive analytics is leading business intelligence (BI) to incorporate advanced neural networks to detect system anomalies. This helps to alert system administrators of a potential user breach based on the historical patterns and present context.  Ethical AI  Along with beefing system security, ethical AI is now finding a pace in data security. For businesses today, it is not hard to suspect privacy as a major driver for regulatory penalties that are being imposed. Artificial intelligence (AI) developments in BI, while offensive in nature, are assisting businesses with hyper-automation, system engineering, and big data analytics. These technologies are now shaping and equipping top BI systems with efficiency, productivity, and profitability.  Read more: Why Investing in Employees Enables Better Business Results?  Collaborative Business Intelligence (BI)  Over the last few years, AI-driven robots have been replacing humans and their jobs. However, this has led to massive unemployment. Manufacturing units in the US (United States) were robust at 12.5 million employees in 2021, the third-largest employment by every industry. However, instead of bumping us off the factory floor, this next-generation army of robots is enabling businesses to shape up and be excellent colleagues to humans.   Robots are helping to focus on repetitive tasks that no longer require human assistance. The evolving business intelligence framework is being built on the Internet of Things, AI, and analytics, enabling companies to process their operations with greater depth and precision. Manufacturers are pushing toward collaborative production, which equips them with real-time decision-making and predictive maintenance and optimization. Businesses are now integrating higher-level tasks such as strategy, management, and design with collaborative business intelligence (BI).     Integration of Augmented Analytics with Business Intelligence   A key component of the data future, augmented analytics is a disruptive trend that leverages machine automation and artificial intelligence (AI). It is transforming the ways businesses prepare data, generate insights, and operationalize data and machine learning (ML) frameworks.  By the year 2025, data stories will emerge as the most widespread way to consume insights. Augmented analytics coupled with business intelligence is assisting in generating 75% of those stories. Gartner predicted that augmented analytics solutions would allow non-technical people to create a sophisticated data analytics framework to draw deeper insights.  Augmented analytics is enabling the use of tech like machine learning (ML) and artificial intelligence (AI) to assist with data insight generation and explanation. It is augmenting businesses to explore and analyze data in analytics and BI platforms.  Read more: The Next Tech Time Warp: How Will Artificial Intelligence Possibly Change the World?  Final Thoughts  With industries growing fast, the amount of information is also rising. Organizations are continuously generating data volumes as data speed, variety, and complexity are also increasing. But only companies that know how to handle and use data properly can find insights and create profit.   In 2022, companies were working to place themselves for the long term by addressing the root causes of the problems, including data quality, to create a holistic data-driven culture. With data management becoming a more crucial factor, data discovery and visualization are also becoming necessary for organizations.  Business intelligence (BI) converges business analytics, data visualization, data tools, data mining, and infrastructure to help organizations make data-driven decisions. These BI trends are assisting them to help prepare for a more hyper-scale and data-driven global market in the years to come. However, this does not indicate that fewer companies will use BI tools in the coming years. In fact, the opposite is true. BI is being integrated into organizations' everyday processes as they are seeing a steady rise in the average spend per employee over the years.  With the BI landscape ever-evolving, the future of business intelligence will guide businesses and help them keep an eye on upcoming opportunities.  With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.     A leader in Market Research services, SG Analytics enables organizations to achieve actionable insights into products, technology, customers, competition, and the marketplace to make insight-driven decisions. Contact us today if you are an enterprise looking to make critical data-driven decisions to prompt accelerated growth and breakthrough performance. 

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SGAnalytics_ Blog_How Technology can make the Oil and Gas Industry Safer

How Technology can make the Oil and Gas Industry Safer?

In today’s world, technology has become the face of everything. Continuous development in the tech domain has broadened the horizons of companies across industries and toward the application and transformation of existing processes and functions. In all this, safety has always been one of the most significant parameters in which companies have been investing a lot lately, and the oil and gas industry is sure to be no exception. With the implementation of IoT, AI, ML, and robotics, the oil and gas companies are ensuring that their employees are now safer at their jobs against threats of injury or fatalities. New technologies will play a major role in safeguarding and protecting the employees against serious safety threats, like - toxic chemicals, fires, and heavy machinery, with which the employees work closely on a daily basis.   Read more: How is Cutting-edge Technology Transforming the Qatar FIFA World Cup 2022 Experience Drones and robotics  One of the most influential safety technologies are the ones that minimize human exposure to safety threats. The presence of drones and robotics can significantly reduce the risks involved in contractors working near safety hazards. In certain cases, collaborative robotics – designed to work alongside human workers – could be used to provide support in instances where full automation is impractical or impossible.  For example, slipping and falling remain a common cause of injury and death on oil and gas sites. Usage of drones in inspecting critical and otherwise inaccessible areas around an oil and gas plant will improve safety since drones provide easy access to assets that are mounted on dangerous heights. AI-operated drones could also be used to patrol and survey pipelines without the need for a human operator during the flight.   Read more: Inflation Reduction Act (IRA) Puts Spotlight on CleanTech  Intelligent Leak Detection Systems Detecting small leaks and signs of corrosion is an important and recurring problem in the oil and gas industry. The traditional leak detection system for pipeline systems is called the Supervisory Control and Data Acquisition (SCADA) system. However, even with SCADA in place, pipeline operators have to send out a team for manual inspection of the areas along the pipeline, exposing them to hazardous vapors and often combustible environments.  For Example: IoT technologies leverage the combination of sensor technology for monitoring the pressure, gas flow, compressor conditions, temperatures, concentration, and other variables inside the pipeline, enabling them to pick up leaks emerging even from a pin-sized hole.  AI and Predictive Modeling The pattern-finding capabilities of AI make it a powerful tool for analyzing unstructured data. The implementation of AI and ML technologies in the oil and gas industries can enable new predictive models that can leverage data to forecast future events like machine failures or possible safety events. AI would most likely turn out to be the most efficient when its capabilities are combined with industry 4.0 technology trends, i.e., connectivity and networked devices.   For example, wet scrubbers used to scrub away harmful gases, and particulate matter in industrial exhausts must be replaced regularly. As a scrubber ages and begins to fail, emerging warning signs like lower performance or proliferation of bacteria within the scrubber may become apparent. A predictive maintenance algorithm could pick up on these signs and other subtler indicators of scrubber failure much sooner before the scrubber begins to fail completely.  Read more: Tech-Related Ethical Concerns Businesses Should Address in 2022  With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.                          A leader in the Technology domain, SG Analytics partners with global technology enterprises across market research and scalable analytics. Contact us today if you are in search of combining market research, analytics, and technology capabilities to design compelling business outcomes driven by technology. 

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