Data Trends To Look Out For
2.24.22- Mark Nelson, President, and CEO of Tableau led a webinar on “Top 5 Data Trends that will shape 2022”. The webinar focused on AI and how it is transforming multiple companies. Here’s a recap of what data trend you should incorporate.
Artificial Intelligence (AI)
Did you know 57% of companies use AI? This is one of the big data trends of 2022. According to a McKinsey report, 57% of companies use AI to simplify at least one business function such as automating customer calls, improving marketing operations, and increasing sales efficiency.
For instance, multifamily companies use AI in functions such as automated multifamily email, improving tour schedules, and so on. Nelson also stated that AI is getting easier for businesses to adopt hence more companies will adopt it in the future. Some of the AI strategies mentioned in the webinar were:
AI strategies start with ensuring that the foundation of your data is right. This includes ensuring you can reproduce your machine learning models, correctly handle privacy, store your models correctly, and have a data lake house.
It is also important for the people in a company to be organized in working towards the same goals. For example making sure personas such as data engineers, data analysts, and machine learning engineers work together. This is where the data lake comes in handy. It supports the different types of personas.
Nelson recognized that although there is a lot of good data can do, it is very easy to do data harm. He talks of how important it is for companies to uphold ethics when using data and AI. Due to the importance of this data trend, the public and private sectors should work together in ensuring ethical lines are not crossed.
How to Infuse Data Solutions Ethically
- Recognize data as a collective
- Use tool kits to assess your work
- Use professional companies to provide oversight
- Ensure transparency and autonomy
Data literacy is the future of the workforce and part of the big data trends. The most important thing is providing resources and helping people gain skills to develop. Some of the current skills prioritized in the webinar are client services and critical thinking. On the other hand, data literacy is a skill that employees need to learn for the future.
Organizations should adopt flexible data management and governance. They should provide room for users to tweak the data based on their needs. However, organizations should still ensure privacy and usage regulation.
Equity is necessary for all aspects of life and not only in data trends. Data equity is knowing that the data and numbers derived are not complete. Nelson stressed the importance of having the right people with the right points of view at each step of the data process. This is to avoid unintentional biases.
There are software and mathematical tools that are used to analyze data. However, there is a lot that goes on that these tools can not derive. Therefore diverse inclusion is important in data.
Sukumar Bhasker , VP of IT at Flex shared some reasons for their success with AI:
- Domain knowledge
- Working together
- Setting expectations
- Organizational culture
As Nelson said, companies adopting a data trend from this list are set to see positive improvements. So the question is, are you implementing them in your multifamily company? Why don’t you use the best multifamily AI? Hyly.ai has absolute autonomy and is keen on data ethics. That is why it is trusted by the best such as Lincoln Property Company, Toll Brothers, and many more.