Improve your data literacy
Keep innovating

The top 5 trends in data and analytics for 2023

Looking to stay ahead of the curve in data and analytics for 2023? We cover everything from the phasing out of third-party cookies to the rise of SSI, the quest for return, composable technology and the endless search for the unicorn. The world of data is evolving rapidly. Join us as we explore the top 5 trends in data and analytics for 2023.

The year of the crumbling cookie

The prediction of Strategic Business Consultant Peter Vertongen for 2023: The Year of the Crumbling Cookie. Phasing out the third-party cookie is slow, but eventually the third-party cookie will be a thing of the past. The good news: we know the impact of the third-party cookie is crumbling so you have time to consider alternatives to target your audience. 2023 should be the year advertisers take back control.

Server-side tracking is becoming increasingly important in the era of crumbling cookies. With server-side tracking, businesses can collect data from their own domain instead of relying on third-party cookies. This can help businesses maintain control over their data and better understand their customers' behavior. In addition, server-side tracking can be more secure than third-party cookies, which can be vulnerable to hacks and other security threats. By implementing server-side tracking, businesses can improve the accuracy and reliability of their data, leading to better decision-making and more effective marketing campaigns. Discover if you should consider server-side tracking as an alternative.

The year of SSI (Self-Sovereign Identity)

According to our Head of Innovation, Nicolas Lierman, 2023 will be the year of self-sovereign identity (SSI). Self-sovereign identity (SSI) is a concept that allows individuals to own and control their digital identity and personal data. With SSI, users can selectively share their information with others without giving up control over their data. This is in contrast to the current model where third parties like social media platforms or advertising companies collect and control user data.

Implementing SSI has several benefits, including increased privacy, security, and transparency for users. It also provides businesses with a more ethical and sustainable way to collect and use customer data, as it puts the control back in the hands of the user.

As the world shifts towards a more privacy-conscious and user-centric web, SSI is poised to play a major role in shaping the future of online identity and data management. Web3 and SSI will not only have an impact on how you collect data or gather consent, but it will revolutionise the way companies interact with their customers. At MultiMinds, we believe this will lead to a positive change in digital marketing. Are you ready for 2023? Let MultiMinds help you prepare for the future.

The year of the quest for return

According to the co-founder and managing partner of MultiMinds, Siegert Dierickx, 2023 will be the year of the quest for return. The trend of the quest for return emphasizes the importance of measuring the return on investment (ROI) of data projects in order to optimize investments and make better decisions on resource allocation. However, calculating ROI can be challenging, especially when it comes to quantifying the value of soft benefits such as improved experience or decision-making.

Successful businesses understand the importance of investing in data. The best way to ensure that your investment is worthwhile is to evaluate its return. Here are 5 factors that will help you determine whether or not an investment in a CDP platform, server-side data collection approach, or dashboard projects has a positive ROI.

There are several pillars to consider when measuring the ROI of data projects.

  1. First, cost savings can be achieved by automating data processes and reducing the costs associated with manual data entry and validation.
  2. This is closely related to increased efficiency, which can be achieved by automating communication flows within the customer journey using a Customer Data Platform.
  3. Furthermore, data projects can help businesses identify new revenue streams or improve existing ones by providing a more complete and accurate view of customer data.
  4. Additionally, improved decision-making can be achieved by providing more accurate insight and analysis of media performance and advertising strategies.
  5. Finally, compliance and data governance are crucial in measuring the value of data projects in terms of data accuracy, completeness, and security.

The year of composable technology

The predicition of our Managing Director of the UK, Iain Murphy: 2023 will be the year of composable technology. Composable technology is all about using modular and flexible pieces of technology to build a platform that can evolve and improve over time, while still providing a seamless and transparent customer experience. This approach reduces the cost and risk of disruption associated with overhauling an entire platform, and allows companies to operate a legacy system alongside a composable one.

Here are our 4 principles for ensuring the best possible outcome for your business success:

  1. Composable architecture is built around modular pieces that bolt together in the most suitable way for a business' needs.
  2. Composable architecture has game-changing potential.
  3. Composable is creative, not destructive. The flexibility of composable architecture makes it perfect for companies with a test-and-learn, “fail fast” ethos.
  4. Composable allows a constantly evolving user experience.

To get started, companies should evaluate their current platform architecture and identify areas that are not working effectively. They should then research the best available technology solutions that fit their needs and goals. Lastly, it’s important to keep the end goal in mind, which is to provide a positive customer experience. The technology stack should be chosen in a way that allows the company to continually evolve and improve the customer experience without being constrained by technology limitations. By following these steps, companies can build a successful and sustainable composable platform.

The year of the endless search for the unicorn

In our latest video on the top 5 trends in data and analytics for 2023, Philippe Vlaemminck, co-founder and managing partner of MultiMinds, discusses the challenges companies face in today's fast-changing marketing landscape when it comes to attracting the right talent. 2023 will be the year of the endless search for the unicorn.

With new tools, techniques, and demands for diverse skillsets, organizations need to define the problem, break it down into manageable parts, analyze each component, and develop solutions that consider all stakeholders' perspectives.

The search for talent will continue to be a challenge for companies in 2023. To attract and retain top talent, companies should focus on defining the problem, implementing effective employer branding strategies, offering competitive compensation and benefits packages, and investing in talent development and growth opportunities. Additionally, partnering with external specialists can close the skills gap in data and analytics. At MultiMinds, we can help fill in these gaps, so don't hesitate to reach out for a chat.