Data underpins the modern economy. Every single day, Experian processes more than 100,000 applications for credit cards, mortgages, loans and current accounts and more than 500,000 soft searches, helping individuals take control of their finances and protecting their credit report at the same time.

But data itself is constantly changing and evolving. As we head into 2020, businesses and organisations need to be fully prepared with a comprehensive strategy in order to take advantage of the opportunities that harnessing the power of data can bring.

How data is transforming 

There are several factors which will bring a significant transformation in data as we head into a new decade. These changes – and how organisations adapt at dealing with them – are critical in implementing a successful innovation strategy.

Open Data is already transforming the way businesses work. Open Banking is emerging around the world, giving customers a fuller picture of their finances, empowering them to take the best decisions for them and their circumstances. The potential of consumer contributed data and the value that both organisations and consumer attribute to that change will be the driving force in data innovation and management over the next 10 years.

Technology transformation is also taking place at break-neck speed. By 2025, 2.5 billion more people will have access to the internet, while a remarkable 75 billion internet-connected devices will be in use.

The introduction of 5G will herald a new wave of innovation. Delivering speeds 10 times faster than the current 4G next work, 5G will help drive a host of technological advances that previously would have been impossible. There is widespread about confidence about its potential – two thirds (65%) of all industrial companies are planning to implement 5G within two years of it becoming available.

We anticipate Machine Learning and Artificial Intelligence will mature and become a common strand of data management – but in some respects the future is already here. By 2021, 15% of all customer service interactions will be dealt with by AI, while spending on the technology is expected to total more than $35 billion.

A responsible data strategy

As consumers become familiar and comfortable with contributing their own data, accessing these new range of services, it’s crucial organisations ensure their data strategy is built upon the foundations of transparency and ethics.

Using the pillars of honesty and integrity to inform your strategy helps to bolster your reputation in the minds of your customers, while also fostering a culture of openness and accountability within the organisation.

As data transforms and touches ever-more parts of our daily lives, organisations’ data strategy can help deliver profound change to societies in a way not seen before.