Data Trends and Predictions 2021: The Year of Data Fluency

WebinarNovember 2021

The past year has been tumultuous, with many lessons still being revealed today. The Covid-19 crisis has accelerated digital transformation, forcing incumbent organizations to digitize their processes, modernize their business models, enable data access, and upskill their workforce for a data-driven age (Microsoft). The Covid-19 crisis has also proven the need for everyone to be data-fluent, informed citizens (Dataversity), as data can be used to inform and misinform us on the state of the pandemic.

This year, we stand on the precipice of a great acceleration. Organizations worldwide are looking to increase their digital resilience and become more data-driven in the process. The data science revolution has always made the impossible possible. However, the real data science revolution makes the possible widespread, enabling data fluent organizations and societies, where everyone is equipped with the necessary skills they need to be informed, citizens, and employees.

In this webinar, DataCamp’s Vice President of Product Research Ramnath Vaidyanathan, Curriculum Architect Richie Cotton, and Data Science Evangelist Adel Nehme will go over eight major trends in data infrastructure, skills, and tooling for the next year and beyond.

Summary

In the rapidly evolving field of data science and digital transformation, 2020 was a year of significant breakthroughs despite its global challenges. The pandemic sped up the adoption of digital technologies, providing opportunities and demanding quick adaptation. Large language models such as OpenAI's GPT-3 made important strides in machine learning, showcasing its potential in natural language processing and AI-driven applications beyond text. Simultaneously, DeepMind's AlphaFold made groundbreaking progress in protein folding, signaling a new era in AI's role in biological sciences. Organizations are increasingly incorporating data science into their operations, moving from experimentation to value-driven implementation, as evidenced by a 50% adoption rate of AI in one business function, as noted by McKinsey. The democratization of data is no longer optional, as businesses strive to answer critical data-driven questions across their operations. As Ramnath Vaidyanathan, VP of Product Research at DataCamp, emphasized, "The future of data science is data democratization, where everyone in the organization can answer questions with data." This democratization is facilitated by advances in data infrastructure, MLOps, and data marketplaces, while tools like Jupyter notebooks are expanding access and capabilities in data science.

Key Takeaways:

Machine learning advancements, such as OpenAI's GPT-3, are transforming the capabilities of AI in natural language processing, reflecting data science trends in 2021.
DeepMind's AlphaFold represents a significant breakthrough in AI-driven biological research, particularly in protein folding, showcasing AI development in 2020.
Organizations are shifting from experimentation to embedding data science into business processes for value-driven results, demonstrating the operationalization of data science.
The democratization of data within organizations is essential for successful digital transformation, reflecting the impact of COVID-19 on data science.
Emerging tools and platforms, like Jupyter notebooks and data marketplaces, are key enablers in the democratization of data science and data infrastructure best practices.

Deep Dives

Machine Learning Breakthroughs

The year 2020 witness ...
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ed profound advancements in machine learning, particularly through the development of large language models. OpenAI's GPT-3 stands out with its 175 billion parameters, showcasing remarkable capabilities in tasks ranging from language generation to code creation. This model exemplifies how AI can enhance and automate processes traditionally considered complex, such as natural language processing and media generation. As Adele Neymeh highlighted, the future tools we use will become "more conversational and more point and click," driven by these advancements. The implications of such models extend beyond text, impacting areas like image generation, where AI can create visuals from textual prompts, hinting at future applications in media and design.

AI in Biological Sciences

DeepMind's AlphaFold has revolutionized the field of biological sciences by solving the complex problem of protein folding, a breakthrough likened to the advent of electricity in its potential to transform daily life. This advancement promises accelerated drug development and innovations in protein engineering, with applications extending to environmentally friendly biofuels and plastic-eating enzymes. Such progress emphasizes AI's growing role as a researcher and innovator in fields traditionally dominated by human expertise, setting a new paradigm in how biological data is utilized and understood.

Operationalizing Data Science

Organizations are transitioning from an experimental approach to a more structured integration of data science within their operational frameworks. This shift is evidenced by the increased adoption of AI in business functions, with McKinsey reporting a 50% implementation rate. This trend is driven by the need for businesses to not only develop models but also incorporate them into their processes, ensuring they are ROI-driven and monitored for efficiency. The rise of MLOps, an intersection of DevOps, data engineering, and machine learning, illustrates the industry's focus on deploying and managing models at scale, adapting to changes in data and external conditions.

Data Democratization and Infrastructure

The democratization of data is essential for successful digital transformation, as businesses seek to empower all employees to make data-driven decisions. This democratization is facilitated by the development of strong data infrastructures, metadata management tools, and governance platforms. The adoption of cloud technologies, accelerated by the pandemic, has further democratized access to data, enabling remote work and enhancing organizational resilience. As Ramnath Vaidyanathan articulated, ensuring data is "collected, discoverable, reliable, understood, compliant, and actionable" is essential for leveraging data democratization to its fullest potential.