The majority of businesses have woken up to the importance of big data. Companies collect massive amounts of information on their consumers and potential consumers and this raw data is invaluable. Not only can this information be used to ascertain the current climate surrounding the company but it can actually be used to predict future patterns. This may sound like the perfect opportunity for businesses to stay ahead of the curve however many organizations are failing to utilise big data in any significant way- for a number of different reasons.
Before we get into the issues of expertise and resources, we need to point out that some companies simply refuse to utilise big data to its fullest potential. Many business owners cite the same reservations when it comes to big data, namely accuracy, expense and the actual usefulness of the data itself. For example, companies are worried that the data they do collect will not be completely valid and even if they do want to use it, it will be too expensive to go through the process of collecting, storing and analyzing the data.
Although these issues are still held by many business owners, it does seem like the majority of companies are waking up to the wealth of benefits that big data have to offer. Unfortunately, even when companies want to embrace the full potential of big data, they are hitting a wall when it comes to data analysis, due to a lack of skills within the industry.
A study by Forbes Insights and Dunn & Bradstreet found that even when companies are using big data, they aren’t adopting complex analytics. The study showed that 23% of companies are still using a spreadsheet as their main tool for data analysis, 17% only use basic dashboards and 19% use basic data models and regression. What this shows is that there is a severe lack of expertise when it comes to data analysis and many businesses are losing out on the potential benefits.
The main problem is that more and more data is being collected but the amount of data analysists available to process this data isn’t increasing- therefore there is a shortage of talent. In fact, 40% of companies have admitted that they find it difficult to find and retain data analytics talent.
We have seen an increase in higher education offering courses that will train people within this area, however it isn’t producing enough professionals to match the massive demand.
The use of data is only going to increase in the future, therefore this problem isn’t going away. It also seems like many companies are taking more of a holistic approach towards data analysis. Instead of expecting everything to be done within the IT department, some businesses want all of their employees to have at least some knowledge within this area. This is actually a very forward-thinking idea as it’s likely that in the near future, data analysis and projection is going to be much more common in every office.
So, what can businesses do in order to combat the lack of talent? The short answer is to invest in the future. As well as recruiting from universities and colleges, they also need to make the career path attractive and this can be achieved through internships, benefits and student projects. It’s obvious that the current infrastructure isn’t large enough to produce the number of analysists required by the industries, therefore business owners should look into creating their own infrastructure. This mean supporting talent throughout the entire process, from their first day as a student, all the way up to their position in the workplace.
The corporate world is changing dramatically and whilst some jobs are falling by the wayside, other careers are popping up to take their place. It’s becoming more and more obvious that data analysis is position that is only going to become more important in the future and now is the time to lay down the foundations.