Being able to collect and use data to take good business decisions is crucial for companies today. As Big Data is becoming a major topic, the demand for data scientists is growing, but talent supply is not as proficient.
As technological innovation allows for an always-growing amount of data to be collected, the ability for companies to effectively use data is crucial, both to improve their own business and also as a means to improve competitiveness. A study conducted by EMC – a corporation specialized in IT services – among the “data sciences” community around the globe, shows a majority of companies do not use data in an effective way, one of the main issue being the lack of skilled data scientists available on the market.
Companies are data aware but don’t use it effectively
According to the study, companies overall underuse data science to take business decisions or understand their customers. One third of respondents said they trust their company can take good business decisions based on new data. Of all the specialists interrogated, only 38% acknowledge the importance of data to get to know better their customers’ needs. When asked what prevents companies from adopting data science, respondents mention the lack of skills (32%), budget (32%), organizational structure (14%), or tools (10%) to integrate it into their strategy.
The “explosion of digital data” brings need for more data scientists
83% of people interrogated consider the “explosion of digital data”, the development of new tools and technology will increase the need for data scientists inside companies. However, according to 65% of respondents, demand for data scientists is growing too fast and should exceed the existing supply of talent within the next 5 years. Jeremy Burton, EVP and Chief Marketing Officer at EMC, declares in a press release that “what's needed to fully realize its value is a vibrant, interconnected, highly-skilled and empowered data science community to reveal relevant trend patterns and uncover new insights hidden within. Indeed, the insights drawn by big data and its optimization are undoubtedly valuable for both for businesses and researchers.