By Itamar Ben Hemo, CEO of Rivery
There has never been a better time to have (or learn) data skills. Data analysts and data scientists are one of the fastest-growing job roles globally, according to the World Economic Forum’s ‘Future of Jobs’ report. The reason why is clear; data science powers everything, from discovering new drugs to optimising shipping routes to leveraging investments. No sector is untouched by the power of data.
For business leaders, though, this poses a problem. Businesses in every industry now need to recruit people with hard data skills, but talent is in short supply. Almost half of businesses (48%) are recruiting for such jobs, but 46% are struggling to do so, according to British Government statistics. The problem is set to get worse, with demand for data scientists rocketing around the world over the coming decade. For this reason, business needs to adapt, and fast.
Failures to train
One reason why relates to the lack of adequate training. Jobs such as data scientists require a background in computer programming or data modelling, and professionals have to either have an education which delivers these insights, or have done a course to gain the skills. Thus far, many businesses have not stepped up to the challenge. Half of workers say they have had no training in data skills, despite considerable interest in undertaking such training, according to the Department of Culture, Media and Sport.
To address this, training must become a key part of the agenda, upskilling employees to get to grips with its data. The purpose and direction comes from the leadership, then filters down across the team and business to ensure everyone is connected together. If businesses grab the opportunity head-on, then the long-term benefits can be seismic and exponential for the team.
Lowering administration time
Another problem is that data scientists are often spending their time on valueless ‘grunt work,’ which means they are not using their time finding valuable business insights. Often, multiple teams with different skill sets have to work together just to get data ready for analysis. This means even more waiting, and even more wasted time, that draws away from more productive work.
Technology can help organisations cut the grunt work down. For example, data management platforms help to remove the friction around data integration, so that data scientists can spend more time deriving insights from the data. This means that data scientists can spend more of their time analysing data and generating the insights which empower a business and drive growth. We are also seeing a new role which closes the gap between the business side and IT: the Analytics Engineer. Analytics Engineers don’t spend their time on difficult computer science problems, but have enough technical skills to transform data and document it for business users.
Addressing the data talent gap
Ultimately, the tools and training empowers talented professionals to analyse and use the ogranisation’s data. Tools are also increasingly gravitating towards a no-code user-friendly interface to broaden their appeal among non-technical users. Because of this, there’s a growing expectation for all employees to have a basic understanding of managing and interpreting data. In the 1990s, workers had to be proficient with Microsoft Office; today’s workforce (and tomorrow’s) will be expected to be data literate.
Implementing these changes comes down to the leadership of the business. The best leaders have a robust technical understanding of the business, combined with the strategic mind to unlock the value of data-driven business insights and inspire the workforce. When handling data becomes faster and easier over time, the human factor will be key to effectively using data in the future. This has to start right at the top, supported by the right tools, training, and mindset to address the data-led future.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.