Growing demand for the Data Scientists is booming
Data and Analytics has increasingly become the secret of success in the organisations across the board. Demand for data scientists is booming and at the same time salary of Data scientists are on rise. With the rise of AI and machine learning is the key factor in the dramatic increase in demand for data scientists globally. They are embracing AI or machine learning, which are the hottest technologies out there. This is going to be another trillion dollar opportunity.
Today, service providers are consolidating their big data and analytics (BDA) capabilities into one main service line and are adding AI capabilities to their portfolio to broaden data-related services and compete with their peers effectively. A report says, the supply of skilled applicants, however, is growing at a slower pace. Data Science offers the biggest opportunities to companies to create value and organisations are increasingly prioritizing it to gain market share.
The reality is data scientists are only a small part of an organization's AI strategy. At the same time, the need of Data engineers is at the peak, who understand where data resides and what it contains are also necessary, as are DevOps professionals who can operationalize a machine learning model at scale. As market opportunities explode, organisations are hungry to use data to grow and improve performance. To achieve this scale of transformation, organisations have to make major pivots in terms of data infrastructure, capabilities and talent.
Secondly, the demand for data scientists outstripping supply, hiring Data Science talent poses the biggest challenge for organisations across the board. The report indicates that companies are actively looking to increase their bench strength to capitalise on the growth trajectory, it is imperative for companies and business leaders to invest in training the existing workforce in order to meet their business requirements.
At the same time, Machine Learning and Deep Learning has found use cases across the sector and their applications are now powering product recommendations, language translation, virtual assistants and image recognition. Resulting, 87% of decision makers plan to increase their analytics workforce in next 12 months. This is almost in line with last few years – 2018 (90%), 2017 (87%), 2016 (94%) and 12% leaders say that their current analytics strength will remain the same in the coming year.
Another study suggests, when organisatons move up to the analytics ladder, business leaders have to brace for a new challenge — bridge the capability gap in their organisation. Enterprises have to work towards building the next-gen workforce that has the skillset to support new business models and drive better outcomes. As business leaders explore new capabilities, they require expertise to scale digital efforts. The C-suit are planning a core strategy and investment outlook to see on how business leaders are using data and analytics to redefine the future value chains related to products, business models and the current market.
Today’s data-driven roles have different problems may require different skillsets. Most organisations are cultivating talent in-house, but what’s required is a holistic, multi-pronged approach to build industry-relevant skills and competencies. The need of the hour is to invest in high-impact programmes and certifications in order to meet their business requirements.
Lastly, organisations working with technology incubators, startups and external business partners to gain access to proprietary technology platforms, IP and in-demand talent. External collaborations also allow them to gain critical digital competencies, expand their business models and scale fast.
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