The volume, velocity, and variety of data are growing at a meteoric pace. The IDC predicts that by 2020, the total amount of digital data created worldwide will equal 44 zettabytes. But by 2025, that will rise to 180 zettabytes of data ballooned by the growing number of devices and sensors. Need a visualization of a zettabyte?
In response to the data rush, McKinsey estimates there will be four million data-related job openings in 2018, as well as a shortage of 140,000 to 190,000 data scientists. While automation is set to help with or take over much of the mundane work currently taking up much of data scientists’ time, in the future with the rise of real-time enterprises, almost every role will require some data skills.
In a BHEF and Gallup survey, 59% of employers said data science and analytics skills would be required of all finance and accounting managers by 2020; 51% said these skills would be required by all marketing and sales managers; 49% said they would be required of all executive leaders; and 48% said they would be required of all operations managers.
The current lack of skills and data and analytics access by many in the enterprise is having a noticeable effect on business acceleration. In a recent survey conducted by IDC, 75% of executives said a lack of timely access to data is inhibiting their business opportunities; 54% said it is limiting operational efficiency, and 27% said it is impacting productivity and agility.
So What’s a Data-driven Organization to Do?
In order for organizations to have the talent and business agility necessary for today and tomorrow, immediate considerations should include:
- Upping the ante on data science and analytics talent acquisition efforts today
- Growing talent and skills in house with new or expanded training and education
- Keeping talent happy and engaged as the competition for skills heats up
- Investing in both AI, and people with the skills needed to teach others and manage the technology
We’re about to get access to all the data we could ever wish for - and much, much more (180 zettabytes). We’ll need all the technology and the talent we can get to keep up. Time to get started.
Interested in empowering more of your employees with data and analytics skills? MicroStrategy offers Jump Start, a free five-day program designed to build practical skills and knowledge. Learn more here.