Today, data is regarded as one of the most valuable assets in the digital economy, often touted as the “new oil” for its vital role in the implementation of artificial intelligence, predictive analytics, and customer personalisation.
In order for most companies to operate effectively in the digital business landscape, it is vital that they work effectively towards improving their data discipline in order to close the data skills gap.
Why is data so important to business today?
Poor data management can have a serious impact on company profits. While companies invest significantly in data collection, this investment is ineffective without proper data analysis.
Many companies are suffering from poor data management skills which result in the loss of valuable time that could be allocated towards product development in order to achieve sustainable business growth. Companies can derive significant benefits from providing a comprehensive data management and analytics programme which improves their overall efficiency.
In order to get the highest value from real-time data and large data sets, organizations need to focus on their data skills. Improving these skills will allow companies to enhance their operations through data insights, while training will result in more robust data architecture and faster analysis.
Organisations should regard data as a critical resource from which as much value needs to be extracted for their stakeholders.
Furthermore, the insights gathered from efficient data analysis will allow companies to build successful growth strategies going forward.
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Forming data teams: Job roles and required skills
Though a relatively new field, many companies are establishing data teams dedicated to data collection, management and analysis. In order to derive the most business value from these teams, it is vital that employees are trained in data analysis in order to prevent wasting precious business resources.
For the data function, these four distinct roles can help fill out an organization’s data team:
- Database administrator
- Data analyst
- Data scientist
- Data architect
These data functions clearly show that companies are focussed on improving their analytics capability.
Finding data specialists: Is there a data skills shortage?
Despite the fact that data specialisation is a relatively new field, most companies in 2021 are seeking more mid-level data specialists than in any other emerging profession. The high demand for this special set of skills indicates a gap that will only be closed by well-defined entry-level roles from which candidates can grow their skillset using in-company development and training.
In order for companies to effectively use the huge amounts of data which they have amassed, efficient data analysis must be applied as fast as possible in order to improve customer satisfaction and ensure sustainable business growth going forward. This goal will be best achieved when the fast implantation of data analysis is prioritised alongside skills development.
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