Saturday, 8 October 2016

How to manage the widening gap in data skills

More data has been created in past few years than in entire history of humankind, leading to an unprecedented digital data explosion worldwide. Many of the bigger companies have already invested in or are in the process of investing in the harnessing of this big data. However, today, companies are finding it increasingly difficult to turn all that data collected into valuable and useful information that will aid them.

A key obstacle is the lack of people with the right analytics skills. To leverage big data, companies will have to overcome the skill gap existing in today’s talent market. This requires not just investment, but also co-operation and communication between various players in the big data field. You need to take steps to make sure the boundaries of your businesses aren’t limited by the widening gap in data skills.

When assessing today's widening skills gap, it all comes down to the equation between basic supply and demand. Some of the ways by which businesses can help in closing the skills gap are-

·  The collaborative partnership between companies and universities is  increasingly becoming pertinent in the current scenario. Offer to partner with colleges and work with their students to help them learn about the challenges in the field of data analytics.

·  You might already have people on your team who have the skills for big data analytics. Keep your eyes open for people who have an understanding or affinity for analyzing data results, and encourage employees who are interested in big data.

·  Invest in automation and new technologies might cost initially, but ensuring the of availability best technology to hire and train staff will serve you in the long haul. Companies should also automate most of their routine processes in data analytics to save money and effort.

·  You should offer salaries that are competitive with what they can command in other sectors. The widening gap can also be attributed to the unwillingness of employers to pay attractive price for the skills they require.

·  The business ecosystem concept is gaining renewed attention in the age of data explosion. Co-operation and co-ordination with other players in the business ecosystems can be used to facilitate innovation, and to solve wider problems in the field of big data analytics.

Big Data is big news. It is the next big thing that is set to revolutionize the way you approach and conduct business. The biggest challenge facing most organizations with big data initiatives is the skills gap. At this juncture, most businesses would probably benefit by combining several of the above approaches to solve the data skills gap. The aim of every organization should be to facilitate a fully functioning analytics program in place. By being foresighted in your policies, persistent in your approach and sensitive to the demands of the labour market, you can definitely succeed in finding the right mix of people for your data analytics team.

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