In just a few years, big data technologies have gone from being science-fiction wishful thinking to becoming a key asset for the digital-age enterprise. According to a new study from The Economist, Big Data Evolution, “since 2011, a significantly larger proportion of companies have come to regard and manage data as a strategic corporate asset,” and big data has transformed from a mere possibility to actually solving real business challenges.
Not only are organizations developing and executing big data strategies to effectively apply their data and analytics to resolve real and relevant business problems, The Economist survey also found a clear correlation between managing data strategically and achieving financial success. This is fantastic news for companies that have fully embraced the relevance of data to their corporate strategy and competitive success.
Interestingly, in this boom of big data, where more companies are finding value in its application, those same companies are struggling to hire the experienced data experts needed to manipulate all that corporate data and reveal valuable insights. Some researchers say as much as two-thirds of companies that possess advanced analytics capabilities cannot hire enough people with the ability to generate valuable insights from corporate data.
One suggestion for companies that are having a hard time hiring the right analytics talent is to focus on building out their big data infrastructure and prepare their data for analysis. With the emergence of tools such as Cassandra and Cloudera, the potential to develop big data infrastructures and process large amounts of data has increased dramatically. Even if you don’t have the staff in-house, there are a number of third-party providers who can help you in this process. Working closely with a third party helps ensure your big data strategy is in line with your business goals and also allows you to start to embed analytics knowledge across an organization. In this “if you build it, they will come” scenario, developing a big data culture within an organization by establishing a big data strategy and developing the necessary infrastructure for success will entice higher-level, more experienced data analysts to join your team.
As corporate data sets continue to grow over the next five years, the demand for talent analysts to process big data and weed out the bad information will grow as well. Organizations will need to have a big data strategy and infrastructure in place, as well as skilled staff and trusted partners to ensure they stay ahead of emerging technologies and techniques. Only then will companies be able to find applicable value in their corporate data.