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Every Organization Needs an Expert Data Team – But At What Cost?
March 28, 2016 News

According to the 2016 25 Best Jobs in America report by Glassdoor, a Data Scientist is the best job in America. The study reports that there are 1,736 available data scientist positions and excellent career opportunities.

Although data scientist has now been officially crowned the most desirable job in America, it has unofficially held the title for a few years. In October 2012, the Harvard Business Reviewnamed the data scientist position as the sexiest job of the 21st century due to the success of glamorous social media sites like LinkedIn and Facebook which owe their success to the effective harnessing of data analysis. This quickly led to thousands of startups clamoring for data science expertise. Established companies soon followed and the model of the in-house data science team was born.

The problem is that not every organization can afford one. Glassdoor’s surveys place the median base salary of a data scientist at $116,840. This involves computer science, statistics, engineering, modeling, math, and programming. In addition, these data scientists must also possess business acumen and the ability to communicate with IT leaders and executives. The data scientist tames Big Data and transforms it into actionable insight that delivers true business value which, hence, makes them so highly prized.

As companies around the globe have embraced analytics, the demand for expert data scientists has increased at a rapid pace.

According to McKinsey Reports, the situation is only going to get worse. By 2018, the United States will experience a shortage of about 190,000 skilled data scientists. With an estimated 40,000 exabytes of data expected to be collected by 2020, up from 2700 exabytes in 2012, the implications of this shortage become apparent. Further driving this explosion in data collection, and the demand for skilled practitioners, is the wide range of economic sectors that will leverage big data analytics in the next decade, including retail, manufacturing, banking, healthcare, and government services.

It is quite clear, therefore, that high salaries and heavy demand will bring about a situation when only the richest organizations will be able to afford to hire a complete team of data science experts.

One solution is provided by Dataiku, maker of the predictive analytics software platform Dataiku Data Science Studio (DSS). Dataiku DSS makes it possible for organizations to reap the benefits of data science thanks to a collaborative interface for both expert and beginner analysts and data scientists. Dataiku offers a complete and accessible advanced analytics software platform that leverages all the tools and technologies required to develop a data research and development department that can build data-driven solutions to improve business.

Dataiku is guided by the belief that to succeed in the world’s rapidly evolving data ecosystem, companies – no matter their industry or size – must continuously reinvent & deliver innovative data products.

With this in mind, their mission is to provide all organizations with the technological environment that will enable their teams to effectively dispense the data innovations of tomorrow.

 

This article was originally published on josic.com and can be viewed in full here

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