Value of Investing in Business Analytics
April 26, 2021 by Team SetConnect
Demand is greater than ever driven by the acceleration of the digital era. Innovation and technological advances in software and hardware are driving new opportunities. Every organization is impacted however, Data Science and the analysis of business problems and opportunities is leading the way to AI, ML, Cybersecurity and a growing set of innovations we read about daily.
Can we leverage the tremendous knowledge in the current employee base who hunger for growth opportunities? Can we find ways to offer new routes to learning for our existing workforce so we can tap into experience while preparing for the future? Learning centric organizations are most likely to outperform their competition as they up level existing employees. The health of organizations does also relies on recruiting new talent as a way to diversify the workforce. Let’s center on the value in investing in learning centers of competency in Data Science and Business Analytics.
Our goal is to emphasize three points and why investing in Data Science and Business Analytics changes the game. AT SetCONNECT, we are focused on Value Creation by.
Closing the talent gap in Global Data Science and Business Analytics
Creating a culture of learning and career growth through Centers of Competency (CoC)
Storytelling as a complement to every employee’s competency
McKinsey’s global survey of more than 800 executives reveals that companies are prioritizing business building for organic growth, launching new businesses at an accelerated rate and, in turn, growing faster. The strongest companies are also reinventing themselves through new operating models, capitalizing on this malleable moment and the resulting spread of agile processes, nimbler ways of working and increased speed and agility. Upskilling and reskilling in more versatile ways can also help companies meet undefined needs. A McKinsey global survey finds that:
According to the US Bureau of Labor Statistics, around 11.5 million jobs will be created in data science and analytics by 2026. The application of data sciences is exponentially growing to address new trends in AI, ML and Data Engineering. Less than 5% of college students take courses in Business Analytics, much less complete a program in the field. Not only did IBM predict the demand for data scientists would surge by 28% in 2020, but the Bureau of Labor Statistics considers data science in the top 20 fastest growing occupations and has projected 31% growth over the next 10 years. Additionally, Gartner projects worldwide IT spending will increase from $3.9 trillion in 2020 to $4 trillion in 2021. Data from the recruiting firm Robert Half shows that 69% of IT managers in the first half of 2020 intended to grow their teams in areas like cybersecurity, cloud computing, business intelligence, database management, and DevOps, but 86% had a challenging time finding talented professionals. This indicates a discrepancy in the needs met and potential opportunities waiting in 2021. Adding to this, IDC predicts worldwide AI investment of $77.6B in 2022.
The next generation of transformational innovation will be driven by companies who understand data and how to excavate data types leading to deeper analytics and smarter decision making. The uniqueness of Business Analytics and Data Science is proliferating around the globe in universities and corporations as a cornerstone of competitive advantage. However, most of our workforce is not ready for the next generation of technologies or how to think in preparation of digital transformation. Data analytics is at the center of this revolution. By transforming an organizations’ internal skills, gaps would be closed by investing in the creation of centers of competency. A CoC can form the internal learning model for employees to advance skills and bring greater value to the business while enhancing their careers. We make the argument that the study of data by way of a CoC will ensure higher levels of success and integration between teams. Employees want equity in skills and learning opportunities. Corporations should enhance their budget cycle to invest in future growth enabled technologies and programs. Talent development extends into treating employees as highly valued talented leaders of the future. It’s an operating culture. It’s making everyone’s work life more interesting and engaging. As such, it is now time to implement career growth and reskilling programs for all employees. The Pandemic has introduced this need greater than ever to ensure an organizations health is measured through equitable learning and growth opportunities. Through the up-skilling of data science and analytics, business can begin to realize human potential through new innovation, new growth opportunities simply by enabling people to think more broadly for organizations.
Some years back a colleague of mine, Bela, once told me his view of the greatest problems in organizations past, present and future and where we break down is in our use of language or lack of storytelling skills. Communication comprises a growing % of the ability to drive outcomes. Along with data science and modeling skills, storytelling and the use of the language of business can make significant differences in organizational buy-in and value creation. “Meet them where they are and take them where they want to be”, as they say. Through the power of language, we can drive clarity in the problem we set out to solve, influence of new ideas, and elevate of business value attribution to storytelling in combination with the Data Science Capability. Every organization or University should combine and invest in Story telling along with the breadth of specialized options in Business Analytics. Imagine combining the Data Science COC with a Story Telling COC – it changes the game.
Combining Data Science and Business Analytics competency with the story telling skills from business analytics fosters clarity in a growth centric culture. Creating a Center of competency serves this mission and can be implemented in phases that fit an organization’s needs. Expanding talent and skills can be based in a maturity model ranging for basic foundations in business analytics to deep dives in data science and machine learning models.
In the end, the goal of learning centric organizations in this area of data sciences and the specialized business areas of analytics will result in competitive advantage and clarity in problem resolution. One of the toughest problems is to drive clarity in vision, mission, business problems, growth opportunities, and gap analytics.
Clarity can often and easily be made ambiguous. Let us create a culture of learning and clarity with Business Analytics with Data Science capabilities to help the entire organization grow together and thrive.
Connect with US, Elevate your Career, Lead the Future Sources  McKinsey (2020). To emerge stronger from the COVID-19 crisis, companies should start reskilling their workforces now. Retrieved from: https://www.mckinsey.com/business-functions/organization/our-insights/to-emerge-stronger-from-the-covid-19-crisis-companies-shouldstart-reskilling-their-workforces-now  https://lambdaschool.com/the-commons/data-science-job-growth-in-2021-and-beyond