It's no secret that data scientists and analysts are in demand. For the thousands of companies looking to hire a data scientist, the line of requests is growing faster than the new ride at any amusement park. A quick search on LinkedIn or Monster returns thousands of job postings seeking highly skilled data scientists across enterprises worldwide. After being labeled "the sexiest job of the 21st century" by Thomas H. Davenport and D.J. Patil in their Harvard Business Review article 2012, all eyes are focused on this highly coveted position. Unfortunately, there are not nearly enough trained experts to go around and the talent gap widens.
Over the past two years, the disparity between supply and demand has exploded as Big Data becomes mainstream technology and everybody is scrambling to figure out how to use it to their advantage. In 2012 Gartner estimated the talent shortage to be 100,000+ people through 2020. That number continues to expand as most companies are now aware that data-driven decision making is critical to success.
How did we get here? The economics of Big Data is what's making it so enticing. According to industry experts, the cost for Big Data is typically 20 to 50 times cheaper than traditional data warehousing technology. With open source software like Hadoop, Apache Spark and SAP Hana the low cost of gathering and storing data continues to feed the frenzy for data providers, while the ability to analyze and benefit from it continues to elude even the most seasoned organizations. A recent Data Science report by CrowdFlower revealed:
- 83% of data scientists polled feel that there is shortage of data scientists today
- 60% said they spent most of their time cleaning and organizing data
- And still, 4 out of 5 data scientists feel really positive about their current gig
Relational Solutions Inc., a Mindtree Company and leader in Analytics, Business Intelligence, and Data Integration has seen it firsthand. Our customers are grappling with ROI, Trade Spend Optimization, Out-of-Stock, and Replenishment issues. Much of this in an effort to keep up with the changing landscape of today's omni-channel consumers. The need to better understand what is influencing shopper behavior is forcing analytics to the forefront. As a result, the market is seeing a severe shortage of data scientists and business analysts in the areas of sales, marketing, supply chain, and financial analytics.
Mindtree has recognized the need in this area and in the past year, since the Relational Solutions acquisition in 2015, we have put together a program to address this need. Cleveland is now Mindtree's COE, Center of Excellence, for analytics. We have hired more people, doubled the size of our office and to help fill the talent gap we are now taking our service offerings to the next level with Analytics as a Service.
In addition to offering the integration services and report set up that we have offered for over 20 years, we will now be offering analytics as a service that not only gives insights but also provides predictive outcomes and prescriptive recommendations. Analytics will be provided across all industries. For consumer goods manufacturers we will offer several levels of analytical services including predictive and prescriptive analytics.
If you are one of the many still waiting in line for the next available data scientist, we would like to offer you a gateway to insights. Our data experts, tools, and best practices are in place to deliver the intelligence you are looking for. Chat with our team today.