How big is big data? It’s a term that's thrown around a lot nowadays. But why? Basically, we create about 2.5 quintillion bytes of data each day to put that in context. If all that data was stored on top spec iPhones and they were laid end to end, it would reach to the moon and back.
In the last 2 years alone, it’s estimated that as much as 90 percent of the world’s data has been created.
This is both amazing and terrifying in equal measures. Data takes many forms; both structured in the form of sales records and, unstructured in things like customer feedback forms.
We are all told on a daily basis that data is great, but with the volume that companies are currently collecting, can we really be interpreting and taking effective actions accordingly?
Data needs to be controlled, managed and interpreted for it to become a valuable business tool. To be of a real advantage for any company, it needs to be thoroughly investigated - digged deeper into the core of it- to understand the the precious insights that it offers! Ulitmately, helping to gain that all important competitive advantage.
With all these sprawling data streams strew across a company, it can seem like pulling them together to provide actionable insights is almost impossible. An increasing number of companies are already taking the next step and employ Chief Data Officers (CDOs). It's predicted that over 90% of large organisations will have appointed someone into roles of this nature by 2018.
The real problem with this, is the scarcity of people to fill these roles with in an effective way. Particularly because a CDO position covers a broad remit of skills including data governance, decision-making and interpersonal skills, as it requires cross-dempatmental collaboration as well as crucially driving real value to the business.
So the problem remains... Where are all these humble, inquisitive, motivated data-driven geniuses full of business acumen are going to come from? We have to take actions now to ensure we grow and develop the next generation of Data Scientist, Analysts and Engineers TODAY!
Where does the journey start?
For many businesses taking the first step can already feel like an impossible task. The digital skills gap is being felt by all and it's clear that in a post BREXIT world, we will need to focus on significantly upskilling our high potential young talent to help them grow into these roles and to prevent the further loss of our economy's competitive advantage.
So who do I hire?
Traditionally people say let’s look for maths, science and engineering graduates and, sure, that’s half the battle, but there is a huge gulf between mathematical ability and being able to investigate actionable insights from huge data sets. As a data scientist, the next generation of business leaders will need to work closely and collaborate with other data scientists and engineers. They need to be effective communicators to complete a mixture of project-focussed work and exploring new data sets whilst working with generalised tools. So back to my point about creating them, we work with high potential graduates and equip them with all the latest tools and methods they need to develop into your next CDO.
If you want to find out exactly how we do this, let's have a chat!