Talent on the (analytics) job
Navigating the analytics talent gap in the new year
A blog by John Lucker, Principal, Deloitte Consulting LLP
Amid estimates of a 190,000-worker shortfall for deep-tech analytics skills over the next four years, and a 1.5 million resource gap for data scientists and management-level analysts, it seems that an analytics talent crisis may be looming. Companies are faced with a growing number of analytics initiatives, many times without the right talent to oversee and execute on them.
Managing your way through this talent gap requires an understanding of two critical analytics roles: the data scientist and the senior-level analytics leader. On the front lines of analytics are the data scientists–dubbed this century’s sexiest job. Sought after data scientists would not only be well versed in statistics, predictive analytics, and mathematics, but they also possess a deep understanding of your industry and business. They can design and test predictive models, and at the same time create stories from data and interpret results to decision makers.
As analytics climbs the corporate ladder, new roles are emerging. Chief Analytics (and Data) Officers are joining the C-suite even as lingering questions about elevating analytics to the highest ranks of the business remain: Can’t CIOs, CFOs, or even CEOs handle analytics at the management level? Are analytics executives able to deliver new insights? And if they do, is the business prepared to execute on them? At the same time, the decision to elevate analytics to the highest ranks of the business is itself a powerful move–one that reflects a move toward a fact-based culture.
As organizations grapple with analytics skills, resources, and related organizational structures, the key is not to overdo it. Many budgets have been drained by over-investing in the wrong–or too many–analytics resources. Investigate aggressively and move prudently to obtain the right mix of analytics skills to support your business objectives.
For more on what to expect from talent in the ranks and in the c-suite this year, explore Deloitte’s interactive infographic, Analytics Trends 2014.