Big data does not just belong in the realm of your IT departments; it has repercussions and applications across all key business operations. Increasingly, firms are realising that the skills needed to take advantage of big data need addressing company-wide.
So, is there a huge rush to create big data management plans in the UK? Apparently not.
One recent study found that the UK is trailing behind countries such as Germany, France, Australia and Russia. Those countries (and more) are all ahead of the game in finding ways to use big data, artificial intelligence and analytical technologies to generate tremendous growth and pinpoint substantial efficiencies.
Teredata’s “Data and Analytics Trends 2017” study, released early March, concluded that almost half of those surveyed in the UK acknowledged that data adoption and analytics are being under utilised by their organisations. The study pointed out that uncertainty surrounding Brexit could be one potential cause (https://www.forbes.com/sites/bernardmarr/2017/03/10/germany-outpaces-uk-in-big-data-league-tables/#71c528ac6f63)
Cost and skills gaps
In another study, UK executives were asked what the biggest hurdle is when tying big data to business strategies, marketing plans and financial auditing and prediction. Many pointed at cost. This is particularly true of the investment needed for effective data capture, but also for ever more sophisticated data security.
However, there is no ignoring the fact that a major issue for UK companies is building the skills base to capture, protect, analyse and apply the huge data sets that are available these days.
Overwhelmed by big data?
To show how colossal and sometimes overwhelming the concept of big data can be, IBM promotes the view that 90% of the data available in the world today has been collected in the last two years. Clearly the technology and sciences to gather, store and sort data are developing rapidly. It really is unfathomable just how far this tsunami of information will go.
Recruitment pool 'battleground'
One thing that is currently finite is the pool of potential recruits with the combination of skills needed to bed big data down in financial teams, marketing departments and the like.
This needs to be addressed in your company quickly, as the UK is beginning to realise what it needs to do to catch up to the rest of the world. This will stretch the pool of available talent even thinner.
The chief executive of the Civil Service, John Manzoni, says the UK needs to start considering the "collection and storage of data as part of our core national infrastructure."(https://www.theregister.co.uk/2017/02/21/big_data_part_of_our_core_national_infrastructure_civil_service_chief_exec/)
Whereas the technology sector that supports banking and financial services – FinTech – has already been described as a “battleground” for talent, with advertised jobs going unfilled. (http://uk.businessinsider.com/hardest-fintech-jobs-to-fill-in-uk-according-to-indeedcom-2017-3)
Clearly now is the time to audit the skills in your company, and start recruiting data-savvy staff across various functions.
The real questions are, can you afford not to and are you willing to be left behind? For more information and advice, follow the link to our Employers Zone or contact us today.