Organizations are increasingly witnessing the business benefits of data science. One case study is that of Netflix, which has developed a successful business model based on machine learning algorithms. Further, companies like Amazon and Google are also driving customer engagement using data science.
How Does Data Science Impact Business Users?
By analyzing customer reviews and market trends, data science is helping in building user-focused products. Data-driven business intelligence is also enabling smarter business-related decisions.
Non-technical or business users can leverage the capabilities of data science tools to extract valuable insights and drive their business operations. However, a lack of technical skills is hampering the involvement of business users in using data science technologies.
The 2019 Big Data and AI survey by NewVantage Partners found that data-driven organizations declined from 37.1% (in 2017) to 31% in 2019. About 72% of organizations were yet to build a data-driven culture. 53% did not treat data as a valuable business asset. And 77% of executives said that business adoption of Big Data was a major challenge. Fast forward to the 2021 Executive survey by NewVantage Partners, and still only 24% of the organizations affirmed to have nurtured a “data-driven organization.”
For a successful business adoption, the major challenge for organizations is not related to technology. Over 90% of executives cite “people and processes” as the biggest obstacle.
As a result, most business users continue to perceive data science as a technology tool rather than a business tool. Next, let’s see how Ellicium’s data science services are making it easier for technology solutions to be consumed by business users.
How Skills Shortage Is Impacting the Adoption of Data Science
Similarly, a Gartner TalentNeuron survey found that 53% of companies are unable to identify the technology skills they need for digital transformation. In response to the impact of the global pandemic, organizations have “fast-forwarded” digital adoption in the post-pandemic phase.
The Gartner TalentNeuron survey also found that organizations (outside the technology domain) are hiring more technology workers than core technology companies. For instance, the number of jobs in data science & analytics in IT functions increased by 88% in 2020. However, the same job postings in business areas increased at a higher rate of 106%.
More organizations are looking to acquire the available talent pool of data professionals to make accurate business decisions. With the existing shortage of available skills, the industry demand is expected to outgrow supply for many more years.
How are companies responding to this shortage? It includes a range of tactics, including:
- Reskilling their existing workforce for advanced data skills.
- Focusing on recruiting data analytics professionals.
- Fostering strategic partnerships with professional data service companies.
Organizations are also looking to build data science solutions that make it easier for business users to extract valuable insights. Let’s explore the how(s) of the same in the next section.
How Ellicium’s Data Science Services Can Help Business Users
Over a decade ago, Harvard Business Review called the data scientist profile the “sexiest job of the 21st century,” and rightly so. With the advent of AI and IoT technologies, the industry demand for high-quality data scientists has only increased in recent years. In fact, the number of open positions for data scientists is projected to grow by 15% between 2019 and 2029. Despite the growing demand, there is a distinct shortage of professionals skilled in data science technologies.
How is a skills shortage impacting the adoption of data science?How can a technology partner like Ellicium help in making data science more accessible? Let’s discuss this further.
In the wake of the acute talent shortage, business enterprises are unable to leverage their investment in data science tools and technologies. It becomes harder for business users to get the data insights they need to drive business performance. In effect, the value stays locked inside the data and remains inaccessible to business users.
Ellicium delivers end-to-end data science with the right datasets, algorithms, and analytics for your business processes that help unlock this value for business users (and business).
Here’s how the Ellicium data science services can help business users:
- Develop the right business use cases and roadmap for your business needs.
- Examine how your existing processes leverage business data and determine the appropriate data sources.
- Develop an on-premises or cloud-based infrastructure based on your data science objectives.
- Build the right algorithms for your data science models.
- Design proofs-of-concept for your customized data science solution.
- Deploy algorithms to the production environment and optimize them regularly.
As digital tools change at a faster rate, organizations can no longer rely on data science technology or technical skills to achieve business success. They also need to partner with the right technology provider with the expertise to understand their business objectives.
Ellicium can augment your data science initiatives with a team of technology experts who also specialize in developing the right business use cases. With the above-listed capabilities, the Ellicium team can help in:
- Providing the right data to business users.
- Integrating diverse data sources to gain a better understanding.
- Using predictive analytics to understand what the customers are demanding.
In the wake of the ongoing talent shortage in the data science domain, organizations must look to make this field more accessible to business users. The right technology partner can play a crucial role in fulfilling this requirement.
At Ellicium Solutions, we specialize in developing roadmaps and use cases for data science, which are best suited for our customers. Our talented team of data science experts can help you explore how to leverage data science from a business perspective.
Get started on your data analytics journey with us today.