In Information Technology, Big Data refers to the increasing volume of data available to individuals and firms. Big Data generated from various sources like phone, websites, and social media sites is of a great boon for businesses if unlocked properly.
According to IBM, 2.5 quintillion bytes of data are being created every day and industry expects 4300% increase in data generation by the year 2020. Companies’ worldwide are adopting technology and know-how to synthesize these data which help them to make better business decisions. The ever-increasing demand by the companies to unravel the gold mine gave rise to new branch of analytics called Big Data Analytics. Analytics or processing raw data into information help companies to explore hidden patterns and trends that can add value to their business.
Big data analytics have opened up big opportunities for outsourcing companies. Many companies are seeking the assistance of service providers to analyze the huge data generated every day to make into useful information. It is expected that Big Data Analytics service market will reach $16.9 billion by 2015.
However, with opportunity also come challenges. The challenge is that there are not enough skilled personnel to convert the raw data into information. In fact, they are short in supply. According to a recent report by McKinsey global Institute, US alone will face shortage of almost 200,000 data analysts by 2018 to synthesis the data into information relevant for decision making.
The amount of data being generated is exceeding the supply of talent required to analyze the same. This gap between demand and supply will only widen in next few years. The reasons are:
- Every fraction of second, new data is being generated and the demand for creating value from the data is increasing. It is estimated that every two years the size of existing data will be doubled. It is said that even though supply (talent) increases, demand (data) will increase at a faster pace.
- There will be demand for value creation from data from all the industries again adding on to the situation of demand increasing supply.
How to tackle the talent crisis?
To address the issue,
- Outsourcing companies should clearly define the scope and responsibilities of data analysts and mangers.
- They should train their analysts to impart statistical and mathematical skills and managers should be made proficient with the know-how to use the analyzed data in business processes which in turn will help the clients to yield better results.
- Outsourcing companies can tie up with universities and colleges to introduce Big Data analytics in curriculum.
- The companies can form some body that provides certification courses in Big Data analytics.
- The outsourcing companies can train their employees in latest technologies and retain them as analytics consultant.
- New technologies should be developed to churn out data analysis in quick time with minimal resource requirement
Despite of these challenges, it is estimated that demand for Big Data will only increase in the future. Analytics service providers need to look for an appropriate solution to face talent scarcity since Big Data Analytics will drive growth and profitability for service providers.