Irrespective of the domain you’re in, likely, big data has already transformed it.
We’re living in a world filled with internet and instant expectations. From digital feedbacks and refinement, we all rely on the digital world today.
McKinsey’s report mentions 90% of the jobs would be taken over due to automation by 2036. Of which 90% will be automated and 30% will be leveraging big data and technologies associated with it. looking at these statistics, we realize that big data professionals will be sought-after.
“Forbes predicts 72% of C-level companies are yet to forge big data culture.”
This infographic by Data Science Council of America (DASCA) covers the complete information on how big data will impact organizations in the nearer future.
Organizations are still facing challenges in becoming data-driven.
Based on the same report, the slow growth for data-driven culture is due to the slow speed with which companies are embracing the data-driven culture.
A most recent report by Forrester says, more companies are looking forward to entering the data-driven industries. The insights that drive business growth accelerates more than 30% annually and are on track to make an earning of USD 1.8 trillion by the year 2021.
Over the past years, the number of organizations adopting big data was less in number.
- 2017 – 37.1%
- 2018 – 32.4%
- 2019 – 31%
A 2013 study by McKinsey also states that data-driven companies were likely to perform 23 times more than their competitors – such as customer acquisition and stronger customer loyalty. Thus, this has leveraged 6.5 times in retaining acquired customers and is said to have 19 times profitable.
But, haven’t you heard?
C-level executives said that the pace at which AI investment and big data is near about 92%.
The reason is due to the unavailability of tech professionals in the big data industry.
- 77% of executives’ reports stated business adoption of big data and AI is a major challenge. Also, 93% of the executives are facing difficulty in identifying the right talent, says HBR.
- But the good news is, there has been a rise in the growth of organizations appointing Chief Data Officers (CDOs) – from 12% in 2012 up to 68% today.
This infographic presented by DASCA briefly presents major steps toward creating a successful thriving data-driven culture, here’s how you can do it: –
- Without data, you’re just another person with an opinion – it is important to be transparent about your data.
- Establish your company’s data supply chain metrics for success. If you know what you’re measuring it gets easy to determine the kind of data to collect.
- Ensure there’s a realistic plan of action.
- A reward sharing mechanism must be developed.
- Decisions on strategy and innovation should be encouraged.
- Look for areas of friction within the company.
Without proper shift toward a data-driven culture, traditional organizations will be at a higher risk of failing their return investment in data architect or infrastructure.
Data science and big data have dramatically changed our lives today. It is poised to become a crucial component in tomorrow’s business world.
If you’re not prepared for big data investment, it’s high time to look forward and acquire skills in big data.
Multiple organizations are reaping maximum benefits, provided they play their cards right.
If you have any right to be among the top skilled data professionals, it’s time you show it. Get Certified Today!